The country's most cash-rich IT firm Infosys has ramped up its investments in debt mutual funds to an all-time high of Rs 7,365 crore, while paring its bank deposits to the lowest level since June 2010.
Brokers said the market heavy and second largest software exporter Infosys recorded its biggest ever rise of almost 17 percent to Rs 2,712.60 on higher revenue guidance remained a lone feature of the trading.
Infosys Ltd, India's second- largest software exporter, Friday posted stronger-than-expected quarterly profits and raised its full-year sales forecast, triggering a 16 percent surge in its stock price.
The Sensex ended 3.04 points lower at 19,663.55 after touching the day's high of 19,783.75 on hopes of fuel price hikes soon after government on Wednesday hiked railway passenger fares after nearly a decade.
Infosys Ltd, the No.2 Indian software services exporter, expects margins to remain stable in the current quarter, and client technology budgets to be flat or slightly down in 2012, Chief Financial Officer V. Balakrishnan said on television.
The BSE benchmark Sensex fell by 125 points in opening trade on Thursday despite IT major Infosys posting a better-than-expected 33.25 percent growth in net profit for the third quarter as participants cashed in on recent gains.
Infosys Ltd beat market expectations with a 33 percent rise in quarterly profit as a weak rupee boosted margins, but it cut its full-year revenue outlook because of the debt crisis in Europe, its second-biggest market.
Even as IT shares rose 4 per cent, buoyed by the less than expected fall, Sensex was trading flat today morning at 17519 points, down by only around seven points than previous close or only a marginal change of 0.04 percent.