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Sensex up 420 points as Infosys soars 10%; Nifty touches 10,740 mark

Tech Mahindra, ITC, NPTC, PowerGrid, Titan and ONGC finished with losses.

SNS | New Delhi |

After volatile trading, benchmark indices ended in the positive territory on Thursday, backed by gains in IT, especially Infosys, and select financial counters.

The S&P BSE Sensex settled 419.87 points, or 1.16 per cent, higher at 36,471.68 levels. Of the 30 constituents, 19 closed in green while others failed to impress the investors and ended in red.

Infosys, being the biggest gainer of the day, ended 9.5 per cent up on the BSE index after the company posted a stronger-than-expected 12.4 per cent rise in the first quarter consolidated net profit to Rs 4,272 crore, helped by large deals, and said its FY21 revenue is likely to grow by up to 2 per cent.

Similarly, the NSE Nifty surged 121.75 points, or 1.15 per cent, to 10,739.95.

Infosys rallied around 10 per cent after the IT major posted a stronger-than-expected 12.4 per cent rise in the first quarter consolidated net profit to Rs 4,272 crore, helped by large deals, and said its FY21 revenue is likely to grow by up to 2 per cent.

M&M, Nestle India, IndusInd Bank, Kotak Bank, HCL Tech and Axis Bank were the other gainers on the BSE charts.

On the other hand, Tech Mahindra, ITC, NPTC, PowerGrid, Titan and ONGC finished with losses.

According to traders, rally in IT stocks led by Infosys kept investor sentiment positive, but massive selloff in Chinese stocks and concerns over recovery amid rising COVID-19 cases induced volatility in the session.

Bourses in Shanghai plunged 4.50 per cent as investors seemed disappointed with the pace of economic recovery.

China’s gross domestic product (GDP) expanded 3.2 per cent year-on-year in the second quarter of 2020, the country’s National Bureau of Statistics said earlier in the day.

Following negative cues from Chinese equities, benchmarks in Hong Kong, Tokyo and Seoul ended on a weak note.

Stock exchanges in Europe were also trading in the red in early deals.

Meanwhile, international oil benchmark Brent crude futures fell 0.71 per cent to USD 43.48 per barrel.

In the forex market, the rupee settled 3 paise lower at 75.18 against the US dollar.