SENSEX NIFTY
Oct 11, 2013, 01.04 PM IST | Source: Moneycontrol.com

Sensex hits 20500, up 230 pts; ICICI surges 4%, ITC weak

Vibhav Kapoor of IL&FS says that valuations have started heating up and a correction is possible in the second half of October.

12:27
Moneycontrol Bureau
Live Market Commentary

12:55pm Market Update

The market stayed higher in afternoon trade with the Sensex rising 161.89 points to 20434.80, and the Nifty gaining 50.05 points to 6071, supported by Infosys and ICICI Bank (both up 4 percent each).

Shares of Larsen & Toubro and Tata Motors rallied 3 percent each.

On the global front, European markets opened higher following rally in US and Asian markets on hopes of likely deal to open US government and avoid debt default.

12:45pm Stocks In News

Ranbaxy Labs shares gained 3 percent as its Ohm Labs received the establishment inspection report from the USFDA. The report signals sucessful resolution of manufacturing issues highlighted by the USFDA. A big relief for the company as Ohm is currently the only facility which have an approval from USFDA.

Ashok Leyland jumped 3 percent today on top of a 4.4 percent rally in previous session after another big block deal of 1 percent in early trade. Hinduja Automotive bought 2.6 crore shares of the company at Rs 15.8 per share on Thursday via a block deal.

NCC rallied 12 percent on a media report that Singapore-based Sembcorp is likely to acquire majority stake in NCC Power for Rs 500 crore. NCC's current market cap stands at Rs 565 crore. NCC Power is jointly promoted by NCC and Gayatri Projects (up 1.24 percent).

12:35pm Infosys on fire

Infosys is the top gainer in the Sensex, rising 4.5 percent after delivering a beat on revenues in the second quarter. Revenues in dollar terms rose 3.76 percent sequentially while rupee revenue jumped over 15 percent.

The company has revised its FY14 dollar revenue guidance to 9-10 percent from 6-10 percent earlier, though its EBIT margin was flat at 23.6 percent during the quarter.

CEO and Managing Director S D Shibulal said that the focus will be on investments and not margins over the next two quarters.

Barclays is overweight on the stock post results and set a target price of Rs 3,310 apiece.

Infosys' strong dollar revenue growth is significantly above expectations, says Barclays in its report. "The company will run on twin engines of revenue strength and improving margins," the report adds.

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12:27pm It is a strong session on the Dalal Street with the Sensex surpassing 20500 level as Infosys surprised positively with its second quarter results.

The Sensex is up 231.06 points or 1.14 percent at 20503.97, and the Nifty is up 68.25 points or 1.13 percent at 6089.20.

Vibhav Kapoor of IL&FS says that valuations have started heating up and a correction is possible in the second half of October.

Technology, oil & gas, financials, auto and capital goods stocks gained ground while metals stocks are under pressure. Country's largest private sector lender ICICI Bank rallied 4 percent.

Meanwhile, the rupee gained 19 paise to 61.20 against the US dollar.

HSBC cuts its USD/INR forecast for the end of the year to 62 from 65 previously, citing improvements in the current account deficit and measures to attract inflows, reports Reuters.

Globally Asian markets rallied 1 percent, tracking Wall Street's strong performance on optimism that there could be a deal to avert the US debt default.

11:08
Tech stocks are stars of the day led by Infosys, Wipro and TCS. Banking, capital goods, auto and realty stocks are also rallying. ICICI Bank, L&T are other gainers in the Sensex.

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10:31
Infosys is the leading gainer among largecaps today, rising 5 percent after it revised its full year revenue growth guidance to 9-10 percent from 6-10 percent earlier.

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09:19
Infosys' net profit grew by just 1.5 percent quarter-on-quarter to Rs 2,410 crore -- in-line with expectations - for the quarter ended September 2013.

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READ MORE ON  BSE Sensex, Nifty, Market, Infosys

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