The BSE Sensex gained more than 100 points in afternoon trade amid volatility, supported by technology, banks and power stocks. The BSE IT Index rallied over 4.5% as technology stocks gained momentum quite strongly post fourth quarter earnings from TCS - top software services exporter.
The BSE Sensex gained more than 100 points in afternoon trade amid volatility, supported by technology, banks and power stocks. The BSE IT Index rallied over 4.5% as technology stocks gained momentum quite strongly post fourth quarter earnings from TCS - top software services exporter. Even India's most valued stock and oil & gas producer Reliance Industries cut its losses, falling just 0.35%.
The BSE Sensex climbed 124.53 points or 0.73% to 17,221.21 and the NSE benchmark was up 27.60 points at 5,228.20. Even European markets opened higher.
Tata Consultancy Services' management outlook for next financial year 2012-13 helped all technology stocks move higher. TCS itself jumped over 12.5% as they are confident to beat NASSCOM's FY13 guidance of 14% while rival Infosys rebounded with 1.3% gains (it was down nearly 4% in morning trade). Wipro was up 3% ahead of quarterly earnings tomorrow and HCL Tech shot up 4.5%.
TCS became the second largest company by market cap (with Rs 2.33 lakh crore) followed by ONGC with market cap of Rs 2.30 lakh crore).
Country's top lenders State Bank of India and ICICI Bank were up around 1% while rival HDFC Bank was down 0.2%.
Tata Motors, top commercial vehicle maker rallied over 1% and Hero Motocorp, country's largest two-wheeler manufacturer gained nearly 2%.
State-owned coal mining company Coal India and capital goods company BHEL moved up 2% each.
However, telecom operator Bharti Airtel retained its top position in the selling list, falling 3% post TRAI recommendations on 2G spectrum auction. Telecom regulator set Rs 3,622.18 crore as base or minimum price for 2G spectrum auction, which is around 10 times higher than the floor price at which the former Telecom Minister A Raja had allocated spectrum in 2008.
Engineering and construction major Larsen & Toubro went down nearly 2% and cigarette major ITC was down 0.7%.
At 11:29 hours IST: Volatile Sensex gains strength; TCS up 11% on value buying
The BSE Sensex gained somewhat strength amid choppy trade due to further upside in TCS, and a bit of recovery Reliance Industries and Infosys. However, the Indian rupee was moving towards the 53 level, which fell 32 paise to 52.81 a dollar.
The BSE benchmark rose 67.58 points or 0.4% to 17,164.26 and the NSE benchmark went up 11.60 points to 5,212.20 while the broader markets were moderately down.
India's top software services exporter Tata Consultancy Services spiked 11% amid heavy volumes. Better than expected numbers for the fourth quarter and showing confidence by the company to beat top-end of NASSCOM's guidance of 14% in FY13 propelled the stock higher.
Wipro too gained 2% ahead of its fourth quarter numbers that schedule to be announced tomorrow morning. However, Infosys was down 0.6%, which recovered quite sharply. It fell nearly 4% at one point of time in early trade.
Shares of Tata Motors, HUL, Tata Power, Coal India, BHEL, Hindalco, Sun Pharma and Hero Motocorp gained 1-2%. Lenders State Bank of India and ICICI Bank were up 0.3-0.5%.
However, India's most valued stock Reliance Industries and top telecom operator Bharti Airtel trimmed losses, falling 0.87% and 3.85%, respectively.
Even cement makers Ambuja Cements and ACC were down 2-3%.
Britannia Industries and Titan Industries were among top five most active stocks with 5 lakh shares and 9.6 lakh shares.
At 10:34 hours IST: Sensex choppy; Infy, Bharti, Reliance, L&T under pressure
The BSE Sensex and NSE Nifty were moving around their previous closing values, even after the fall in Asian markets today. On one side, country's largest software services provider Tata Consultancy Services shot up nearly 10% after better than expected growth in bottomline. Even the management said they would beat NASSCOM's guidance of 11-14% for FY13.
However, its rival Infosys tumbled 3.66%. Even oil & gas producer Reliance Industries, and engineering and construction company Larsen & Tourbo dropped 1-1.6%.
Top telecom operator Bharti Airtel tanked 4.5% after telecom regulator TRAI set Rs 3,622.18 crore as base or minimum price for 2G spectrum auction, which is around 10 times higher than the floor price at which the former Telecom Minister A Raja had allocated spectrum in 2008. Reliance Communications was down 2% and Idea Cellular fell 3.5%.
The BSE benchmark declined 39.06 points or 0.23% to 17,057.62 and the NSE benchmark fell 15.3 points to 5,185.30.
Country's largest lender State Bank of India was down 0.5% while its rivals HDFC Bank and ICICI Bank were moderately lower.
In the second line shares, Graphite India, M&M Financial, Max India, Monnet Ispat and Honeywell Automation gained 2-4% while United Phosphorous, Rallis India, Cox & Kings, BF Utilities and 3M India lost 4-6%.
Declining shares outnumbered advancing by 776 to 467 on the National Stock Exchange.
At 9:20 hours IST: Sensex flat; TCS up 9% on better outlook, Bharti down
The BSE Sensex started off trade with 36 points gap up amid volatility on Tuesday, consolidating after yesterday's sharp fall. The Indian rupee depreciated by 25 paise or 0.49% to 52.75 a dollar.
Telecom stocks continued to fall due to TRAI recommendations since yesterday. Largest telecom operator Bharti Airtel crashed 5% to below Rs 300 a share while Reliance Communications was down 1.5%. Aditya Birla Group company Idea Cellular tanked over 8%.
The BSE benchmark was down 31.39 points at 17,065.29 and the NSE benchmark fell 12.4 points to 5,188.20.
ITC, Reliance Industries, Maruti, JSPL, DLF, ONGC, Hero Motocorp and L&T were under pressure.
However, TCS shot up nearly 9% after better than expected numbers in fourth quarter of FY12. Even the company looked confident of beating NASSCOM's guidance of 11-13% for FY13.
Its rival Wipro was up 1.5% ahead of results tomorrow morning. HCL Tech rose 1.3% while Infosys was flat.
Cipla, Dr Reddy's Labs and BPCL were moderately higher.
In the second line shares, United Phosphorous tanked 5% after The Economic Times reported that CCI fined Rs 252.4 crore for price manipulation.
Kingfisher was down 3% and United Spirits dropped 1.7%.
Results reactions: Rallis India was down 7% while Ultratech Cement was up 0.5%.
Petronet LNG and ING Vysya Bank gained 0.5-1% ahead of results today.
KRBL and Kohinoor Foods surged 5.5% post China allowed imports on Indian basmati rice.