TCS shares continued to march northward ahead of the company’s annual general meeting (i.e. AGM) that scheduled on Thursday, 11th June. The stock gained nearly around 3 percent today to hit day’s high Rs 2,132.05 apiece on BSE. TCS share price has jumped nearly around 7 percent so far in June as compared to around a 4 percent rise in S&P BSE Sensex. In the afternoon deals today, TCS stock is the second top contributor in the Sensex up move and has rallied 41.5 percent in a span of fewer than 3 months. Although, the stock is still around 7 percent away from its 52-week high of Rs 2,296 hit in September last year. Analysts expect TCS to move towards around Rs 2,200 level by the end of this week. “TCS is looking very strong on the technical charts, by giving a breakout over its 200 DMA and continuing to sustain above it,” as Amit Gupta, the Cofounder Tradingbells, told.
“We can expect to ascertain the stock move towards 2200 levels by the top of in the week where it faces its next strong resistance,” as Amit Gupta added. BSE Information Technology index was also trading nearly a percent higher in the afternoon trade. Ramco Systems surged 20 percent to hit the upper circuit at Rs 91.90 apiece on BSE. The other gainers on the index that include Expleo Solutions, TVS Electronics, and Sonata Software. Because of the coronavirus led lockdown, companies changed their way of doing business with their employees working from home and doing online meetings. “The global IT services industry has seen the gradual transformation within the past few years from traditional to digital services like Cloud Computing, AI , and large Data Analytics,” as Amit Gupta told. “In the past two months, during the coronavirus pandemic, the IT industry got a replacement boost to innovate and introduce better digital products to support this new normal,” as he added. Tata Elxsi, HCL Tech, and Tech Mahindra were among other gainers on the Nifty IT index today, up in the range from around 0.50-4 percent. “TCS continues to possess a coffee rate of attrition among Tier 1 IT vendors, which has enabled better delivery execution,” as Centrum Broking told in its research report. The report which highlighted that TCS has been showing strong momentum in Life Sciences vertical over the past few quarters.