A little over 1.18 crore Infosys shares exchanged hands on the BSE and NSE, nearly twice its average daily volume of 66 lakh shares over the last one month on both the exchanges.
Net open interest, the total number of outstanding positions, in Infosys' stock futures declined as much as 7%, or by roughly 28.6 lakh contracts, in the previous two sessions indicating squaring-off of bearish bets, showed provisional data from stock exchanges.
The Nifty IT index closed 0.74% higher from Thursday's - and was the best performing sectoral index - that helped the Nifty reverse its three-day losing streak.
"Infosys' 3QFY23 result mirrored that of TCS with a solid revenue beat and largely in-line EBIT margin," BNP Paribas observed in a client note. "We expect IT services demand to stay relatively resilient and Indian IT services firms to further benefit from revenue market share gains. TCS and Infosys are our top sector picks, as they should be key beneficiaries of this trend," the note read.
BNP Paribas maintained its buy rating on Infosys' stock and set a target price of '1,765 apiece - an upside potential of 17.35% from Friday's close.
Research firm Bernstein is the most optimistic with a target price of '1,810 apiece, while CLSA kept its buy rating with a target price of '1,800.
US investment firm Jefferies also maintained its buy rating - albeit sounding some caution for the next quarter earnings - with a target price of '1,770. Motilal Oswal also reiterated its buy rating with a target price of '1,760 apiece.
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