The stock market has closed with a gain every week after seven weeks. The market rally on Friday has indicated bullish sentiments in many stocks. Banking and IT stocks saw a rise in the market rally on Friday.

Many IT sector stocks rose, changing their chart patterns. The share price of HCL Technologies Ltd, a large-cap stock in the IT sector, rose 3.30 percent on Thursday and closed at Rs 1,897.10. This rise created significant price action on HCL's daily chart. A scenario of a breakout of the W pattern is forming on the daily chart.

Brokerage firm Morgan Stanley remains positive on HCL Technologies Ltd. The brokerage firm said that it found the management's comments on the demand environment balanced.

Shares of HCL Technologies touched a new 52-week high of Rs 1902 on November 22. On Friday, the IT stock closed at Rs 1897.10, up more than 3.3 percent. More than 27.66 lakh equity shares were transacted on the same day.
 

HCL Tech Share Price Target

Morgan Stanley has maintained an equal weight rating with a target price of Rs 1970. Thus, the share price of the IT firm may increase.

The brokerage said that the pipeline is at an all-time high and the order book is not decreasing despite continuous deal-taking. The company is focused on delivering profitable growth and is not worried about pricing to remain competitive for large deals.

Shares of HCL Technologies Limited gave a positive return of 2.14 percent and 3.35 percent in the last 1 week and 2 weeks respectively. Shares of the IT company rose 4.20 percent and 13.34 percent in the last 1 month and 3 months respectively. Shares of the company rose 28.04 percent on a year-to-date basis. The IT firm's shares gained 42.84 percent, 72.05 percent, 71.10 percent, 240.40 percent, and 362.98 percent in the last 1 year, 2 years, 3 years, 5 years, and 10 years, respectively.

This year, HCL Tech paid a dividend of Rs 12 each in January, July, and October and Rs 18 in May. Last year, the company had announced a dividend of Rs 10 each in January and July, Rs 18 in April, and Rs 12 in October.

HCL Tech Bonus History

HCL Technologies Limited issued bonuses to its shareholders in the ratio of 1:1 in 2015 and 2019. HCL Tech Dividend Yield The dividend yield of HCL Tech at the current market price is 2.85 percent.