>>    >>    >>   Sensex recovers 30 points on lower inflation, Infosys stock falls 2.34 per cent

Sensex recovers 30 points on lower inflation, Infosys stock falls 2.34 per cent

Infosys stock fell 2.34 per cent even as the company reported a 6.1 per cent rise in its second quarter net profit but cut its annual revenue growth forecast for the second time in three months on an "uncertain business outlook".


By   |  Updated On : October 14, 2016 08:09 PM
Sensex recovers 70 points on lower inflation, Infosys stock fell 2.34 per cent

Sensex recovers 70 points on lower inflation, Infosys stock fell 2.34 per cent

Mumbai :  

Lower inflation data coupled with revived global sentiment helped benchmark Sensex bounce back after Thursday steep fall and end 30 points higher at 27,673.60 in a choppy trade on Friday, but gains were restricted by a mixed start of the earnings season.

Infosys stock fell 2.34 per cent even as the company reported a 6.1 per cent rise in its second quarter net profit but cut its annual revenue growth forecast for the second time in three months on an "uncertain business outlook".

While, shares of country's largest software exporter TCS on Friday surged 1.61 per cent to Rs 2,365.90 after the companyyesterday reported an 8.4 per cent rise in consolidated netprofit at Rs 6,586 crore for the second quarter endedSeptember 30.

Investor sentiment received a boost after retailinflation fell to a 13-month low of 4.31 per cent andwholesale inflation at 3.57 per cent, creating head room forfurther rate cuts by Reserve Bank in coming months.

Besides positive domestic macro-economic data, a firmingtrend in global markets with upbeat Chinese inflation data easing investor concerns over global growth and the health of the world's second-biggest economy influenced trading sentiment.

"Market was not cheered even though the CPI inflationcooled to 4.31 per cent as the mixed start to the quarterresults did not comfort investors. Global market reboundedwith the positive inflation data from China, while the investors are eyeing Friday's commentary from Fed chair for any cues in rate hike trajectory," Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services, said.

The 30-share barometer opened positive at 27,712.22 and advanced to 27,763.54 but profit-booking at higher levels,shed most grounds to settle the session 30.49 points, or 0.11per cent, higher at 27,673.60. Intra-day, it touched a low of 27,548.18.     

The gauge had plunged 439.23 points on Thursday trade after a slew of global factors such as weak Chinese export data and Fed rate hike talks unnerved investors. On similar lines, the NSE Nifty rose 10.05 points, or 0.12 per cent, at 8,583.40 after shuttling between 8,604.45 and 8,549.80.

However, for the week, the Sensex dropped 387.54 points,or 1.38 per cent, while NSE Nifty lost 114.20 points, or 1.31per cent. The broader markets on Friday too saw some buying activitywith the BSE small-cap advancing 0.83 per cent and mid-capending higher by 0.81 per cent. As many as 16 in the 30-share Sensex pack advanced. 

First Published: Friday, October 14, 2016 07:21 PM

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