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India's Sensex Climbs to a Fresh Record as Wipro, Infosys Rise

Bloomberg logoBloomberg 3 days ago

(Bloomberg) -- India’s software behemoths helped push the nation’s stock benchmark to a record.

The S&P BSE Sensex Index advanced 0.2 percent at the close in Mumbai, following its biggest weekly gain in four months. Wipro Ltd. led gains, rising 3 percent, after saying it’s considering a buyback. Infosys Ltd. advanced after raising its sales forecast on Friday.

The positive news from two companies contrasted their larger rival Tata Consultancy Services Ltd., Asia biggest software exporter, which on Thursday posted profit that missed analysts’ estimates. Wipro is set to announce results later this week. Separately, investors were following a regulator’s order earlier this month to unwind some bets, part of a move to discourage speculation in derivatives.

“Investors are covering their short positions in IT and telecom stocks as SEBI has directed to liquidate these positions,” Soumen Chatterjee, head of research at Guiness Securities Ltd. said, referring to the Securities and Exchange Board of India. “Infosys numbers and Wipro buyback are also supporting market sentiments.”

Tech Turn © Bloomberg Tech Turn

--With assistance from Nupur Acharya

To contact the reporter on this story: Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net.

To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Vivek Shankar, Namitha Jagadeesh

©2017 Bloomberg L.P.

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