The Sensex rebounded more than 400 points from the day’s lows due to strength from index heavyweights such as TCS and Reliance Industries, and reduced losses among tech stocks. information. At 12:20 p.m., the Sensex recovered 416 points from intraday lows and was trading at 49,598.35, up 100.93 points or 0.20% and the NSE Nifty was at 14,585.80, up 20 points or 0.15%. The larger markets also moved in tandem, with the BSE Midcap Index gaining 0.2% to 19,128.28 and the BSE Midcap Index adding 0.16% to 18,881.46.
On the earnings front, Infosys announced a 16.6% increase in profit for the October-December quarter and raised its forecast for annual revenue growth, in the after-hours earnings announcement Wednesday. The consolidated net profit of the Bengaluru-based company climbed to Rs 5,197 crore from Rs 4,457 crore a year earlier, beating the estimates of the Street.
Wipro reported an increase of almost 21 percent in consolidated net profit to Rs 2,967 crore for the quarter ended in December. Revenue rose 1.3 percent to Rs 15,670 crore. In dollar terms, revenue rose 3.9 percent to $ 2.07 billion from the previous three months.
UPL, IndusInd Bank, GAIL and Britannia had gained 1.1 to 4.1 percent each to top the list of winners on BSE. Bellweather index stocks such as TCS, Reliance Industries and L&T were the other big gains among BSE stocks.
On the other hand, some information technology stocks continued to trade in the red, albeit out of the day’s lows, following the earnings announcements from Infosys and Wipro. HCL Tech, which is due to release its December quarter figures on Friday, lost 2.7% to Rs 1,028 on BSE, while Infosys and Wipro lost around 1% each after their third quarter figures. Infosys had corrected by more than 5% and Wipro had reduced by more than 6% at the start of the session. Tech Mahindra was also trading more than 1 percent lower on BSE.