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Benchmark indices have pared gains after making a firm start buoyed by Infosys strong Q2 results.
At 10:00 AM, the 30-share BSE Sensex was up 147 points at 20,420 levels while NSE Nifty was at 6,063 up 42 points.
Infosys is trading higher by 3% at Rs 3,219 on the BSE after the information technology (IT) major revised its FY14 revenue guidance to 9-10% from 6-10% in dollar terms.
The stock opened at Rs 3,320 and hit a high of Rs 3,360, its highest level since January 2011, in early morning deals on BSE.
According to Nirmal Jain, Chairman, IIFL, “Overall the results have been above expectation. The dollar revenue growth has been healthy. Although margins have declined somewhat, it is on account of an exceptional item. Net profit has been in line with expectations.”
On the global front, Asian stocks jumped to three-week highs on Friday, propelled by gains on Wall Street as investors took a chance and cheered perceived progress to avert a possible US default, even as questions remained over whether a deal could be struck. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7%, reaching highs not seen since September 23. Tokyo's Nikkei climbed 1.1%, while Australian shares put on 1.8%.
The rally in Asia came after US stocks jumped over 2% in their biggest one-day gain since January 2 as investors grew confident squabbling US politicians would at the very least avert a possible US debt default next week.
Back home, the rupee edges up to 61.23/24 versus its close of 61.39/40 on Thursday, tracking gains in regional currencies and the domestic share market.
On the sectoral front, BSE IT, TECk, Realty and Capital Goods indices have surged between 1-3%. However, BSE Metal and Consumer Durables indices have declined by nearly 1%.
Shares of information technology (IT) companies are trading firm on the bourses after the Infosys has revised its FY14 revenue guidance to 9-10% from 6-10% in dollar terms.
Infosys, Tata Consultancy Services (TCS), Wipro, Tech Mahindra and HCL Technologies are up between 1-5% on the Bombay Stock Exchange (BSE).
Other notable gainers are GAIL, M&M, L&T, Hero Moto, ICICI Bank and Bharti Airtel.
On the losing side, Sesa Sterlite, Tata Steel, Sun Pharma, Hindalco and NTPC have declined between 0.8-1.4%.
Ranbaxy Laboratories has rallied over 6% to Rs 419 on reports that the pharmaceutical company have got a clean chit from the American regulator.
The broader markets are under performing the benchmark indices. BSE Midcap and Smallcap indices are up 0.4%.
The market breadth in BSE remains positive with 751 shares advancing and 428 shares declining.
