Markets close with healthy gains post Infosys guidance The markets opened lower this morning on the back of
Markets close with healthy gains post Infosys guidance The markets opened lower this morning on the back of weak global cues but soon recovered from the lows of the day to end with decent gains. IT bellwether Infosys gave a confident medium-term outlook and said it has decided to increase the dividend payout ratio to up to 30% of net profits from the current year from 20% so far. While the Sensex was up 346.02 points or 2.19% at 16,153.66, the Nifty gained 101.85 points or 2.13% to close at 4879.65. Broad market indices also participated in the rally though to a lesser extent as the BSE Midcap and Smallcap indices gained 1.24% and 1.52% respectively. The market breadth was positive as A/D ratio was 2:1 on the BSE. NSE cash turnover was Rs.14,081.05crs. Vs. Rs.11,815.36 crs on Friday.
All the Sectoral indices ended with gains. The BSE IT was the biggest gainer as it surged in excess of 5%. This was followed by the BSE Healthcare and Consumer Durables, which gained 3.32% and 2.78% respectively. Gainers from the index pivotals included Ranbaxy Labs, TCS, Infosys, Rel Comm and Wipro. Losers included Hindalco, HDFC Bank, Ambuja Cement, HDFC and ACC.
With the markets reacting positively to the Infosys results and the Nifty breaking the 4800 resistance barriers, the Nifty looks set to rally to the 5000-5100 levels. We recommend a selective buying approach.
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