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Equity indices rise as IT stocks surge, Infosys up 10%
Mumbai, July 16, 2020
The Indian equity indices surged on Thursday on the back of healthy buying in the last hour of trade.
Healthy buying activity in IT stocks lifted the indices. The S&P BSE IT index rose 4.14 per cent.
Shares of Infosys rose to a 52-week high of Rs 952 after the company on Wednesday posted a 11.5 per cent year-on-year (YoY) growth in net profit at Rs 4,233 crore for the quarter ended June 30.
Its shares ended at Rs 910.90, higher by Rs 79.45 or 9.56 per cent from its previous close.
Rahul Sharma, Market Strategist and Research Head, Equity99 Advisor, said: "Better than expected management commentary from select index-heavyweight stocks revived the market sentiments at the fag end of the session. The mood in the market changed once the Nifty50 index breached 10,700-mark on the upside."
The BSE Sensex closed at 36,471.68, higher by 419.87 points or 1.16 per cent from its previous close of 36,051.81.
It had opened at 36,401.20 and touched an intra-day high of 36,524.62 and a low of 36,038.41 points.
The Nifty50 on the National Stock Exchange closed at 10,739.95, higher by 121.75 points or 1.15 per cent from its previous close.
Apart from Infosys, the other major gainers included Mahindra & Mahindra and Nestle India. On the other hand, the major losers were Tech Mahindra, ITC and NTPC.