Infosys surges 10% as investors see IT as a safe bet

Mumbai: Technology shares posted strong gains on Thursday led by bellwether Infosys, which rose to a record and emerged as the biggest gainer on the Sensex and Nifty after a better-than-expected earnings performance in the June quarter. Infosys NSE -0.99 % closed at a record Rs 910, up 9.6 per cent, on the NSE, marking its biggest one-day advance since March 24.

Investors, looking for moats of safety in an uncertain economic backdrop, have been impressed by the ability of top Indian software exporters to grow and keep costs under control. The Nifty IT index closed at the highest level since February 2003, data compiled by ETIG Database showed, gaining 2.8 per cent to 16,926.05.