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%.
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%.
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 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.
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.
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