Indian stocks climb as Infosys powers IT rally :: Edelweiss

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Indian Markets Update

• The main Indian stock indices gained on Friday, buoyed in part by the strong performance of IT shares after Infosys announced better-than-expected earningsThe main Indian stock indices rebounded from a three-week low on Thursday, tracking recovery across world markets
• Infosys reported 13% jump in consolidated net profit for Q3FY15 and maintained revenue outlook for the entire fiscal year
• Gains in Infosys (5%) and TCS (2.8%) contributed over 140-points to Sensex`s 183 point rise
• The NSE India VIX fell by ~3.1% to close at 15.9550
• The SGX Nifty Futures traded in Singapore are down 20 points at 8,294

Global Markets Update

• Major US stock indices ended lower on Friday after the December jobs data revealed a drop in wages and oil prices remained under pressure
• The three main benchmarks also finished lower for the week
• December’s jobs report received a mixed reaction from investors, as the number of jobs added was strong, but wage growth declined
• The US economy added 252,000 non-farm jobs last month, while the unemployment rate ticked down to 5.6%. But hourly wages declined and more Americans dropped out of the labor force
• European stock indices sank on growing concerns about deflation across the eurozone and its fallout on the euro
• The ECB’s Governing Council was reportedly presented with models for buying as much as 500 billion euros ($592.68 billion) of AAA-rated debt or bonds rated at least BBB-
• Asian markets are trading mixed this morning. Shares in Shanghai are down sharply while the Hang Seng in Hong Kong has advanced modestly