Sensex, Nifty Rise Over 1%

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Indian shares rose sharply on Thursday as IT major Infosys reported better than expected earnings for the June quarter and data showed that India recorded a trade surplus in June for the first time in more than 18 years.

The benchmark S&P Sensex soared 419.87 points, or 1.16 percent, to 36,471.68, while the broader NSE Nifty index ended up 121.75 points, or 1.15 percent, at 10,739.95.

Infosys shares surged as much as 9.5 percent after the country’s second biggest IT company delivered a blockbuster quarter on the back of large deal wins and tighter costs. The company also surprised markets by giving full-year constant currency revenue growth guidance.

Among other prominent gainers, Britannia Industries, Mahindra & Mahindra, Cipla and BPCL climbed 4-7 percent.

SBI rose 1.2 percent as it received board approval to raise Rs 14,000 crore through issuance of debt instruments.

On the flip side, Bharti Infratel slumped 7 percent while IOC, Zee Entertainment Enterprises, ITC and Tech Mahindra dropped 2-3 percent.

Globally, other Asian markets fell as investors fretted about a second wave of coronavirus infections and the reimposition of lockdowns in the wake of fresh spikes in virus infections in the United States, Australia and Japan. U.S.-China tensions also remained on investors’ radar.

European stocks were moving lower in early trade ahead of the interest rate announcement from the European Central Bank.

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2020-07-16 07:08:47

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