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Markets end higher as Infy shines
Mood has turned for the better following positive macroeconomic data, including a cooling inflation and a forecast of an above-normal monsoon this year, kindling hopes of a higher growth and more policy easing by RBI.
Sensex up 190 points while Nifty climbs 64 points
Mumbai: The stock markets kept their winning momentum going for the fourth straight day as investors lapped up Infosys' upbeat revenue forecast and industry-beating net profit for January-March. Markets will remain closed today on account of 'Mahavir Jayanti'.
Mood has turned for the better following positive macroeconomic data, including a cooling inflation and a forecast of an above-normal monsoon this year, kindling hopes of a higher growth and more policy easing by RBI.
To add to the good news, wholesale price-based inflation in March remained in the negative zone for the 17th month in a row at (-)0.85 per cent even as prices of some food articles, mainly pulses, turned costlier.
The benchmark BSE Sensex ended higher by 189.61 points, 0.74 per cent, at 25,816.36 - its highest closing since January 1 this year. The 30-share Sensex had gained over 952.91 points in the past three sessions. The NSE Nifty took back the psychological 7,900-mark and closed at 7,914.70, up 64.25 points, or 0.82 per cent.
IT, realty, technology and FMCG stocks led the charge, with widespread gains, as trading stayed positive throughout the session. The second-largest IT services company, Infosys, was the clear winner as it shot up 5.70 per cent to close at a fresh 52-week high of Rs 1,238.80 after it posted 16.2 per cent rise in net profit at Rs 3,597 crore for the March quarter.
Earlier on, the stock of TCS tumbled 2.93 per cent after a US grand jury awarded Epic Systems $940 million in damages against it but recovered ahead of its results due later in the day. It ended almost flat at Rs 2,522.40, down 0.03 per cent. A total of 16 rose out of the 30 in the Sensex pack.
Cipla, Bharti Airtel, HDFC, Lupin and NTPC all advanced. Those that lost include Hero MotoCorp, SBI, GAIL, ONGC, ICICI Bank and Bajaj Auto.
The market breadth remained positive as 1,440 stocks ended higher, 1,177 closed lower while 149 ruled steady.
BSE realty index jumped the most by rising 4.40 per cent, followed by IT 3.09 per cent and technology 2.92 per cent. Broader markets ruled firm too, with the mid-cap index advancing 1.26 per cent and small-cap 1.11 per cent.
Foreign investors net bought shares to the tune of Rs 644.27 crore on April 13, showed provisional data. The total turnover fell sharply to Rs 2,223.34 crore, from Rs 2,645.40 crore on last Wednesday.
Other Asian bourses ended lower and Europe's main stock markets sank at the start of trade today as talks in Qatar to curb oil output collapsed, pushing oil prices down further.
