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INFY - Infosys News Story

$18.16 0.3  1.6%

Last Trade - 14/05/21

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
     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
    "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
   Investors also awaited consumer price inflation data due at
1200 GMT.

 (Reporting by Nallur Sethuraman and Philip George in Bengaluru;
Editing by Ramakrishnan M.)
 ((; +91 8061822657; Reuters
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