Shares of Infosys, the country’s second-largest software exporter, today ended over one per cent higher ahead of its quarterly results to be announced tomorrow.
After surging 2.5 per cent to Rs 2,563.45 in intra-day trade, the stock ended at Rs 2,526.75, up 1.03 per cent from its previous close on the BSE.
On the NSE, the stock ended 1.37 per cent higher at Rs 2,535.35.
“It has been a general observation over the past few quarters that Infosys gives wild moves on the result day,” said Milan Bavishi, Head Research, Inventure Growth and Securities.
On the volume front, 1.21 lakh shares of the company changed hands on the BSE, while over 19 lakh shares were traded on the NSE.
The earnings season will start with Infosys announcing its first-quarter results tomorrow.
Traditionally, the first quarter (April-June) of the financial year is strong for IT companies as client budgets on discretionary, operational and capital spending, which are frozen by the January-March quarter, witness a flush in this quarter.