Sensex Rises 2% on Infosys Earnings

123jump.com Staff
15 Apr, 2008
New York City

Infosys, the second largest software exporter reported first quarter income rise of 19% and the company expects higher revenue in the medium term. The earnings report lifted market averages. In Mumbai trading, the 30-share BSE Sensex gained 2.2% or 346.02 at 16,153.66. In the broader markets, the National Stock Market rose 2.1% or 101.85 at 4879.65.

[R]10:00AM New York, 7:30PM Mumbai - Sensex rose after Infosys reported 9% rise in earnings.[/R]

Market Sentiment

Indian shares rose on Tuesday, driven by gains recorded in technology, healthcare and oil and gas sector.

In Mumbai trading, the 30-share BSE Sensex gained 2.2% or 346.02 at 16,153.66. In the broader markets, the National Stock Market rose 2.1% or 101.85 at 4879.65.

Ranbaxy Laboratories led gainers in the benchmark index after the company announced Anglo-Swedish drug maker AstraZeneca had settled the U.S. patent litigation against the company over its top-selling drug, ulcer pill Nexium.

IT and banking shares gained. Reliance Industries was also in the green.

Of the BSE traded shares, 1,784 stocks gained, 875 stocks declined while 50 stocks remained unchanged.

Turnover

Daily turnover on the BSE stood at 5,827 crore rupees and on the NSE was 14,081 crore rupees.

Orchid Chemicals & Pharmaceuticals was the most active stock on the BSE with the highest turnover of 453.41 crore rupees followed by Reliance Industries, Reliance Petroleum, Reliance Natural Resources and Reliance Capital.

Gainers and Decliners

Ranbaxy Laboratories surged 8.6% to 481.80 rupees and led the advancers in the Sensex index.

Infosys Technologies rose 6.2% at 1,510.75 rupees. Presenting the fourth quarter earnings on Tuesday, the country''s second largest software exporter said there are significant growth opportunities for the company in the medium to long term.

BPCL was up 3.8% at 408.50 rupees and ONGC advanced 2.5% at 1,024.80 rupees.

Kotak Mahindra Bank soared 6% at 677 rupees, Union Bank gained 2.9% at 155 rupees, State Bank of India rose 0.6% at 1,677.05 rupees and ICICI Bank climbed 2.3% at 806.90 rupees.

Yes Bank gained 3.4% at 166.25 rupees on news reports that the bank plans to raise $300 million by December for its expansion drive.

Grasim Industries surged 0.1% to 2553.45 rupees on news reports that it has lifted its stake from 25% to 45% in AV Cell Inc, a joint venture company in Canada for a total consideration of around $6 million.

Reliance Update

Reliance Natural Resources gained 6.6% at 105.70 rupees, Reliance Petroleum surged 4.3% at 189.80 rupees and Reliance Industries rose 2.3% at 2608.80 rupees.

Reliance Power soared 6.4% at 384.35 rupees after the Reserve Bank of India approved a proposal by the company to raise $2 billion for its Sasan mega power project.