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IT stocks lift Indian shares on robust Infosys earnings

Thu 16th July, 2020 6:24am
* NSE index up 0.52%, BSE index 0.77% higher
    * Infosys jumps nearly 15% to record high
    * Nifty IT index up 5.4%, TCS 3.15% higher 

    By Derek Francis
    BENGALURU, July 16 (Reuters) - Indian shares ticked higher
on Thursday as upbeat earnings from Infosys Ltd lifted IT stocks
even though coronavirus cases in the world's second-most
populous nation neared 1 million.
    The NSE Nifty 50 index  .NSEI  rose 0.52% to 10,673.7 by
0450 GMT, while the S&P BSE Sensex  .BSESN  gained 0.77% to 
    Shares of Infosys  INFY.NS  surged nearly 15% to a record
high after the software services provider reported a
better-than-expected first-quarter profit on Wednesday evening
and reinstated its full-year revenue growth guidance.*:nL3N2EM2RU
    Tata Consultancy Services  TCS.NS , India's second-most
valuable stock, rose 3.15%, pushing the Nifty IT index
 .NIFTYIT  up nearly 5.4%.
    "In such an uncertain environment, IT is one sector where
there is some sense of visibility in top lines and bottom lines
for investors," said Deepak Jasani, head of retail research at
HDFC Securities in Mumbai.
    "However, this tech upside may be over and markets would
expect something else going forward."
    Auto stocks also contributed to the gains, with the Nifty
auto index  .NIFTYAUTO  rising 0.5%. Carmaker Maruti Suzuki
 MRTI.NS  climbed 1.4%.
    Coronavirus cases touched 968,876 as of Thursday morning,
federal government data showed, forcing
many states and cities to impose fresh lockdowns to control its
    The pandemic has depressed domestic demand, with India
reporting a trade surplus for the first time in more than 18
years for June, as imports of crude oil, gold and other
industrial products plunged, reflecting a slowing economy.*:nL3N2EM347
    "Markets need an improvement in macro- or micro-economic
conditions to move upward, and that is not likely to happen
soon," Jasani said.
    Among losers, the Nifty fast-moving consumer goods index
 .NIFTYFMCG  fell 1.1%, with cigarettes-to-hotels conglomerate
ITC Ltd  ITC.NS  shedding 2.7%.
    Bharti Infratel  BHRI.NS  and Indian Oil  IOC.NS  were the
day's top laggards, falling 4% and 3.2%, respectively.

 (Reporting by Derek Francis in Bengaluru; Editing by Subhranshu
 ((; +91-9986311363 and
@derekfrancis089 on Twitter;))
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