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Sensex Gains; Infosys Up After Net Profit Beats Estimates

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The BSE Sensex and the Nifty gained 0.7 per cent each. Infosys, India's second-largest software services exporter, gained 3 per cent after the company posted a 21 per cent rise in quarterly net profit, beating analysts' estimates.

Wipro gained 2 per cent while Tata Consultancy services rose 1.5 per cent as expectations of better third-quarter earnings rise after Infosys results, dealers said.

However, shares of banks fell 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 fell 0.5 per cent, while Axis Bank was down 0.8 per cent.

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

(Reuters)


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