Sensex gains; Infosys up after net profit beats estimates

Reuters Market Eye - The BSE Sensex and the Nifty gain 0.7 percent each. Infosys , India's second-largest software services exporter, gains 3 percent after the company posted a 21 percent rise in quarterly net profit, beating analysts' estimates.

Wipro gains 2 percent while Tata Consultancy services rises 1.5 percent as expectations of better third-quarter earnings rise after Infosys results, dealers say.

However, shares of banks fall ahead of key wholesale and consumer price data next week, which will help determine whether the Reserve Bank of India will resume raising interest rates after tightening monetary policy by a total of 50 basis points over September and October.

 

ICICI Bank falls 0.5 percent, while Axis Bank is down 0.8 percent.

However, India's inflation rate will probably ease in December to 7.00 percent from the 14-month high of 7.52 percent in November helped by waning food prices, a Reuters poll of 22 economists showed.

(Reporting by Abhishek Vishnoi)