Infosys’ stock price increases on Friday, lagging the broader market.

Infosys Ltd. (INFY) rose 0.5% on Friday, but still underperformed the market. The Indian IT consulting firm’s United States Depositary Receipts (ADS) are tracking one Share or unit of 1.75 shares of the company’s equity shares. The company’s early-2023 logic would see Infosys emerge stronger than its Indian counterparts, as it tries to ride on the trend of multiple mega-deals and strong demand. In the near-term, the stock is expected to break out of its upper resistance range, potentially witnessing a rally towards its target of INR 1,413-1,423. Meanwhile, tech sector watchers continue to pin high hopes on Infosys as its Omnibus deal bagged the status of the largest MCA employer globally, outpacing leaders such as Accenture.