Markets

Infosys drives Sensex higher after earnings beat estimates

Bloomberg Mumbai | Updated on January 13, 2020 Published on January 13, 2020

Annualised attrition at the consolidated level has now come down to 19.6 per cent compared to 21.7 per cent during previous quarter

Stock markets rose as investors turned their focus to companies’ October-December earnings reports.

The S&P BSE Sensex advanced 0.6% to 41,839.52 to a new record as of 9:34 a.m. in Mumbai. The NSE Nifty 50 Index also climbed 0.6%. Infosys Ltd. was the biggest boost to both gauges.

Infosys., Asia’s second most-valuable software exporter, on Friday posted quarterly net income after market hours that beat the highest analyst estimates. The company raised its sales-growth outlook for the year ending March 2020 to between 10% and 10.5%.

Software exporter Wipro Ltd. and IndusInd Bank are scheduled to announce results on Tuesday.

Strategist View “The broader market under performance should take a pause now and earnings will help selective midcap stocks to gain,” said Pritam Deuskar, a Mumbai-based analyst with Bonanza Portfolio Ltd. “We expect consumption and entertainment stocks to do well.”

The Numbers

  • All 19 sector indexes compiled by BSE rose, led by a gauge of software exporters
  • Infosys contributed the most to the Sensex gain and had the largest move, increasing 2.8%
  • Yes Bank declined as much as 8.3% after its board approved raising $1.4 billion, while rejecting an investment bid
    Published on January 13, 2020
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