TCS helps lift sensex by 21 points in range-bound trade
Boosted by earnings, Tata Consultancy Services (TCS) led software service companies higher, helping to lift the key S&P BSE sensex Friday by over 21 points to 20,149.85 and overcome weak global cues and sustained selling by foreign funds.
The 30-share index opened higher and moved in a 145-point range before ending at 20,149.85, a gain of 21.44 points or 0.11 per cent, climbing for the third straight day. The sensex added 191.38 points this week.
The broader Nifty index on the National Stock Exchange erased all its gains and ended lower by 8.85 points, or 0.15 per cent, at 6,029.20. The SX40 index on the MCX-SX added 2.54 points.
“The benchmark indices opened with a positive gap, extending Wednesday’s momentum. However, it was unable to sustain itself at higher levels amid profit-booking ahead of the weekend,” said Amar Ambani, head of research at India Infoline.
TCS was the top gainer on the sensex, climbing 4.92 per cent after it posted a better-than-expected 15.5 per cent increase in consolidated net profit for the first quarter.
As a result, Infosys and Wipro also moved up. The BSE-IT index, which rose 2.81 per cent, was the top gainer among sectoral indices.
The gainers included auto stocks led by Tata Motors and Reliance Industries, ahead of its results. The rise in the sensex was capped by declines in ICICI Bank, HDFC, Sun Pharma, BHEL, L&T, HDFC Bank, Sterlite Ind, NTPC, Jindal Steel and Tata Steel.
Prime Minister Manmohan Singh told industrialists in New Delhi the government will take all steps to boost investment. Hinting at the RBI reversing its recent tough monetary measures to curb rupee volatility, Singh promised to unleash more FDI reforms and push infrastructure initiatives to boost growth.
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