ADVERTISEMENT

Infosys Drives India’s Sensex to Record After 3Q Earnings Beat

The NSE Nifty 50 Index also climbed 0.6%. Infosys Ltd. was the biggest boost to both gauges. 

Infosys Drives India’s Sensex to Record After 3Q Earnings Beat
Employees walk past an Infosys logo at the campus of Infosys Ltd. in Bangalore. (Photographer: Vivek Prakash/Bloomberg)  

(Bloomberg) -- India’s stocks rose as investors turned their focus to companies’ October-December earnings reports.

The S&P BSE Sensex advanced 0.6% to a record 41,859.69 in Mumbai. The NSE Nifty 50 Index also climbed 0.6% to a new high of 12,329.55. Infosys Ltd. was the biggest boost to both gauges.

Infosys, Asia’s second most-valuable software exporter, on Friday posted quarterly net income after market hours that beat the highest analyst estimates. The company raised its sales-growth outlook for the year ending March 2020 to between 10% and 10.5%.

Infosys Drives India’s Sensex to Record After 3Q Earnings Beat

Software exporter Wipro Ltd. and IndusInd Bank are scheduled to announce results on Tuesday.

Strategist View

“The broader market under-performance should take a pause now and earnings will help selective midcap stocks to gain,” said Pritam Deuskar, a Mumbai-based analyst with Bonanza Portfolio Ltd. “We expect consumption and entertainment stocks to do well.”

The Numbers

  • All 19 sector indexes compiled by BSE Ltd. rose, led by a gauge of realty companies
  • Infosys contributed the most to the Sensex gain and had the largest move, increasing 4.8%
  • Yes Bank Ltd. declined 5.9% after its board approved raising $1.4 billion, while rejecting an investment bid

Market-related stories

To contact the reporter on this story: Nupur Acharya in Mumbai at nacharya7@bloomberg.net

To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Paul Jarvis

©2020 Bloomberg L.P.

Opinion
How To Sign Up For BloombergQuint Story Notifications