Markets open higher; IT majors react to results

Commentary

oi-Sneha

By Sneha B K

Published: Friday, July 13, 2012, 9:39 [IST]

After deep cuts witnessed in trade on Thursday, the benchmark indices opened higher on Friday amid mixed global peers and positive reactions to a good set of numbers from TCS. Asian indices rose after China's GDP came in line with expectation.

China's economy grew 7.6% in the April-June quarter from the corresponding quarter of the previous year, the slowest pace since the January-March quarter of 2009.

The Sensex was trading at 17,326 points, higher by 92 points. The Nifty was seen trading higher by 28 points at 5,263 points at 9.30 am IST.

In Asia, Japan's Nikkei 225 was up by 0.17%, the Hang Seng index was higher by 0.41%, while China's Shanghai Composite was marginally down by 0.03%.

On Thursday, the Sensex crashed by over 250 points after IT major Infosys, fell more than 8% on the back of poor Q1 performance, lower margins and poor revenue guidance for 2012-13.

However, India's largest software service exporter,Tata Consultancy Services (TCS) results came inline with market expectation, with a good set of numbers for Q1 2012-13. Shares of the TCS were trading higher by 2.26% in the morning trade.

Among the shares that gained ground in morning trade were TCS, HCL Technologies, PNB and IDFC.

Stocks that failed to lure investors in early trade were Infosys, BPCL, Power Grid Corporation.

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