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Sensex rises on bargain hunting

Reuters 

By Darshana Sankararaman

(Reuters) - Indian rose on Thursday as investors picked beaten down counters, including technology stocks that lost ground on disappointing quarterly from software services exporters Ltd and Ltd.

The has fallen about 1.7 percent since it hit a record high on April 5.

However, an official forecast of an average monsoon in 2017 and expectations of positive quarterly are expected to push higher in the near-term, said analysts.

"An extended period of consolidation over the last one week has rendered stocks slightly cheaper compared to previous month levels. That may have attracted some bargain hunting," said Anand James, chief market strategist at Geojit Financial Services.

Ltd, which lost about 5 percent on a lower-than-expected revenue guidance, was up 0.7 percent, while Tech Mahindra Ltd rose 1 percent, rebounding from five days of declines.

"are now able to look beyond IT stocks, which have been a slight disappointment," he said.

The broader was up 0.35 percent at 9,135.15 by 0645 GMT, after dropping for five straight sessions.

The benchmark BSE was 0.30 percent higher at 29,424.41.

State-run lenders too recovered from recent falls, with the PSU bank index gaining as much as 1.5 percent.

It fell 1.7 percent in the previous session.

Private sector lender Yes Bank Ltd lost as much as 5.3 percent after it reported a 66 percent surge in provisions for bad loans. ICICI Bank Ltd and Axis Bank Ltd were down about 2 percent each.

(Reporting By Darshana Sankararaman in Bengaluru; Editing by Biju Dwarakanath)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Sensex rises on bargain hunting

(Reuters) - Indian shares rose on Thursday as investors picked beaten down counters, including technology stocks that lost ground on disappointing quarterly results from software services exporters Infosys Ltd and Tata Consultancy Services Ltd.

By Darshana Sankararaman

(Reuters) - Indian rose on Thursday as investors picked beaten down counters, including technology stocks that lost ground on disappointing quarterly from software services exporters Ltd and Ltd.

The has fallen about 1.7 percent since it hit a record high on April 5.

However, an official forecast of an average monsoon in 2017 and expectations of positive quarterly are expected to push higher in the near-term, said analysts.

"An extended period of consolidation over the last one week has rendered stocks slightly cheaper compared to previous month levels. That may have attracted some bargain hunting," said Anand James, chief market strategist at Geojit Financial Services.

Ltd, which lost about 5 percent on a lower-than-expected revenue guidance, was up 0.7 percent, while Tech Mahindra Ltd rose 1 percent, rebounding from five days of declines.

"are now able to look beyond IT stocks, which have been a slight disappointment," he said.

The broader was up 0.35 percent at 9,135.15 by 0645 GMT, after dropping for five straight sessions.

The benchmark BSE was 0.30 percent higher at 29,424.41.

State-run lenders too recovered from recent falls, with the PSU bank index gaining as much as 1.5 percent.

It fell 1.7 percent in the previous session.

Private sector lender Yes Bank Ltd lost as much as 5.3 percent after it reported a 66 percent surge in provisions for bad loans. ICICI Bank Ltd and Axis Bank Ltd were down about 2 percent each.

(Reporting By Darshana Sankararaman in Bengaluru; Editing by Biju Dwarakanath)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Business Standard
177 22

Sensex rises on bargain hunting

By Darshana Sankararaman

(Reuters) - Indian rose on Thursday as investors picked beaten down counters, including technology stocks that lost ground on disappointing quarterly from software services exporters Ltd and Ltd.

The has fallen about 1.7 percent since it hit a record high on April 5.

However, an official forecast of an average monsoon in 2017 and expectations of positive quarterly are expected to push higher in the near-term, said analysts.

"An extended period of consolidation over the last one week has rendered stocks slightly cheaper compared to previous month levels. That may have attracted some bargain hunting," said Anand James, chief market strategist at Geojit Financial Services.

Ltd, which lost about 5 percent on a lower-than-expected revenue guidance, was up 0.7 percent, while Tech Mahindra Ltd rose 1 percent, rebounding from five days of declines.

"are now able to look beyond IT stocks, which have been a slight disappointment," he said.

The broader was up 0.35 percent at 9,135.15 by 0645 GMT, after dropping for five straight sessions.

The benchmark BSE was 0.30 percent higher at 29,424.41.

State-run lenders too recovered from recent falls, with the PSU bank index gaining as much as 1.5 percent.

It fell 1.7 percent in the previous session.

Private sector lender Yes Bank Ltd lost as much as 5.3 percent after it reported a 66 percent surge in provisions for bad loans. ICICI Bank Ltd and Axis Bank Ltd were down about 2 percent each.

(Reporting By Darshana Sankararaman in Bengaluru; Editing by Biju Dwarakanath)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

image
Business Standard
177 22