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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

Indian shares rally for eighth day as IT gains offset banking losses

Mon 12th October, 2020 11:00am
By Sethuraman N R
    BENGALURU, Oct 12 (Reuters) - Indian shares ended higher on
Monday as gains in IT stocks offset losses in banking shares,
which slid after fiscal stimulus measures fell short of market
expectations, while a major grid failure caused a widespread
power outage in the financial hub of Mumbai.  
    The NSE Nifty 50  .NSEI  index ended 0.14% higher at
11,930.95, having briefly crossed the psychologically
significant 12,000-level last seen in February. The S&P 500 BSE
Sensex  .BSESN  ended up 0.21% at 40,593.8, rallying for the
eighth straight day of trading.
     Shares of IT heavyweight Infosys  INFY.NS  ended 2.3%
higher, ahead of results on Wednesday. The Nifty IT index
 .NIFTYIT  added 1.7%, piling on last week's gains due to strong
results and a big buyback from Tata Consultancy Services Ltd
 TCS.NS .
     Banking stocks slipped as finance minister Nirmala
Sitharaman's plans to stimulate consumer demand, including
advance payment of a part of the wages of federal government
employees during the festival season, fell short of investor
expectations.  urn:newsml:reuters.com:*:nD8N2DW01L
    "If you compare the advance payment of wages for government
employees and loans provided to the states and measure it with
GDP, it is a minuscule amount," said Saurabh Jain, assistant
vice president at SMC Global Securities Ltd in New Delhi.
    India's GDP contracted at its steepest pace of 23.9% in the
June quarter, raising fears of a recession. 
    The Nifty Bank index  .NSEBANK , which rose as much as 1.4%
in the morning, ended 0.56% lower.
    Meanwhile, a grid failure caused a widespread power outage
in Mumbai and surrounding areas during the day, though the
National Stock Exchange and the BSE said they were operating
normally.  urn:newsml:reuters.com:*:nL4N2H31DX
   Investors also awaited consumer price inflation data due at
1200 GMT.

 (Reporting by Nallur Sethuraman and Philip George in Bengaluru;
Editing by Ramakrishnan M.)
 ((P.George@thomsonreuters.com; +91 8061822657; Reuters
Messaging: p.george@thomsonreuters.net))
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