INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Led by gains in index heavyweight Infosys, domestic equity markets started off Monday's session on a firm note, shrugging off
weak macroeconomic numbers.
Infosys on Friday reported a 5.3 per cent year-on-year rise in profit at Rs 3,802 crore for the June quarter
Analysts in an ET NOW poll had projected a net of Rs 3,730 crore
Amid concerns over a slowdown in IT sector growth, Infosys raised its guidance for FY20, while maintaining its margin guidance, despite some
erosion in June quarter margins
Easing oil amid slowdown worries also kept the markets going strong
Asian shares advanced on Monday as investors breathed a sigh of relief after encouraging Chinese data suggested the world's second-biggest
economy may be starting to stabilise thanks to ramped-up stimulus from Beijing.
Second quarter economic growth slowed to 6.2% in the second
quarter from a year earlier, the weakest pace in at least 27 years while separate data showed the country's industrial output and retail
sales handily topped forecasts.
MSCI's broadest index of Asia-Pacific shares outside Japan gave up losses to be 0.2% higher at 526.72
points.
At around 9:30 am, the 30-pack Sensex traded 191 points or 0.49 per cent higher at 38,927
Nifty rose 50 points or 0.43 per cent to 11,602.
In the Nifty pack, 34 stocks gained, 15 stocks declined while one remained unchanged
Among Sensex stocks, Infosys was the biggest gainer, up 4.21 per cent following strong FY20 guidance.
Yes Bank, Sun Pharma, Tata Motors,
Maruti and HCL Tech were other gainers, rising upto four per cent.
Vedanta was the biggest loser after the company's copper division
business reported a loss in earnings before interest, taxes, depreciation, and amortisation (Ebitda) of Rs 235 crore and a revenue drop by
57 per cent to Rs 10,739 crore during 2018-19, compared to a year before, mainly due to shutdown of its smelter at Thoothukudi (Tuticorin)
in this state.
Hero MotoCorp, L-T, ICICI Bank, HDFC and Tata Steel were other losers.
BSE Midcap and BSE Smallcap index traded marginally
higher and gained a mere 0.12 per cent and 0.23 per cent respectively.
In the sectoral space, BSE IT was the biggest gainer, up 1.85 per
cent, single handedly led by IT major Infosys
Meanwhile,the government is considering some relief for FPIs from the super-rich tax surcharge
One of the options being considered is to leave out those FPIs which operate through trusts but pool savings of pension funds, retirement
pools or those not so well-off
But the rich who route savings via trusts will not get any relief
