The Q1 performance of Infosys had a positive spin on IT Trimurtis — Infosys, TCS and HCL Tech — with the latter two hitting a fresh 52-week high on the NSE this morning.
Nifty itself was up by about 32 points. But this was largely because of the upswing in the prices of the three IT stocks and this optimism did not rub on the other CNX Nifty constituents as the ratio of gainers: losers showed. While 18 stocks had advanced, 32 were in the red.
Infosys, which came out its quarterly numbers for the first time after the return of N.R. Narayana Murthy as Executive Chairman, rallied massively by Rs 282.60 or 11.18 per cent to Rs 2,810.95 following its Q1 numbers for the current fiscal.
TCS up was by Rs 52.45 or 3.35 per cent to Rs 1,617. In fact, the stock had touched a new yearly high of Rs 1,624.80 before paring some of its gains. HCL Tech made a relatively modest gain of Rs 20.85 to Rs 861.50. This stock also touched a new 52-week high of Rs 862.35.
Wipro, which was outside the Nifty, also gained, albeit modestly, by Rs 7.60 to trade at Rs 371.60.
But except the top three IT stocks, the only other gainer to make double-digit gains among the Nifty stocks was Dr.Reddy’s which jumped by Rs 19.50 to Rs 2,315.35. The rest of the Nifty gainers did not witness any significant jump in share prices and their gains were all in single-digits.
However, what was significant was the number of losers. For 18 Nifty stocks that gained, there were 32 stocks that declined.
Auto stocks skid
The auto pack was among the worst-hit. Barring Tata Motors that was up by Rs 3 at Rs 287.90, the other major auto leaders — M&M, Bajaj Auto, Hero MotoCorp and Maruti were in the red.
M&M was trading at Rs 906.25, a loss of Rs 11.55, Bajaj Auto was down by Rs 21.10 at Rs 1,855.45 and Maruti shed Rs 25.10 at Rs 1,480.45, indicating that the exuberance generated by Infosys' performance was limited more to the IT sector and did not spill over to the broader market per se.