Mumbai: Shares rose on Monday, with software services exporter Tata Consultancy Services (TCS) crossing $100 billion in market capitalisation, which helped boost sentiment in IT stocks.
TCS shares gained as much as 4.6 percent to hit a record high of 3,557.90 rupees in intra-day trade. Strong results from the company and Infosys Ltd, coupled with a weakening of the rupee, have led to buying in the sector.
The rupee fell to as low as 66.235 against the dollar, its weakest level since March last year. It has fallen 1.5 percent so far this month.
The broader NSE Nifty was up 0.44 percent at 10,610.60 as of 0521 GMT, driven by TCS and Reliance Industries Ltd.
The benchmark BSE Sensex was 0.36 percent higher at 34,537.77.
“Market is waiting to take a direction amid mixed news... There is caution ahead of earnings season and high crude (oil) levels,” said Neeraj Dewan, director at Quantum Securities.
Market heavyweights Reliance Industries, Wipro Ltd and Bharti Airtel Ltd are expected to report March-quarter earnings this week.
Financials stocks also rose, with Yes Bank and Kotak Mahindra Bank among top percentage gainers. Indiabulls Housing Finance rose as much as 2.3 percent after strong results in the March quarter.
HDFC Bank Ltd posted a record profit for the March quarter, but its bad loans rose. Shares pared initial gains to trade 0.6 percent lower.
The rupee extended morning losses and dropped 8 paise to 66.20 in against the American currency following sustained bouts of dollar demand from importers and banks amid higher dollar overseas.
The rupee opened lower at 66.16 from last Friday's closing level at 66.12 per dollar at the interbank foreign exchange here. The domestic unit turned volatile and hovered between
66.23 and 66.14 during morning deals before once again quoting at its opening level of 66.20 at 1130Hrs.
Continued foreign capital outflows from local equities and higher crude oil weighed on the rupee, a dealer said.
Meanwhile, the US dollar traded near a two-week high against a basket of major currencies in early Asian trade, bolstered by rising US bond yields, while easing concerns over global political risks weighed on the safe haven yen.
--With inputs from agencies
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Updated Date: Apr 23, 2018 12:33:26 IST