Indian markets at 6-week high, Wipro net tops estimates

Indian stocks rose for a third day after Wipro, the third-biggest software exporter, reported profit that beat estimates and as crude oil traded in New York had its first weekly gain since November.

Wipro rallied the most in 18 months. Reliance Industries, owner of the world's largest refining complex, rose for a third day. Axis Bank jumped to a record. Hindustan Unilever tumbled the most since January 2011, after reporting the slowest sales growth in three quarters.

The benchmark BSE Sensex gained 0.5 per cent to 28,262.01, the highest close since December 5. European Central Bank (ECB) President Mario Draghi may announce a ^550 billion ($635 billion) bond-purchase programme on January 22, according to a Bloomberg survey. The Sensex last week had its biggest weekly jump in more than two months, after Reserve Bank of India Governor Raghuram Rajan cut borrowing costs in an unscheduled move.

'Markets have stabilised globally, and we should have the ECB quantitative' this week, Ajay Srivastava, managing director of Dimensions Consulting, told Bloomberg TV India on Monday.

"A benign international environment and a very aggressive local environment is a potent combination. We should get at least a one to two per cent rate cut in 2015."

Wipro jumped 5.3 per cent, the most since July 2013. The company reported quarterly net income of Rs 2,190 crore ($355 million) after the market had closed on January 16. That exceeded the Rs 2,160 crore estimate of 35 analysts compiled by Bloomberg.

Wipro Technologies (Wipro Ltd)

Bombay Stock Exchange - BSE