Markets end higher as Infosys results beat expectations

Updated: Friday, July 12, 2013, 15:32 [IST]

Markets staged a smart rally in trade today led by a spectacular rally in Tech major Infosys, which reported better then expected results.

The Sensex gained 305 points in trade (provisional), while the Nifty rallied 74 points. Today's rally was scripted largely by tech stocks with TCS and HCL Tech hitting 52 week highs following Infosys' strong performance. Infosys ended the day with gains of more then 10 per cent, while other tech stocks that gained were Mphasis and MindTree.

Apart from tech stocks heavyweight Reliance Industries, Larsen and Toubro and IDFC contributed to Nifty gains.

Banking stocks were subdued in trade with Axis Bank, Indusind Bank and Kotak declining in trade. Realty stocks also declined in trade with HDIL, Unitech and Sobha Developers among the losers.

PSU banks also came in for some selling pressure with notable losers from the space being State Bank of India, IDBI Bank, Oriental Bank of Commerce and Andhra Bank witnessing selling pressure.

Shares of Elder Pharma rallied following reports that the company was planning to restructure its debt. Among non index stocks NCC lost almost 5 per cent on selling pressure. The stock had run up sharply on Thursday.

Meanwhile, most of the markets in Asia ended the day with gains while European markets were all in the green.

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