Sensex recoups losses post Infosys Q3 results

NEW DELHI: The S&P Sensex bounced back in green after falling over 150 points in trade earlier in the trading session, led by Infosys after its December-quarter earnings beat estimates.

Infosys reported a 13 percent YoY rise in its quarterly net profit, beating estimates, to Rs 3,250 crore; revenue rises 5.91 percent to Rs 13,796 crore. The consolidated numbers were slightly better than ET Now poll of Rs 3,151 crore.

The IT major has won more outsourcing contracts from Western clients. Shares in Infosys rose as much as 6.8 per cent in trade and are on track to post their biggest single-day gain since October 10.

Tracking the momentum, the 50-share Nifty index also came off from its lows, and was trading around its crucial psychological level of 8250, supported by gains in IT, pharma and consumer durable stocks.

At 03:25 p.m.; the 30-share index was at 27465.23, up 190.52 points or 0. 70 per cent.

The Nifty was trading at 8285 up 51.15 points or 0.62 per cent.

The S&P BSE Midcap Index was down 0.12 per cent and BSE S&P Smallcap Index edged higher by 0.18 per cent.

Benchmark indices were still headed for their biggest weekly falls in four weeks after shares slumped more than 3 percent on Tuesday, as a continued slide in oil prices roiled emerging markets, Reuters reported.

HUL (up 4.1 per cent), Infosys (up 4 per cent), Dr Reddy's Laboratories (up 2.3 per cent), Cipla (up 2.1 per cent) and TCS (up 1.92 per cent) were among the major Sensex gainers.

NTPC (down 3.5 per cent), Bajaj Auto (down 3.1 per cent), ITC (down 2.1 per cent), ICICI Bank (down 2 per cent) and Axis Bank (down 1.8 per cent) were the major index losers.