Infosys share price falls over 2 pct today after unveiling Q4 result; here is the big reason why
Infosys share price crashed over 2 per cent in the first half of the intraday trade. The IT counter was under the spotlight after Infosys Q4FY2020 results were announced yesterday.
Infosys share price crashed over 2 per cent in the first half of the intraday trade. The IT counter was under the spotlight after Infosys Q4FY2020 results were announced yesterday and the IT major, significantly, had shied away from giving any guidelines to its investors while announcing its fourth quarter results. Understandably, stock market investors are keen to know what lies in store for Infosys share price. If we go by the share market experts' views, this fall in Infosys shares is due to the heavy selloff by the foreign institutional investors (FIIs) who came under huge pressure after the US crude oil price crash.
Elaborating upon the reason for Infosys share price drop, Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, "This is only because the markets came under pressure after the crude oil price rout in the US markets. This slide in the Infy counter is mainly due to the FIIs selling off their holdings in Infosys counter and one should not link this drop to the Q4FY2020 results of Infosys." He said that due to the this weakness, IT, metal and banking stocks are expected to remain under pressure and Infosys being a major IT firm, is expected to receive the maximum beating during this FIIs selloff pressure even in coming days as well.
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Speaking on the current chart of Infosys shares, SEBI registered technical equity analyst Simi Bhaumik said, "The Infosys share price is trading at around Rs 639, which is around rs 14 down from yesterday's close. Infosys Q4FY2020 results were announced after the market was closed yesterday. So, people might get prompted to link this Infosys share price crash with the Q4FY2020 results, but one must look at the developments that took place after the results were announced. From technical perspective, Infosys share price has strong support at Rs 575 to Rs 600." She advised traders to avoid taking any fresh position in the counter as Indian indices are getting moved by global reasons, especially Coronavirus.
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