Despite muted earnings in the previous quarter and little expectations of major recovery in the next quarter, what is driving the rally in tech stocks? The answer lies in FY25, on which everyone is pinning their hopes, decode Beena Parmar and Romita Majumdar.
Private weather forecaster Skymet has predicted a normal monsoon this year with the ongoing El Nino, which dragged monsoon rains in 2023 to below-normal levels, expected to get softened. Also, the monsoon-supporting La Nina, triggered by the cooling of the Pacific Ocean, is likely to evolve during the latter half of the season, it said.
Shares of HDFC Bank fell nearly 13% in the last two trading sessions. About 17 crore shares changed hands on Wednesday and Thursday compared to an average of 1.2 crore shares traded between January 1 and 16.
Shares of real estate firms have been outperforming over the past year.
The rally, analysts say, may hit roadblocks in the near term amid stretched valuations, even as the long-term prospects for the sector remain ebullient. Most of the positive news flow is already in the price. Hence, investors sitting on hefty profits may partially cash out at current levels, suggests V K Vijayakumar, chief investment strategist at Geojit Financial Services.
IEX stock hit an intraday low of Rs 145.35, down 11.39% against the previous close of Rs 164.05 on BSE. Later, the stock closed 10.24% lower at Rs 147.25 on BSE.