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Sensex rallies 420 points; Infosys soars 10%

Source: PTI
Last updated on: July 16, 2020 17:45 IST
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M&M, Nestle India, IndusInd Bank, Kotak Bank, HCL Tech and Axis Bank were the other gainers. On the other hand, Tech Mahindra, ITC, NPTC, PowerGrid, Titan and ONGC finished with losses.

The NSE Nifty surged 121.75 points to 10,739.95.

Equity benchmark Sensex rallied 420 points on Thursday, led by stellar gains in Infosys, even as global markets faced selling pressure amid spiking coronavirus cases.

After a highly volatile session, the 30-share BSE Sensex settled 419.87 points, or 1.16 per cent, higher at 36,471.68.

 

Similarly, the NSE Nifty surged 121.75 points, or 1.15 per cent, to 10,739.95.

Infosys rallied around 10 per cent after the IT major posted a stronger-than-expected 12.4 per cent rise in the first quarter consolidated net profit to Rs 4,272 crore, helped by large deals, and said its FY21 revenue is likely to grow by up to 2 per cent.

M&M, Nestle India, IndusInd Bank, Kotak Bank, HCL Tech and Axis Bank were the other gainers.

On the other hand, Tech Mahindra, ITC, NPTC, PowerGrid, Titan and ONGC finished with losses.

According to traders, rally in IT stocks led by Infosys kept investor sentiment positive, but massive selloff in Chinese stocks and concerns over recovery amid rising COVID-19 cases induced volatility in the session.

Bourses in Shanghai plunged 4.50 per cent as investors seemed disappointed with the pace of economic recovery.

China's gross domestic product (GDP) expanded 3.2 per cent year-on-year in the second quarter of 2020, the country's National Bureau of Statistics said earlier in the day.

Following negative cues from Chinese equities, benchmarks in Hong Kong, Tokyo and Seoul ended on a weak note.

Meanwhile, international oil benchmark Brent crude futures fell 0.71 per cent to $43.48 per barrel.

In the forex market, the rupee settled 3 paise lower at 75.18 against the US dollar.

Photograph: PTI Photo

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