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Home » News » Markets » Market Cues

Jan 13, 2017, 09.12 AM | Source: Moneycontrol.com

Sensex, Nifty may be steady; TCS, Infosys, Tata stocks in focus

IT and Tata Group stocks will be in focus today. Tata Consultancy Services, the country's largest IT services provider said its third quarter (October-December) profit increased 2.9 percent sequentially to Rs 6,778 crore, driven by the strong digital business and great execution work. It touched USD 1 billion mark in profit for the first time.

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Sensex, Nifty may be steady; TCS, Infosys, Tata stocks in focus

IT and Tata Group stocks will be in focus today. Tata Consultancy Services, the country's largest IT services provider said its third quarter (October-December) profit increased 2.9 percent sequentially to Rs 6,778 crore, driven by the strong digital business and great execution work. It touched USD 1 billion mark in profit for the first time.

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The market may stay steady on Friday riding on better-than-expected December quarter earnings. However, global markets are weak as Asian shares dipped but remained on track for weekly gains while the dollar was poised for a losing week, as investors weighed whether President-elect Donald Trump would stress growth-boosting steps when he takes office.

On Wall Street, major indexes finished lower a day after Trump failed to elaborate on his economic stimulus plans in his first news conference since his Nov. 8 election victory.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent, after rising to its highest levels since late October in the previous session. It was up 1.8 percent for the week.

Japan's Nikkei stock index rose 0.4 percent, on track to shed 1.2 percent for the week.

Many investors remained hopeful that markets will get a lift from a wave of financial deregulation that could follow Trump's inauguration, including a rollback of some of the Dodd-Frank financial reform that Congress enacted after the financial crisis and bank bailouts.

Back home, the Sensex ended up 106.75 points or 0.4 percent at 27247.16 and the Nifty was up 26.55 points or 0.3 percent at 8407.20. About 1201 shares have advanced, 1560 shares declined, and 343 shares are unchanged.

IT and Tata Group stocks will be in focus today. Tata Consultancy Services, the country's largest IT services provider said its third quarter (October-December) profit increased 2.9 percent sequentially to Rs 6,778 crore, driven by the strong digital business and great execution work. It touched USD 1 billion mark in profit for the first time.

Revenue during the quarter increased 1.5 percent to Rs 29,735 crore and dollar revenue growth was 0.3 percent at Rs 4,387 crore compared with previous quarter. Constant currency revenue growth for the quarter was at 2 percent with volume growth of 1 percent on sequential basis.

Infosys third quarter earnings are expected to be subdued due to seasonal weakness and RBS's contract cancellation. All eyes are on its full year guidance that had been changed twice from the start of current financial year.

It will be interesting to note how Tata Group stocks react today as Natarajan Chandrasekaran, the CEO and Managing Director of Tata Consultancy Services , has been named the new Chairman of Tata Sons, roughly three months after the former Chairman Cyrus Mistry was unceremoniously ousted. The new chairman will take charge from February 21.

 

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