Nifty Holds Above 25,000 Infosys' Biggest Buyback Sparks Rally In IT

Indian equity markets opened on a positive note, with the Nifty index holding above the 25,000 mark. US Commerce Secretary Howard Lutnick said on Thursday that he believes the United States will finalize a trade deal with India as soon as that country stops importing Russian oil.

At 09:50 a.m. IST, the Nifty 50 traded 56 points higher at 25,062, while the Sensex was up 195 points at 81,744. Broader markets rose, with the Nifty Midcap index rising 0.3% and the Smallcap index trading 0.2% higher.

The retail sentiment on Stocktwits for Nifty has shifted to 'bullish' at market open. 

Stock Watch

Sectorally, technology, metals, pharmaceuticals, and real estate indices gained. On the other hand, FMCG and PSU banks saw some selling pressure. 

Infosys rose over 1% after the company announced a massive ₹18,000 cr buyback program, which is a sentiment boost for IT stocks.

Lodha gained 1% after it signed a pact to set up a data centre park in Palava with investments of over ₹30,000 crore.

JBM Auto shares rose 7% after its subsidiary JBM Ecolife secured a $100 million IFC investment to deploy modern e-buses across Maharashtra, Assam, and Gujarat.

Railtel shares gained over 2% on securing orders worth ₹32.5 crore from the Panvel civic body and ₹70.9 crore from the Nashik Smart City project.

Consolidated Construction Consortium shares surged 15% on securing orders worth ₹180 crore in its buildings and factories division.

BSE, Angel One shares recover 2% after the selloff on Thursday on reports of a shift to a monthly expiry cycle. Investors will be watching for cues from a crucial SEBI meeting today. 

And Lupin rose over 2% after brokerage firm Investec upgraded it to 'Buy', with a target price of ₹2,265, indicating a 15% upside. 

Stock Calls

Analyst Vinayak Gautam shared three stock recommendations for Friday with a 1-week timeframe:

Railtel: Buy at ₹363 with target price at ₹370, and stop loss of ₹359

Gland Pharma: Buy at ₹1,965 with target price at ₹2025, and stop loss of ₹1,945

Marico: Buy at ₹734 with target price at ₹760, and stop loss of ₹725

Markets: The Road Ahead

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup. 

Prabhat Mittal sees Nifty support at 24,880, with resistance at 25,220. For Bank Nifty, he identified support at 54,300 and resistance at 55,100.

A & Y Market Research pegged the intraday Nifty resistance at 25,009-25,075, with support at 24,738-24,800. For Bank Nifty (Intraday), resistance is seen at 55,055 - 55,168, with support at 54,492 - 54,587.

Global Cues

Globally, Asian markets traded higher, while crude oil prices edged lower on demand concerns.

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