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Published on 15/07/2019 4:04:24 PM | Source: Reuters

Nifty, Sensex close higher on Infosys boost

Posted in Stock Market| #Sensex #Stock Market #NSE #BSE #Nifty

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BENGALURU  - Indian shares settled higher on Monday, as IT giant Infosys Ltd surged to an all-time high on the back of strong quarterly results and a hike in revenue forecast.

The broader NSE Nifty closed up 0.31% at 11,588.35, while the benchmark BSE Sensex settled 0.41% higher at 38,896.71.

Shares of Infosys climbed 7.2% to a record closing high on their best day in nearly four years, while Sun Pharmaceutical Industries Ltd advanced 3.7% after Morgan Stanley double upgraded the stock.

Meanwhile, troubled property finance firm Dewan Housing Finance Corporation Ltd (DHFL) sank 29.2% to its worst closing level in more than a decade, after it warned it may not survive as a going concern and reported a net loss of for the March quarter.

This was also DHFL's worst day since Sept. 21, 2018, when concerns over about a credit crunch in Infrastructure Leasing & Financial Services and DHFL first sparked a sell-off in the share market.

DHFL's rival Indiabulls Housing Finance Ltd, a component of the Nifty 50, fell 4.1% on Monday and checked the gains on the index.

(Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich)