Vineet Bhatnagar, MD at PhillipCapital told CNBC-TV18, "From the point of view of the way the positions for Infosys were, a lot of pop trading houses as also positional traders were taking position in the Infosys options, the price movement on Infosys yesterday came as a surprise."
He further added, "I think I was looking at the few of the pay-offs based on the strategies that people were putting in the market over the last two days and the general consensus was that the price should not move beyond 2.5 percent up or down and therefore what we saw at the time of closing yesterday for Infosys to have closed 5 percent above previous day's close has definitely been a surprise and I do not think that many of the option positions that were opened ahead of the Infosys results could have yielded any handsome profits at all."
"Going forward, I think there will be some assessment of how Infosys will behave in terms of the next two quarters and I subscribe to the fact that there are other stocks in the IT sector pack, which perhaps will stand out more strongly than Infosys and Tech Mahindra in that respect is one of our top picks," he said.
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