Post Session: TCS powers Sensex higher; Hero, ICICI Bank up Analysis for Jul 18, 2014

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Continuing its gaining momentum for fourth straight day, the Indian benchmark indices ended higher on Friday as gains in information technology stocks, led by TCS, Mindtree, HCL, Wipro and M&M, discounted concerns over the downing of an airliner in Ukraine. The investors bet on IT stocks after country"s largest software exporter TCS reported higher-than-expected earnings for the first quarter ended June, raising outlook for the sector. On the global front, Asian markets ended lower on Friday as news of downing of Malaysian passenger jet in Ukraine spooked investors, sparking renewed geo-political tensions between Russia and Ukraine.

The BSE SENSEX closed at 25641.56 up by 80.4 points or by 0.31 per cent, while the NSE Nifty ended at 7663.9 up by 23.45 points or by 0.31 per cent.

During the day"s trade, the BSE Sensex touched intraday high of 25713.4 and intraday low of 25441.24, while the NSE Nifty touched intraday high of 7685 and intraday low of 7595.5.

Bucking the trend, the broader market ended lower. The BSE MIDCAP closed at 9252.8 down by 38.89 points or by 0.42 per cent, while the BSE SMLCAP closed at 10180.84 down by 12.28 points or by 0.12 per cent.

On the Sectoral front, IT and Teck indices gained 1.43 per cent and 0.91 per cent, respectively.

IT bellwether TCS reported a growth of 45 per cent in its consolidated net profit at Rs 5,568 crore for the first quarter ended June, driven by broad based growth across verticals and geographies. Revenue for the quarter increased 22.9 per cent to Rs 22,111 crore from Rs 17,987 crore for the same quarter in the 2013-14 fiscal.

The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 3189, shares advanced were 1514 while 1563 shares declined and 112 were unchanged.

The top gainers of the BSE Sensex pack were Hero MotoCorp Ltd. (Rs. 2508.50,+2.62%), Tata Consultancy Services Ltd. (Rs. 2442.65,+2.58%), Axis Bank Ltd. (Rs. 1996.05,+2.10%), ICICI Bank Ltd. (Rs. 1477.20,+1.97%), Wipro Ltd. (Rs. 547.70,+1.83%), among others.

On the flip side, Tata Power Company Ltd. (Rs. 105.75,-2.58%), Hindalco Industries Ltd. (Rs. 184.55,-2.23%), Bharat Heavy Electricals Ltd. (Rs. 237.95,-2.10%), Maruti Suzuki India Ltd. (Rs. 2517.25,-1.70%), GAIL (India) Ltd. (Rs. 445.30,-1.69%), were among notable losers on BSE.

Story first published: Friday, July 18, 2014, 17:24 [IST]
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