Sensex up 176 pts on IT stocks rally, Infosys shares jump 12%

Jan 11 2013, 09:57 IST
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Infosys Ltd said on Friday its October-December consolidated net profit was 23.69 billion rupees. (Reuters) Infosys Ltd said on Friday its October-December consolidated net profit was 23.69 billion rupees. (Reuters)
SummarySensex had lost nearly 80 points in the previous two sessions.

The BSE benchmark Sensex today rose by 176 points in early trade, mainly on the back of a rally in IT-sector stocks after Infosys posted "better-than-expected" third quarter earnings.

Besides, a firming trend in the global markets also buoyed the trading sentiment here.

The 30-share index, which had lost nearly 80 points in the previous two sessions, rose by 176.25 points, or 0.89 per cent, to 19,839.80, with stocks of IT, technology, consumer durables and metal sectors leading the rise in early trade.

Similarly, the wide-based National Stock Exchange index Nifty rose by 50.20 points, or 0.84 per cent, to 6,018.85.

Buying activity triggered after better-than-expected third quarter earnings by IT major Infosys, mainly influenced the trading sentiment, brokers said.

A better trend in the Asian region following overnight gains on US markets following stronger-than-expected Chinese trade data, boosting growth hopes for the world's second- biggest economy, further generated buying by participants, they said.

Shares of Infosys climbed 12.43 per cent to Rs 2,609 in early trade, after the company reported consolidated profit for the October-December period at Rs 2,369 crore.

In the Asian region, Hong Kong's Hang Seng index was up by 0.33 per cent, while Japan's Nikkei Index gained 1.03 per cent in the morning trade today.

The US Dow Jones Industrial Average ended 0.60 per cent higher in yesterday's trade.

Stocks More on Infosys

Company INFO More on Infosys

GLOBAL MARKETS ROUND UP

(Reuters): Stocks to watch

Nifty futures on the Singapore Exchange rose 0.1 percent. The MSCI-Asia Pacific index, excluding Japan fell 0.2 percent.

U.S. stocks rose on Thursday and the S&P 500 ended at a fresh five-year high as stronger-than-expected exports from China spurred optimism about global growth prospects.

EVENTS TO WATCH

November factory data (0530 GMT)

RBI to release India forex reserves, bank loan data (1130 GMT)

INDIAN STOCKS TO WATCH

TOP NEWS

Infosys Ltd said on Friday its October-December consolidated net profit was 23.69 billion rupees, above consensus forecasts of 21.01 billion rupees.

FINANCIAL/REGULATORY

India's central bank raised concerns over states governments' debt repayment capacity from fiscal year 2017/18 because of higher market borrowings and the recently announced bailout scheme for state-owned power companies.

Finance Minister P. Chidambaram plans to meet investors in Asia and Europe this month in a drive to try and

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