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Benchmark indices firmed up in late trades led by Infosys after the company revised its guidance upwards for FY14 and private banks..
At 2:50pm, the 30-share BSE Sensex is up 261 points at 20,534 while the broader NSE Nifty was is up 73 points at 6094. Broader market are highet too. BSE Mid-cap and small are trading 0.4% higher in afternoon trades.
It was an ominous start for the second quarter earnings season as Infosys announced robust September quarter numbers today.
Investors will now be looking at Industrial production data set to be released post market hours. street expects IIP numbers to be lacklustre. No one expects too high a recovery for August, but low base of previous year could give it a bit of push.
In July, the industrial output expanded at a four-month high of 2.6%, driven by sharp rise in capital goods output. Capital goods boosted the IIP to the extent of 1.6%.
Dun and Bradstreet, in a latest report, said that it expects the IIP growth to remain 1-2% in August due to low demand, high interest rates and poor investment sentiments.
Meanwhile, Moody's Analytics, the research wing of Moody's Group, said that the industrial output would grow by a meagre 1% in August this year.
ICICI is the top Nifty gainer; up more than 5 percent in trade to Rs.995. Infosys trading with gains of over 4 pct right now, TCS is up 1.5 pct
Bank of Baroda, Federal Bank and ICICI Bank are all up more than 4% and are top gainers in the BSE Bankex
