Published on October 11, 2013
Heavyweights pull markets higher; Infy beats Q2 forecasts Market Summary 11-Oct-2013 Indian indices started over the moon buoyed on optimistic global cues and encouraging Q2 show by IT bellwether Infosys. Benchmarks soared nearly 1.25% backed by rally in heavy weights. Markets ended higher in positive terrain with Sensex scoring 255 points ahead of August IIP data release. Among BSE sectorials, IT index topped the charts, followed by bankex. On global front, US indices climbed after House Republican leaders proposed a temporary extension of the nation’s debt ceiling. Asian and European also traded higher tracking positive cues from US markets. Back home, industry body FICCI had cut country’s economic FY14 growth forecast to 5% from its earlier forecast of 6% amid depreciation concerns in Rupee against foreign currencies and continuously rising inflation. (Read More) Indian IT giant, Infosys rallied 4.8% and hit fresh 52 week high at Rs 3360 on BSE as the company's Net sales had beaten the forecasts and Net profit registered a growth of 1.60% in Q2FY14 at Rs 2407 crore as compared to Rs 2369 crore in Q2FY13 on consolidated basis. However on standalone basis, the company reported 0.68% fall in Q2 Net at Rs 2326 crore as compared to Rs 2342 crore for the same quarter in the previous year. The company revised its FY14 revenue guidance to 9-10% from 6-10% in dollar terms. (Featured Result) IT index surged 3.12% on BSE after Infosys started the Q2 result season on a positive note. Tech stocks mounted from 1-5%. (What’s Hot) Tata Motors spurted 3.6% and hit all time high at Rs 389.5 on BSE after company’s subsidiary Jaguar Land Rover registered 17% jump in its global sales of September at 43181 units. Among total JLR sales, Jaguar sold 8462 units, up 35% while Land Rover sold 34,719 units, up 13%. (Read More) Coal India plunged 3.9% on BSE in otherwise positive market as Government of India will start roadshows for divestment of 5% stake in the company from October 21 and will end on October 31, 2013. The roadshows will be held in Boston, New York, Chicago, San Francisco and London. (Read More) Ranbaxy shined 1.55% on receiving an Establishment Inspection Report (EIR) from US Food and Drug Administration (US FDA) for its New-Jersey based Ohm Laboratories. (Read More) The market breadth on the BSE closed in positive. Advancing and declining stocks were 1374 and 1165 respectively, while 165 scrips remained unmoved. The S&P BSE Sensex ended at 20528.59, up 255.68 points or 1.26%. The 30 share index touched a high and a low of 20559.69 and 20368.06 respectively. 20 stocks advanced against 10 declining ones on the benchmark index. The CNX Nifty gained 75.25 points or 1.25% to settle at 6096.20. The index touched high and low of 6107.60 and 6046.40 respectively. 28 stocks advanced against 22 declining ones on the index. S&P BSE Sensex CNX Nifty The S&P BSE Mid-cap index moved up to 5870.60 and gained 0.33% while S&P BSE Small-cap index jumped up by 0.47% to 5718.33. The broader S&P BSE 500 index increased to 7416.41 (up 0.88%) and CNX 500 index rose to 4651.80 (up 0.96%). The volatility as denoted by INDIA VIX lost 8.85% at 23.59 from its previous close of 25.88 on Thursday. Sectors in action On the BSE Sectorial front, Information Technology (up 3.12%), Banks (up 3.09%) and Capital Goods (up 2.77%) were the top gainers. Metals (down 1.49%), Power (down 1.10%) and Healthcare (down 1.09%) were the top losers. The Angels and the Devils ICICI Bank (up 5.01%), Infosys Ltd (up 4.79%), Larsen And Toubro Ltd (up 4.26%), Tata Motors Ltd (up 3.60%) and
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