Infosys logo

INFY - Infosys News Story

$18.16 0.3  1.6%

Last Trade - 14/05/21

Sector
Technology
Size
Large Cap
Market Cap £54.09bn
Enterprise Value £52.08bn
Revenue £9.73bn
Position in Universe 166th / 6846

Bank stocks lift Indian shares ahead of loan moratorium hearing

Wed 14th October, 2020 11:00am
BENGALURU, Oct 14 (Reuters) - Indian shares reversed early
losses to end higher on Wednesday after bank stocks rose sharply
ahead of a court hearing on waiving interest on loans under
moratorium due later in the day.
    The NSE Nifty 50 index  .NSEI  closed up 0.31% at 11,971.05,
while the S&P BSE Sensex  .BSESN  closed 0.42% higher at
40,794.74. Both indexes have now risen for ten straight
sessions.
    The Nifty Bank index  .NIFTYBANK , which slid as much as
1.5% earlier in the day, erased losses to end 1.63% higher ahead
of a hearing at India's top court on waiving interest on loans
under moratorium. 
    Banks are hoping that borrowers will not be given further
respite beyond the waiver on compound interest for loans up to
20 million rupees for six months, which the government has
agreed to pay.
    Top private lender HDFC Bank  HDBK.NS  ended 1.26% higher,
while IndusInd Bank  INBK.NS  rose 2.4%.
    Meanwhile, the International Monetary Fund cut its forecast
for India's gross domestic product growth, which fell at its
steepest pace of 23.9% in the June-quarter. It now expects
Asia's third-largest economy to contract 10.3% for the fiscal
year.  urn:newsml:reuters.com:*:nW1N2GD02B
    India's wholesale price index inflation rose to 1.32% in
September against 0.16% in August, according to government data.
 urn:newsml:reuters.com:*:nD8N2CX018
    Wipro Ltd's shares  WIPR.NS  fell as much as 6.9%, the top
percentage loser on the Nifty 50, after the company reported a
quarterly profit that missed market estimates.
    Shares of IT heavyweight Infosys Ltd  INFY.NS  ended 1.8%
lower ahead of its quarterly results later in the day.
    The Nifty IT index  .NIFTY  which has risen 43.7% this year
as of Tuesday's close, ended 1.28% lower on Wednesday. 
    "To justify their valuations, they (IT companies) will have
to show good top-line growth," said Anita Gandhi, director at
Arihant Capital Markets.        

 (Reporting by Philip George in Bengaluru; Editing by
Ramakrishnan M.)
 ((P.George@thomsonreuters.com; +91 8061822657; Reuters
Messaging: p.george@thomsonreuters.net))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.