Infosys share price today: Infy skyrockets over 10 pct, to investors delight!

Infosys share price has skyrocketed over 10 per cent in intraday trade. After making its close of Rs 830.95 yesterday, Infy opened at Rs 900 per share mark and climbed up to Rs 949.25 per share — its intraday high.

First and foremost reason for rise in Infosys shares is its results being better than expected by the markets, say experts. Photo: Reuters

Infosys share price has skyrocketed over 10 per cent in intraday trade. After making its close of Rs 830.95 yesterday, Infy opened at Rs 900 per share mark and climbed up to Rs 949.25 per share — its intraday high. Currently, Infosys stock is around 10 per cent higher from its close yesterday. According to stock market experts, this rise in Infosys has these reasons —

1. strong quarterly results announced yesterday;

2. Lower valuation of Infosys than TCS;

3. Outlook for IT and pharma comparatively better than other segments; and

4. Good management commentary

Speaking on the reason for this stupendous rise in Infosys share price, Avinash Gorakshkar, a SEBI registered fundamental equity analyst said, "First and foremost reason for rise in Infosys shares is its results being better than expected by the markets. Apart from that the management commentary is also good that reflects its faith in better business numbers in the coming times."

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Gorakshkar said that in the wake of Coronavirus fears, Pharma and IT stocks are considered safe and hence those IT stocks that are currently at lower valuations are being bought by investors. "Infosys shares are around 30 to 40 per cent lower in terms of valuation than TCS. This is also a reason for people betting higher on Infosys than any other IT stocks," said Gorakshkar.

Giving important numbers in regard to Infosys shares Sumeet Bagadia, Executive Director at Choice Broking said, "Infosys shares are currently trading in the range of Rs 850 per shares to Rs 960 per share levels. There can be some correction in the IT stock as it has rallied around 10 per cent today." Bagadia advised investors to avoid taking any position in the counter at current levels and advised them to maintain a 'wait and watch' strategy till it witnesses some profit-booking.

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