The Hindu : Business : Markets up on Infosys guidance

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Wednesday, Apr 16, 2008
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Markets up on Infosys guidance

MUMBAI: The stock markets witnessed a strong rally after a shaky start on Tuesday, following IT bellwether Infosys Technologies’ improved guidance for 2008-09 and the benchmark Sensex closed the day at above 16000 level.

The 30-share Bombay Stock Exchange barometer bounced from early lows of 15573.03 to settle the day at 16153.66, a gain of 346.02 points, or 2.19 per cent, over its previous close. The broader 50-share S&P CNX Nifty of the National Stock Exchange also spurted by 101.85 points, or 2.13 per cent, to close at 4879.65.

Among the global indices, bourses in Asia closed in positive territory while European markets traded mixed in their early trade after a weak close on Wall Street on Monday.

Infosys, the country’s second largest software exporter, has come out with a higher guidance in earnings per share and revenue for the current financial year.

Marketmen said investors, who awaited a major trigger in the fourth quarter earnings, were enthused with the Infosys announcement that raised hopes of a robust earning season. They said investors made heavy commitments in IT shares throughout, shrugging off a host of negative factors, including steady-to-subdued global cues.

IT stocks were the biggest gainers of the day. Infosys surged 6.21 per cent, while TCS was up 7.37 per cent. Satyam Computers rose 4.35 per cent and Wipro 4.52 per cent. Away from IT counter, pharma major Ranbaxy soared 8.62 per cent. — PTI

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