Infy takes Sensex to 3-month high

MUMBAI: A 6% rise in Infosys shares pushed the Sensex to a three-month high of 25,816 on Monday. Investors also lapped up stocks following positive macroeconomic data, including a cooling inflation and forecast of an above-normal monsoon this year, which kindled hopes of a higher growth and more policy easing by the RBI.

The BSE benchmark rose 189.61 points, or 0.74%, to 25,816, while the Nifty gained 64.25 points, or 0.82%, to 7,914.70.

A strong revenue forecast and record-beating profit numbers led to a `15,332.5 crore rise in Infosys’ market capitalisation to `2,84 lakh crore at the end of Monday’s trade.

“Market gained weight following the fine start of the results season, and the contraction in WPI inflation to -0.85% has smoothened the way forward. The global market witnessed a correction as oil producers could not reach a consensus on output freeze,” said Vinod Nair, research head, Geojit BNP Paribas. “Going forward, market sentiment will depend on the progress of the fourth-quarter results season.”

“We have heavyweights such as HDFC Bank and Wipro set to declare numbers this week. Earnings would be the key driver in the coming days,” said Vaibhav Agarwal, vice president and research head, Angel Broking.

Besides Infosys, the other Sensex gainers included Cipla (up 2.42%), Bharti Airtel (up 1.92%) and Lupin (up 1.77%).

The rupee recovered by nine paise against the American currency to close at 66.55 on fresh dollar selling by banks and exporters.