Infosys results help Sensex close 421 points higher

October 12th, 2011 - 6:47 pm ICT by IANS  

Sensex Mumbai, Oct 12 (IANS) A strong rally in blue-chip stocks, led by IT heavyweight Infosys, helped a benchmark Indian equities index move up sharply Wednesday and close 421 points higher.

The scrip of IT major Infosys closed 6.83 percent higher after the company announced an 11 percent jump in net profit at Rs.1,906 crore over the June-ending quarter 2011. Other IT blue-chip firms, Wipro and TCS, too climbed on hopes of similar results.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 16,660.43 points and closed at 16,958.39 points, up 421.92 points or 2.55 percent from its previous close at 16,536.47 points.

It had risen to an intra-day high of 16,987.06 points.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange also ended higher at 5,099.4 points, 2.51 percent or 125.05 points up.

Broader markets also rose handsomely. The BSE midcap index closed 1.4 percent up, while the BSE small cap index ended 1.18 percent up. The BSE 500 index too closed 2.17 percent higher.

The rally came even as the government released industrial output data for September, which showed factory production slowing for the second consecutive month.

The market breadth at the BSE was positive with 1,846 stocks on the advance, compared to 974 declining and 115 remaining unchanged.

Prominent Sensex gainers, other than the IT heavyweights, included: SBI, up 6.07 percent at Rs.1,872.25; TCS, up 3.66 percent at Rs.1,079.35; ICICI Bank, up 3.24 percent at Rs.859.95; and RIL, up 2.86 percent at Rs.849.50.

Major losers were: Coal India, down 1.71 percent at Rs.339; Tata Power, down 1.56 percent at Rs.101.25; and Bharti Airtel, down 0.2 percent at Rs.374.05.

Asian markets ended on a mixed note as traders awaited quarterly result announcements by US firms. The Japanese Nikkei closed 0.4 percent down at 8,738.9 points, while Hong Kong’s Hang Seng ended 1.04 percent higher at 18,329.46 points.

The Chinese Shanghai composite index closed 3.04 percent higher at 2,420 points.

European bourses too opened in the green and were seen trading with moderate gains amid a rejection from Slovakian lawmakers of the plans to expand a bail-out fund which would be used to help debt-ridden Euro zone economies.

Around mid-day Britain’s FTSE was up 0.46 percent at 5,420.76 points, and the German DAX was ruling 1.34 percent up at 5,943.5 points.

The French CAC 40 was ruling 1.49 percent higher at 3,200.6 points.

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