Politics

Indian shares rise on TCS boost, Asia rally; Infosys drags

Reuters

By Chris Thomas

April 15 () - Indian shares edged higher on Monday, in line with Asian peers, as Tata Consultancy Services Ltd boosted the indexes after reporting a record profit for the last quarter of the year, marking the onset of corporate results.

Broader Asian shares also rose to near nine-month highs, with sentiment supported by strong Chinese export and bank loan data, along with positive headlines on the Sino-U.S. trade talks. MKTS/GLOB

The broader NSE index was up 0.19 percent at 11,665.65 as of 0602 GMT, while the benchmark BSE index was 0.18 percent higher at 38,836.12.

"In the near term, the Indian markets will be driven by corporate earnings, while the outcome of the elections, and the India Meteorological Department's monsoon forecast will also be triggers," said Sumit Pokharna, vice-president, Kotak Securities.

TCS, India's biggest software exporter, also posted its best revenue in 15 quarters on Friday, and said that the company's most important market - banking, financial services and insurance segment (BFSI) - has a "fairly strong" outlook.

TCS' shares rose as much as 3.7 percent, and were the top boost to the indexes.

Tata Motors Ltd climbed 4.9 percent to its highest since October 4, and led gains in percentage terms.

Infosys saw its shares fall 4.7 percent after it failed to impress investors with its operating margin forecast for fiscal 2020.

Infosys shares marked their sharpest intraday drop since Oct. 11, and were the top drag to the indexes.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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