Indian shares closed higher on Monday, buoyed by gains in IT major Tata Consultancy Services Ltd, which reported a record profit for the final quarter of the year on Friday and heralded the start of corporate earnings season. The benchmark BSE index closed up 0.36 percent at 38,905.84, while the broader NSE index ended 0.4 percent higher at 11,690.35 - its best close in nearly two weeks.
Shares of TCS, India's biggest software exporter which also posted its best revenue in 15 quarters, ended up 4.9 percent.
Tata Motors Ltd climbed 7.3 percent to its highest close since Sept. 26, and was the top percentage gainer on the indexes.
Infosys was the biggest drag, finishing down 2.7 percent after it failed to impress investors with its operating margin forecast for fiscal 2020.
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-US trade talks.
TCS and smaller rival Infosys reported results for the final quarter of the 2018-19 financial year on Friday. The results come at a time when the country is at the polls to elect its next government.
"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.
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.
Comments
Comments are closed.