Indian stock markets, boosted by the IT major Infosys’ quarterly results and positive sentiments cued from global and Asian markets, closed the week on a firm footing as broader market index S&P CNX Nifty hit 6100 intra-day level. Both the benchmark indices opened the session on a positive note and continued the momentum throughout the day. Nifty though breached the 6100 level but could not maintain the gain and closed inched lower from the level at 6096.20, up by 75.25 points (1.25%), while Sensex registered gain of 255.68 points and closed at 20528.59, up by 1.26% to the previous close.
It has been a spectacular rally fuelled by Infosys September quarter earnings and led by realty, technology and banking stocks while metals, FMCG and pharmaceuticals slipped in the red. However, some analysts had their apprehension as well, because it has been observed that for the last four reporting seasons, market tends to go up initially when the results season start and then fall after that. Now market is entering the resistance zone of 6100-6200, so it may consolidate here also.
It has been a spectacular rally fuelled by Infosys September quarter earnings and led by realty, technology and banking stocks while metals, FMCG and pharmaceuticals slipped in the red. However, some analysts had their apprehension as well, because it has been observed that for the last four reporting seasons, market tends to go up initially when the results season start and then fall after that. Now market is entering the resistance zone of 6100-6200, so it may consolidate here also.
Infosys has upped its FY14 sales guidance to 9-10% from 6-10% in previous quarter. The company reported a net profit of Rs. 2,407 crore for quarter ended September 2013 as compared to a net profit of Rs. 2,374 crore in last quarter. Its consolidated revenues in dollar terms increased 3.76% to $2,066 million vs. $1,991 million. Revenues in rupee terms increased to Rs. 12,965 crore, up 15.07%, as against Rs. 11,267 crore in previous quarter. Shares of Infosys closed at highest level since April 2011 as the stock closed at Rs. 3,274.50, up Rs. 146.90, or 4.82% on the NSE.
Most of the sectoral indices pursued the northward momentum except a few; namely, CNX Metal (-1.43%), CNX Pharma (-1.16%), CNX FMCG (-0.90%) and CNX Commodities (-0.89%). But the Bank Nifty ride the stronger momentum from the front and gained by 3.24% and also chased by CNX IT (3.10%), CNX Realty (2.83%), CNX Service (2.26%), CNX Finance (2.22%), CNX PSU Bank (1.96%) and CNX Auto (1.86%).
Market breadth remained in positive terrain with 629 stocks advancing as against 535 stocks decline on NSE with 67 remaining unchanged.
Out of 50 stocks of Nifty, 27 stocks advanced against 23 declined.
Top 5 Nifty gainers: ICICI Bank led the gainers chart on Nifty today gaining the most (5.37%) and joined in by Bank of Baroda (4.94%), Infosys (4.82%), Larsen & Toubro (4.64%) and HCL Technologies (3.52%).
Top 5 Nifty losers: Coal India topped the Nifty losers list falling by -4.03% and followed by Hindalco (-2.82%), NTPC (-2.77%), Tata Power (-2.63%) and Sun Pharma (-2.30%).
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