Mumbai : Lower inflation data coupled with revived global sentiment helped benchmark Sensex bounce back after Thursday’s steep fall and end 30 points higher at 27,673.60 in a choppy trade today, but gains were restricted by a mixed start of the earnings season.
Infosys stock fell 2.34 per cent even as the company reported a 6.1 per cent rise in its second quarter net profit but cut its annual revenue growth forecast for the second time in three months on an “uncertain business outlook”. While, shares of country’s largest software exporter TCS today surged 1.61 per cent to Rs 2,365.90 after the company on Thursday reported an 8.4 per cent rise in consolidated net profit at Rs 6,586 crore for the second quarter ended September 30.
Investor sentiment received a boost after retail inflation fell to a 13-month low of 4.31 per cent and wholesale inflation at 3.57 per cent, creating headroom for further rate cuts by Reserve Bank in coming months, reports PTI.
Besides positive domestic macro-economic data, a firming trend in global markets with upbeat Chinese inflation data easing investor concerns over global growth and the health of the world’s second-biggest economy influenced trading sentiment here.”Market was not cheered even though the CPI inflation cooled to 4.31 per cent as the mixed start to the quarter results did not comfort investors. Global market rebounded with the positive inflation data from China, while the investors are eyeing today’s commentary from Fed chair for any cues in rate hike trajectory,” Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services, said.
The 30-share barometer opened positive at 27,712.22 and advanced to 27,763.54 but profit-booking at higher levels, shed most grounds to settle the session 30.49 points, or 0.11 per cent, higher at 27,673.60.
