MUMBAI: Indian markets were witnessing buying across the board after sentiments turned bullish with better than expected earnings and positive global markets.

At 2:10 pm, Bombay Stock Exchange’s Sensex was at 15,082.85, up 337.93 points or 2.29 per cent. The index touched an intra-day high of 15176.77 and low of 14854.17.

National Stock Exchange’s Nifty was at 4476.75, up 101.80 points or 2.33 per cent. The broader index hit an intra-day high of 4497.65 and low of 4377.90.

BSE Midcap Index was up 1.54 per cent and BSE Smallcap Index gained 1.84 per cent.

Amongst the sectoral indices, BSE IT Index was up 6.83 per cent, BSE Bankex moved 3.11 per cent up and BSE Oil&gas Index advanced 2.70 per cent. BSE FMCG Index was down 0.61 per cent.

TCS (14.32%), Wipro (7.27%), Infosys Technologies (5.02%), Reliance (4.22%), ICICI Bank (4.05%) were amongst the Sensex gainers.

Reliance Infrastructure (-2.45%), Reliance Communications (-1.81%), ITC (-1.39%), HINDustan UNILever (-0.99%) and HDFC (-0.69%) were amongst the losers.

Tata Consultancy Services overcame a tough business environment and beat street expectations by a huge margin to post a surprise growth in revenues and net profit for the first quarter of the fiscal, but warned that it was too early to wish away the global recession and demand uncertainty.

India’s largest software exporter posted a 23% growth in net profit at Rs 1,520 crore, helped by lower costs and higher revenues from major markets, but said pricing will remain under pressure in the next one year. Revenues were up 12.4% to Rs 7,207 crore, as the US market showed signs of stability as did the troubled financial services sector.

In another major development between the warring Ambani brothers, the Supreme Court has scheduled its next hearing in the dispute between Reliance Industries and Reliance Natural Resources over a gas supply agreement for September 1.

The petition, which has also sought a direction for staying the June 15 Bombay High Court order that asked RIL to supply gas to RNRL, would come up before a three-judge bench, Chief Justice K G Balakrishnan said today.

Shares of RNRL were down 2.65 per cent on the BSE.

Market breadth was positive on the BSE with 1707 gainers and 860 losers.

European market opened higher for the sixth straight day led by gains in banks. FTSE 100 was up 0.90 per cent, CAC 40 gained 1.14 per cent and DAX moved 1.09 per cent higher.

source: Economictimes

Tags: nifty put to buy now, sensex tips, Tcs gains, TCS News

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