Sensex up 300 points despite Infosys damper (Roundup

Mumbai, April 16 (Inditop) The bulls did it again for the eighth straight trading session in Indian equities markets even though Infosys results proved to be a damper to the ongoing rally. A key index Wednesday shut shop more than 300 points above its last closing figure after a weak opening.

The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,805.14 points, higher than its Monday close, rose 317.51 points or 2.9 percent to close at 11,284.73 points.

Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 3 percent from its previous close to end trade at 3,484.15 points.

The BSE midcap index gained 3.95 percent, while the BSE smallcap index was up 5.32 percent.

Of the 13 sectoral indices on the exchange, the realty, consumer goods and power stocks indices gained the most, while IT stocks saw some selling.

The Sensex touched an intra-day high of 11,337.75 points and a low of 10,719.18 points.

Among gainers on the 30-scrip composite Sensex were Tata Motors, up 11.5 percent at Rs.281.20; DLF, up 10 percent at Rs.256.80; BHEL, up 9.48 percent at Rs.1,669.85 and Reliance Infra, up 7 percent at Rs.710.30.

Losers included Infosys, down 2.72 percent at Rs.1,370.80; TCS, down 2.39 percent at Rs.577.75; HDFC Bank, down 1.17 percent at Rs.1,083.90 and Tata Power, down 0.86 percent at Rs.898.50.

Shares of Infosys slipped on a weak forecast and not so positive results to an intra-day low of Rs.1,300.50, but recovered later to end the day at Rs.1,370.80

The global software major managed to meet the consolidated revenue guidance by posting Rs.21,693 crore for 2008-09, a robust growth of 30 percent year-on-year (YoY) under the Indian accounting standard.

However, its forecast for fiscal 2009-10 at Rs.22,000-22,900 crore, projecting a 1.5-5.7 percent YoY growth, points to the end of double-digit growth.

The overall market sentiment was positive, with 2,173 stocks advancing, 463 scrips declining and 67 remaining unchanged.

Other Asian markets were mixed as Tokyo stocks ended in the red Wednesday with Japan’s benchmark Nikkei 225 Stock Average closing at 8,742.96 points, 99.72 points lower than its previous close.

The Hang Seng, a key index of the Hong Kong Stock Exchange, however, ended trade 0.57 percent above its last closing figure at 15,669.62 points.

European markets, which came online before Indian bourses ended trade, were volatile with key indices fluctuating between negative and positive terrains.

The FTSE in Britain was trading 0.04 percent higher than its previous close. Its French peer CAC 40 was ruling 0.43 percent lower than its previous close.