Sensex surges 105 pts, TCS up 3.5%

Jul 15 2011, 10:08 IST
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SummarySensex rose by over 105 points in opening trade today, with IT stocks leading the gains.

The Bombay Stock Exchange benchmark Sensex rose by over 105 points in opening trade today, with IT stocks leading the gains after Tata Consultancy Services (TCS) stock posted a 26.7 pc rise in Q1 profit to Rs 2,415 crore.

The 30-share index of the Bombay Stock Exchange, which has gained 206.58 points in the past two sessions, moved up further by 105.35 points, or 0.57 per cent, to 18,723.55 points in opening trade today.

In a similar fashion, the wide-based National Stock Exchange Nifty index gained 27.50 points, or 0.49 per cent, to 5,627.40.

Brokers said the trading sentiment was buoyed after the country's largest software company Tata Consultancy Services (TCS) posted a 26.7 per cent rise in net profit to Rs 2,415 crore for the first quarter of FY2011-12.

Stocks of TCS were trading 3.53 per cent higher at Rs 1,165, while the most-weighted IT firm Infosys gained 0.55 per cent to Rs 2,756, lifting the IT sector index by 1.38 per cent to 5,915.68 points in opening trade.

Meanwhile, in the Asian region, Japan's Nikkei rose by 0.20 per cent, while Hong Kong's Hang Seng index shed 0.35 per cent in morning trade today.

STOCKS/PREOPEN: Indian shares seen flat to higher; TCS in focus

Sensex could nudge higher on Friday, supported by steady Asian peers. Top software services firm Tata Consultancy Services will be in focus after it posted forecast-beating quarterly earnings but flagged economic uncertainty.

After the market had closed on Thursday, TCS posted a 28 percent rise in quarterly net profit to 23.8 billion rupees ($535 million) and revenue rose 31 percent to 107.97 billion rupees based on international financial reporting standards.

Analysts, on average, had expected net profit of 22.88 billion rupees and revenue of 106.91 billion rupees under U.S. accounting standards, a Reuters poll showed.

Smaller rival Wipro stock, which releases its earnings on July 20, will also be on the radar.

The MSCI's measure of Asian markets other than Japan were barely changed by 0308 GMT, while Japan's Nikkei edged 0.2 percent higher.

The Nifty India stock futures in Singapore gained 0.2 percent.

On Thursday, the 30-share BSE index rose 0.1 percent to 18,618.20 points.


* Apollo Hospitals Enterprise Ltd after the company said it would open a qualified institutional placement of equity shares and set the floor price at 491.29 rupees per share.

* Granules India Ltd after the company said it would create a strategic joint venture with Ajinomoto Omnichem in India.


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