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Sensex ends 247 points higher on positive global cues

Infosys Q2 net profit dips 2.2 per cent to Rs 4,019 crore

By PTI in Mumbai

  • Published 11.10.19, 5:00 PM
  • Updated 11.10.19, 5:00 PM
The broader NSE Nifty too rose 70.50 points, or 0.63 per cent, to close at 11,305.05
The broader NSE Nifty too rose 70.50 points, or 0.63 per cent, to close at 11,305.05 Shutterstock

Equity benchmark BSE Sensex jumped 247 points on Friday amid positive cues from global markets enthused by hopes of a trade truce between the US and China.

After swinging 608 points in a volatile session, the 30-share Sensex ended 246.68 points, or 0.65 per cent, higher at 38,127.08. It hit an intra-day high of 38,345.41 and a low of 37,737.85.

The broader NSE Nifty too rose 70.50 points, or 0.63 per cent, to close at 11,305.05.

Infosys was the top gainer in the Sensex pack, rallying 4.19 per cent, ahead of its quarterly earnings.

Infosys, India's second largest IT services company, said its consolidated net profit declined by 2.2 per cent to Rs 4,019 crore for the July-September 2019 quarter. The company had earlier said that it expects its topline to grow by 8.5-10 per cent for financial year 2020.

The net profit was Rs 4,110 crore in the same period last fiscal, Infosys said in a regulatory filing.

Shares of Tata Consultancy Services (TCS), the largest IT services company in India, pared most of its early losses and closed nearly 1 per cent lower after the company's September quarter earnings failed to meet market expectations.

The scrip which declined 3.76 per cent to Rs 1,929 during the day on the BSE finally closed at Rs 1,987.05, 0.87 per cent lower. On the NSE, it dropped 0.77 per cent to close at Rs 1,989.

Meanwhile, Vedanta, Tata Motors, ONGC, Tata Steel, HUL, HCL Tech, Tech Mahindra and Bharti Airtel rose up to 3.96 per cent.

On the other hand, Yes Bank, M&M, RIL, Hero MotoCorp, IndusInd Bank and NTPC declined up to 3.30 per cent.

Market rallied tracking gains in global markets after US President Donald Trump offered an positive assessment of US-China trade talks, traders said.

"We just completed a negotiation with China. We're doing very well. We're having another one tomorrow. I'm meeting with the vice-premier over at the White House," Trump told reporters at the White House on Thursday.

In Asia, Shanghai Composite Index, Hang Seng, Kospi and Nikkei settled significantly higher.

Equities in Europe were also trading on a positive note in their respective early sessions.

Meanwhile, the Indian rupee appreciated marginally to 71.03 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, surged 1.79 per cent to USD 60.16 per barrel, after reports of missile strikes on an Iranian tanker in Saudi Arabia sparked fresh supply concerns.