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Rediff.com  » Business » Sensex soars 256 points, Infosys at 30-month high

Sensex soars 256 points, Infosys at 30-month high

Last updated on: October 11, 2013 16:28 IST

Sensex soars 256 points, Infosys at 30-month high

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The 30-share Sensex ended up 256 points or 1.3% at 20,529 while NSE Nifty ended up by 75 points or 1.3% at 6,096.

It was a muscular start for the second quarter earnings season kicked off by Infosys on Friday. 

Markets ended over 1% higher buoyed by strong Infosys numbers amid firm global cues. The IT major upped its lower end of dollar revenue growth guidance for the current fiscal.

The 30-share Sensex ended up 256 points or 1.3% at 20,529 and the 50-share Nifty ended up 71 points or  1.3%  at 6,096.

At 04:01 pm, the rupee was quoting Rs 62.10 a dollar compared to its previous close of Rs 61.94 per dollar.

Citing improvements in the current account deficit and measures to attract inflows, HSBC has revised its USD/INR forecast for the end of the year to 62 from 65 previously.

HSBC noted that the rupee will benefit from any inclusion of local government bonds in the JP Morgan government bond index for emerging markets, and also cited the $1 billion rupee-linked bond issuance launched by World Bank's private sector arm International Finance Corp.

For the second quarter, the country's second largest software services firm Infosys reported a 1.6% rise in net profit at Rs 2,407 crore against the same period last year on back of revenues of Rs 12,965 crore, which grew by 31.5% yoy.

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Image: Infosys campus, Bengaluru.
Photographs: Reuters

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Markets off early highs; Infosys rises

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The guidance for FY14 implies negative 1% CQGR growth for remaining two quarters at higher end - still builds enough caution despite strong quarter and improving demand outlook, IDFC Securities said in a note. “We expect the stock to move sideways after today's initial upmove. Maintain 'Outperformer' rating on Infosys," says Hitesh Desai, Director, Equity Research at IDFC Securities.

Asian stocks jumped to 3-week highs on Friday with shares in China leading the region on hopes of progress in Washington to avert a possible debt default. The Shanghai Composite is up 1.70% while Japan's Nikkei 225 is up 1.48% and Hong Kong's Hang Seng is up 1.16%.

European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.72% while Germany's DAX is up 0.34% and France's CAC 40 is up 0.19%.

Back home, market will now be looking at Industrial production data set to be released post market hours. Street expects August IIP numbers to be lackluster. No one expects too high a recovery for August, but low base of previous year could give it a bit of push.

In July, the industrial output expanded at a four-month high of 2.6%, driven by sharp rise in capital goods output. Capital goods boosted the IIP to the extent of 1.6%.

BSE IT index ends 3.1% higher and remained the top sectoral gainer while metals index fell 1.7% - top sectoral loser.

Banks and capital goods too surged almost 3% while Realty, auto ended 2% higher .

ICICI Bank zoomed 5% to close at Rs.995 and remained the top BSE gainer along with Infosys which clocked its highest closing levels in nearly 30 months surging 4.7% or Rs.149.75 to close at Rs. 3273.90. L&T, Tata Motors and Maruti Suzuki were the top gainers on the BSE.

Coal India fell 4%, Hindalco, Tata Power and Sun Pharma down more than 2% and were the top Sensex losers.


Photographs: Reuters

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