Shares end marginally higher; IT stocks gain

MUMBAI - Indian shares ended marginally higher after touching their lowest in 2013 intraday on Monday, as technology firms such as Infosys gained on hopes the budget would provide incentives to exporters, while oil and gas company ONGC fell on worries about a potentially higher oil subsidy burden.

By (Agencies)

Published: Tue 26 Feb 2013, 10:31 PM

Last updated: Sat 4 Apr 2015, 7:51 AM

The benchmark BSE index rose 0.08 per cent, or 14.68 points, to end at 19,331.69, not far off 2013 closing lows hit on Friday. The broader NSE index rose 0.08 per cent, or 4.45 points, to end at 5,854.75. Non-banking financial companies rose after the central bank issued guidelines allowing companies to apply for banking licences.

Infosys gained 2.7 per cent, while Tata Consultancy Services Ltd rose 1.3 per cent on hopes of incentives for exporters in the 2013/14 budget to be unveiled on February 28. JPMorgan also raised its target price on Infosys to Rs3,200 from Rs3,100 while maintaining its “buy” rating.

The brokerage said Infosys “is likely turning the corner”, given the Indian software services exporter is proving more flexible in winning deals and embracing “a more realistic” margin profile.

Rupee advances

The rupee advanced 0.6 per cent, the most since January 30, to 53.8750 per dollar in Mumbai. One-month implied volatility, a gauge of expected moves in the exchange rate used to price options, fell 10 basis points, or 0.10 percentage point, to 9.40 per cent.

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