Sensex up 162 points; Infosys, TCS surge

A benchmark index of Indian equities markets rose 162 points Friday led by a strong rally in software firms as Infosys announced better than expected earnings.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the positive at 19,898.69 points, was trading at 19,838.15 points in the afternoon session, up 0.82 percent 162.09 points from its previous day close at 19,676.06 points.

The Sensex touched a high of 19,962.78 points and low of 19,785.59 points in the intra-day. The benchmark index is trading at its highest level in almost one-and-a-half-months.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) was ruling 0.49 percent or 28.95 points higher at 5,964.05 points.

There was a strong rally in IT stocks after the country's second largest software exporter, Infosys announced better-than-expected earnings.

Infosys surged 10.81 percent at Rs.2,800 after it announced the first quarter results. The company posted a net profit of Rs.2,374 crore for the quarter ended June 30, as compared to Rs.2,289 crore in the same quarter of last year, registering a growth of 3.7 percent.

Infosys was the biggest gainer among the 30-scrip Sensex. Other prominent gainers were TCS, up 2.80 percent at Rs.1,604; Wipro, up 1.73 percent at Rs.369.65; L&T, up 1.69 percent at Rs.984.20 and Dr Reddys Lab, up 1.31 percent at Rs.2,321.

Major Sensex losers were ONGC, down 2.99 percent at Rs.295.50; Maruti Suzuki, down 2.56 percent at Rs.1,468.20; Mahindra & Mahindra, down 2.07 percent at Rs.899.20 and Hindalco Inds, down 1.56 percent at Rs.101.20.