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Sensex Rises 160 points, Nifty settles At 11,588 Led By Infosys

Eight of 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty PSU Bank Index's 2.6 per cent decline.

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Sensex Rises 160 points, Nifty settles At 11,588 Led By Infosys

The S&P BSE Sensex and NSE Nifty 50 Indexes rose in Monday's session led by gains in Infosys after its profit which came in at Rs 3,802 crore surpassed analyts estimates and the company raised revenue growth guidance to 8.5-10 per cent for the current financial year. In intraday deals, the Sensex rose as much as 288 points while the Nifty 50 Index touched high of 11,618.40 and low of 11,532.30. Infosys alone contributed 52 points towards gain in the Sensex.

The Sensex ended 160 points or 0.41 per cent higher at 38,896.71 and the NSE Nifty 50 Index climbed 0.31 per cent or 36 points to shut shop at 11,588.35.

Eight of 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty PSU Bank Index's 2.6 per cent decline. Nifty Bank, Nifty Private Bank and Nifty FMCG Indexes also dropped in range of 0.5 and 0.6 per cent each.

On the flipside, Nifty IT Index was top gainer, up 2.85 per cent.

Mid- and small-cap shares witnessed selling pressure as the S&P BSE MidCap and S&P BSE SmallCap Indexes fell 0.6 per cent.

Infosys was top gainer in the Nifty 50 basket of shares, the stock surged 7.2 per cent to cloe at Rs 779.45 after the country's second largest software services company on Friday reported net profit of Rs. 3,802 crore for the quarter ended June 30. That marked a decline of 6.76 per cent compared to the previous quarter, but beat analysts' estimates compiled by Reuters. Analysts on an average expected the Bengaluru-based IT company to report a net profit of Rs. 3,705 crore in the first quarter of financial year 2019-20.

Sun Pharma climbed 3.12 per cent to Rs 420.40 after the company launcched Ezallor Sprinkle (Rosuvastatin) capsules in US. The drug is used for treating three types of lipid disorders in conjunction with diet in adults, Sun Pharma said in an exchange filing.

UPL, Tech Mahindra, Maruti Suzuki, Kotak Mahindra Bank, TCS and Bajaj Finance were also among the gainers.

On the flipside, Indiabulls Housing FInance was top loser, down 4.35 per cent to close at Rs 637. IndusInd Bank, Larsen & Toubro, Bharti Airtel, Yes Bank, ITC, Titan and Indian Oil were also among the losers.

Among the individual shares, DHFL shares nosedived as much as 32 per cent in intraday trade on the BSE. DHFL's share price touched an intraday low of Rs. 46.70. It had closed at Rs. 68.45 on Friday. The fall came after the housing finance company on Saturday said that it may not survive. The company said it was "undergoing substantial financial stress" and its ability to raise funds was "substantially impaired and the business has been brought to a standstill with there being minimal/virtually no disbursements."

Allahabad Bank share price fell as much as 14.53 per cent on the BSE to Rs. 40.30 after it informed exchanges on Saturday that it had detected a fraud of Rs. 1,774.82 crore in loan account of its borrower Bhushan Power and Steel. On the National Stock Exchange, Allahabad Bank share price dropped as much as 14.42 per cent to Rs. 40.35.

The overall market breadth was negative as 1,587 shares ended lower while 883 closed higher on the BSE.



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