Sensex ends higher on Infosys gain - GulfToday

Sensex ends higher on Infosys gain

Sensex

Commuters walk past the Bombay Stock Exchange building in Mumbai. Reuters

Strong gains by index major Infosys and Sun Pharma aided the Sensex in advancing over 160 points on Monday. Infosys hit its all-time high level with 7.2 per cent gain on the back of strong numbers in its quarterly results while Sun Pharma advanced by 3.61 per cent.

The S&P Bse Sensex closed 160.48 points, or 0.41 per cent higher, at 38,896.71 before hitting an intra-day high of 39,023.97 and a low of 38,696.60. It opened at 39,009.95 over 250 points higher from its Friday’s close of 38,736.23.

“Liquidity issue in the domestic market and weak economic data in China put pressure on the market. Green shoots from earnings lifted the sentiment of IT sector while ease in WPI inflation (June) to 2.02 per cent added some cheer in the market,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

“Q1 results announced so far have been mixed and going forward is expected to be subdued in nature,” he added.

DHFL closed 29.15 per cent lower at Rs 48.50 apiece after the company reported a net loss of Rs2,223 crore for the fourth quarter (Q4) of 2018-19 over the weekend.

In reaction to the Rs1,774.82 crore Bhushan Power & Steel Ltd (BPSL) fraud that Allahabad Bank reported in the weekend, its scrip closed 7.74 per cent lower at 43.50, after it fell as much as 14.53 per cent.

China’s second quarter annual GDP growth rate fell to a 27-year low of 6.2 per cent as expected, but its quarterly growth reading of 1.6 per cent was ahead of forecasts and June reports on industrial production, retail sales and urban investment were also well above expectations, Deepak Jasani of HDFC Securities said.

Indo-Asian News Service