Infosys sets markets on fire; Sensex rallies

Commentary

oi-Sunil

By Sunil Fernandes

Published: Friday, July 12, 2013, 9:46 [IST]

A near 12 per cent jump in the shares of Infosys pushed benchmark indices higher with the Sensex rallying 135 points. Good Q4 2014 numbers by Infosys also pushed other IT stocks including TCS and HCL Tech higher.

The stock of Infosys was 12 per cent higher as the company surprised with a higher PAT, while maintaining dollar revenues guidance at the earlier levels.

Other Nifty stocks that rallied apart from the tech basket were Lupin, Jindal Steel and Reliance Industries. However, the broad indices were otherwise trading in the red.

PSU banking stocks which had rallied in the last few trading sessions lost ground with some prominent losers from the space being Allahabad Bank and IDBI Bank.

Private sector banking names were trading mixed with ICICI Bank gaining in trade while Axis Bank lost ground.

Among non index stocks Gammon India was trading higher on reports that the company would pare debts by selling its Dombivli property.

Auto stocks were subdued in trade today with notable losers from the space being Maruti And Ashok Leyland.

Meanwhile, markets in Asia were trading mixed with the Seoul Composite losing ground, while the Japanese Nikkei gained.

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