Infosys remained volatile ahead of third quarter earnings in afternoon. Software services exporter is expected to report a 1.9 percent sequential growth in profit at Rs 3,157 crore for the quarter ended December 2014.

The rupee strengthened by 32 paise at over four-week high of 62.35 against the dollar today at the Interbank Foreign Exchange on sustained selling of the US currency by exporters and banks amid higher opening in the domestic equity sharemarket.

Forex dealers said besides increased selling of the American currency by exporters and banks and a higher opening of the domestic equity market, the dollar’s weakness against other currencies overseas, supported the rupee.

Gold loan companies such as Muthoot Finance and Manappuram gained more than 1.5 percent. The RBI increased the bullet repayment limit to Rs 2 lakh from Rs 1 lakh earlier for co-operative banks but the sense is it indicates an easing regulatory stance towards gold loans. Hence that could be extended to banks and NBFCS in the near to medium term. Brigade Enterprises surged 11.5 percent as Motilal Oswal initiated coverage with a buy rating on the stock with a target price of Rs 232, indicating a 50 percent upside to current market price. The brokerage expects significant scale up across business segments with revenue expected to double and profits to treble over 3 years.

Equity benchmarks gained for the second consecutive session today supported by healthcare, banking & Financials, oil & gas, capital goods, select auto and IT stocks. The Sensex rose 168.76 points to 27443.47 and the Nifty climbed 50.95 points to 8285.55. The broader markets gained too with the BSE Midcap and Smallcap indices rising 0.6 percent each. About 1342 shares have advanced, 571 shares declined, and 367 shares are unchanged on the Bombay Stock Exchange. About three shares advanced for every share declining on the NSE.

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