Sensex recovers 70 points on easing inflation

Friday, Oct 14, 2016,11:23 IST By metrovaartha A A A

Mumbai | The benchmark BSE Sensex recovered about 70 points in early trade on Friday after investors indulged in fresh buying taking cues from encouraging retail inflation numbers for September, despite weaker revenue guidance by TCS and Infosys for the current fiscal.

A higher trend on other Asian bourses helped trading sentiment improve, brokers said.

The 30-share barometer was trading higher by 69.68 points, or 0.25 per cent, at 27,712.79 with oil&gas, capital goods, PSU, realty and auto sectors leading the recovery.

The gauge had plunged 439.23 points in yesterday’s trade after a slew of global factors such as weak Chinese export data and Fed rate hike talks unnerved investors.

On similar lines, the NSE Nifty rose 22.70 points, or 0.26 per cent, at 8,596.05.

Shares of country’s largest software exporter TCS today rose 2.12 per cent to Rs 2,377.95 after the company yesterday reported an 8.4 per cent rise in consolidated net profit at Ra 6,586 crore for the second quarter ended September 30.

Infosys fell 2.09 per cent to Rs 1,030.05 after it reported a consolidated net profit rise of 6.1 per cent to Rs 3,606 crore. Revenues of the company grew 10 per cent to Rs 18,070 crore for September 2016 quarter.

Among other Asian markets, Hong Kong’s Hang Seng was up 0.63 per cent while Japan’s Nikkei gained 0.07 per cent in early trade.

The US Dow Jones Industrial Average ended 0.25 per cent lower in yesterday’s trade.

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