Sensex closes higher; TCS shares spark rally, offset Malaysia Airlines crash risks

Jul 18 2014, 16:58 IST
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Sensex rises 80 pts to close at 25,641.56; gains 617 pts for the week. (PTI) Sensex rises 80 pts to close at 25,641.56; gains 617 pts for the week. (PTI)
SummaryBSE Sensex edged higher on Friday, gaining for a fourth consecutive session...

crude price eased. Monsoon also progressed during the week, easing worries on inflation. Quarterly results, especially from IT majors, were above estimates and improved sentiments," said Dipen Shah, Head- Private Client Group Research, Kotak Securities.

The 50-share Nifty of National Stock Exchange also spurted by 23.45 points, or 0.31 per cent, to close the day at 7,663.90 after shuttling between 7,595.50 and 7,685.00.

Shares of TCS surged 2.58 per cent after analysts said the country's largest software exporter posted better-than-expected earnings in the June quarter.

The IT giant, which is also the country's most valued firm in terms of market valuation, also emerged the top gainer on the Nifty. TCS had yesterday posted a 45 per cent jump in June quarter net profit at Rs 5,568 crore.

Other Sensex gainers were Infosys, Wipro, ICICI Bank, Hero MotoCorp, L&T, Axis Bank,, Tata Steel, HDFC and Cipla.

However, gains were limited as global markets remained under pressure after the downing of a Malaysian airliner at the Ukraine-Russia border, new sanctions on Moscow and unrest in Gaza, brokers said.

Sectorwise, the BSE IT index gained the most by surging 1.43 per cent, followed by Teck index 0.91 per cent, Banking index 0.77 per cent and Capital goods index 0.42 per cent.

Foreign Portfolio Investors bought shares worth Rs 1,912.42 crore yesterday, as per provisional data.

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