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INFY - Infosys News Story

₹1137.5 11.6  1.0%

Last Trade - 20/10/20

Large Cap
Market Cap £50.82bn
Enterprise Value £48.62bn
Revenue £9.96bn
Position in Universe 5th / 3016

Indian shares rise on banking, IT boost; Dr. Reddy's hits 5-week high

Wed 16th September, 2020 11:48am
BENGALURU, Sept 16 (Reuters) - Indian shares on Wednesday
notched their best closing levels in nearly three weeks, boosted
by gains in large-cap banks and IT firms, while drugmaker Dr.
Reddy's Laboratories jumped on a deal with a Russian fund to
cooperate on Moscow's vaccine trials.
    The blue-chip NSE Nifty 50 index  .NSEI  closed 0.72% higher
at 11,604.55, while the benchmark S&P BSE Sensex  .BSESN 
climbed 0.66% to 39,302.85, both marking their highest close
since Aug. 28.
    Gains of around 2% each in index heavyweights HDFC Bank Ltd
 HDBK.NS  and Infosys Ltd  INFY.NS  helped India's benchmark
indexes outperform peers in Asia and Europe, where risk appetite
was limited ahead of the outcome of the U.S. Federal Reserve's
two-day policy meeting, which ends on Wednesday.
    However, a rally in the Nifty Smallcap 100  .NIFSMCP100 
lost steam after four straight sessions of gains. The Nifty
Midcap 50 index  .NIMDCP50  ended up 0.29%.
    Gains in the Nifty and Sensex came even as concerns lingered
about India's relations with China on their disputed Himalayan
border and as total cases of the novel coronavirus surged past 5
    Meanwhile, Reserve Bank of India Governor Shaktikanta Das
said on Wednesday that while high frequency indicators point to
some stabilisation of economic activity in the second quarter of
the current year, the recovery was not yet fully entrenched.
    "By all indications, the recovery is likely to be gradual as
efforts towards re-opening of the economy are confronted with
rising infections," Das told members of the Federation of Indian
Chambers of Commerce & Industry's national executive committee.*:nL4N2GD1ZP
    Dr. Reddy's Laboratories  REDY.NS  ended up 4.2% at its best
close in over five weeks after it agreed to cooperate with
Russia's sovereign wealth fund on clinical trials and supply of
the Sputnik V COVID-19 vaccine in India.*:nL8N2GD27I
    Mahindra and Mahindra Ltd  MAHM.NS  closed 4.2% higher and
lifted the Nifty Auto index  .NIFTYAUTO  1.53%.
    Private sector lender IndusInd Bank Ltd  INBK.NS  slid 1.9%
and was the biggest percentage loser on the Nifty.

 (Reporting by Anuron Kumar Mitra and Chris Thomas in Bengaluru;
Editing by Maju Samuel)
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