Sensex closes up 110 pts, TCS surges 12%

3:30 pm Markets closed up higher led by support from European stocks. Sensex, the barometer of the Indian economy, rose by 110 points to 17,207 while the Nifty gained 22 points to 5222.

The focus of the markets today was on tech stocks and mostly on TCS which closed higher by 12 percent to Rs 1193.75 per share after it reported a higher profit number and positive guidance yesterday post market hours. Other stocks in the sector which also rose were HCL Tech (3 percent), Wipro (4.3 percent), Hexaware Tech (4.5 percent).

Kingfisher fell by 5 percent today to Rs 16 per share and also hit a new record low of Rs 14.25.

Telecom stocks also plunged today after TRAI recommendations were released yesterday. However, most of the stocks recovered towards the end of the day. Bharti Airtel was down 2 percent, Idea was down 4.86 percent, Rcom fell by 1.35 percent.

State-run oil companies moved up on reports that the government has agreed in principle to price diesel market-determined. BPCL rose 1.9 percent, HPCL rose 1.87 percent while IOC rose 1.86 percent.

Other stocks that gained today were rice companies like LT Foods and Kohinoor. Granules India gained almost 14 percent after reporting a jump in profits.

Markets at day’s high, Granules India jumps 13%

2:30 pm Nifty is holding 5200 while the Sensex is up 87 points to 17184. Of the 13 sectoral indices, six are in the red. The biggest gainer is the IT Index (5 percent) led by TCS (12 percent).

Bharat Forge bags order worth Rs 1570 cr from NTPC Stock is trading lower by 1.1 percent. Granules gained 14 percent after the company reported a jump in net profit to Rs 16.3 Cr from Rs 8.8 Cr. National Aluminium has gained 8.18 percent to Rs 60.2 per share.

1:30 pm Markets continue to remain on the positive side led by global cues as Europe markets are in green. The Sensex is up 97 pts to 17194 while the NSE is up 18 pts to 5219.

Of the 30-share Sensex pack, 17 are in green while 13 are in the red. TCS continues to remain the biggest gainer (12 percent) and has pipped ONGC by becoming the second largest company by market capitalisation.

Rice stocks moved up after China has allowed the import of Basmatic rice. LT Foods is up 3.87 percent while Kohinoor Foods is up 5.3 percent.

Hexaware hits 52-week to Rs 129.75 per share, ahead of its results which are on Friday.

Granules is up 4.3 percent to Rs 94.55 after the company reported a jump in net profit to Rs 16.3 Cr from Rs 8.8 Cr (YoY).

Sensex up 106 pts, IT stocks lead gains

12:30 Markets are now trading at their day’s high as the Sensex is up 100 pts to 17194 while the Nifty is up 21 pts to 5221. European stock markets are up today led by banks, a sector that had led sharp losses the prior session on political worries in the euro zone.

Among the sectoral indices, the BSE IT index is the clear gainer with a jump of 4.46 percent followed by Teck (2.8 percent). IT stocks are in an uptrend followed by the positive outlook by TCS which is up almost 12 percent.

In the 30-share Sensex pack, 19 are in green while 11 are in the red. Bharti Airtel is the clear loser as the stock is down 3.2 percent.Sun Pharma announces USFDA approval for generic Zyprexa tablets. The stock is up 0.24 percent.

Union Bank of India informed on BSE that they have revised base rate by 15 bps from 10.65% to 10.50%.

11:30 am Markets have reversed the downward trend as the Sensex is up 65 points to 17153 while the Nifty is trading higher by 9 points to 5209.

L&T has bagged a construction contract worth Rs 500 Cr From M3M India, stock is trading lower by 1.46 percent to Rs 1235 per share.

Wockhardt launches generic of parkinson’s drug Stalevo, stock is down 1.24 percent to Rs 688 per share.

10:30 am Markets are down with the Sensex trading lower by 34 points to 17062 while the Nifty is down 18 points to 5182. Rupee woes continue as the rupee is trading at 52.80, its highest since 9 January.

Nifty is still below the crucial 5200 level. Sudarshan Sukhani of s2analytics.com believes that Nifty will reclaim the 5200 level today. However, he also points out that it will be a no-trade day as the markets are unlikely to run up after a 90 point decline.

TCS jumps 10% on higher profits, positive outlook

TCS is soaring today as the stock is up 9.3 percent to Rs 1162 per share after the company reported better than expected profit numbers and a positive guidance going ahead. HCL Tech is up 3.7 percent today to Rs 513 per share, Wipro is up 1.7 percent to Rs 431 per share while Infosys continues to reel under the pressure as the stock is down 2.5 percent to Rs2251 per share.

Market Breadth is negative on NSE as 710 stocks have declined, 530 have advanced while 61 are the same.

Nomura is cautious on telecom stocks and says that if the TRAI reocs are approved, it will lead to a cash burden on these companies. Bharti Airtel (-4.26 percent), Idea (-3.6 percent), RCOM (-1.9 percent) are still trading lower.

Other stocks that are in news are :

United Phosphorous is down 5.9 percent to Rs 119.8 per share after CCI has imposed a Rs 252 crore fine on the company for cartelisation.

Kingfisher continues to trade lower as the stock is down 3.85 percent to Rs 16.25 per share. The IT dept has sent its 3rd notice to the company.

M&M Financial up 3 percent up on good profit numbers.

Axis Bank falls 3.6 percent, its lowest since February.

PTC India has raised $25 million via ECB. The stock is up 0.8 percent to Rs 62.15 per share.

Telecom stocks fall on TRAI recos; TCS gains 8%

9:30 am The Sensex have started off with a 36 point jump after falling by almost 300 points yesterday after European stocks fell sharply and telecom stocks were hammered due to the TRAI’s recommendations. The on-going concerns about the rupee also impacted the overall sentiments.

Telecom stocks continued to fall due to TRAI recommendations since yesterday. Largest telecom operator Bharti Airtel crashed 5% to below Rs 300 a share while Reliance Communications was down 1.5%. Aditya Birla Group company Idea Cellular tanked over 8%.

he telecoms regulator proposed a near tenfold increase in the price of 2G spectrum in a reissue of licences being stripped from mobile operators, drawing howls of protest from companies hoping to win them back, according to Reuters.

The BSE benchmark was down 31.39 points at 17,065.29 and the NSE benchmark fell 12.4 points to 5,188.20.

Welspun Corp has gained 1.2 percent to Rs 126.9 per share. The company has informed BSE that it has bagged new orders worth Rs 923 crore taking its total order book to Rs 5377 crore.

Ultratech reported a net profit Rs 242 crore vs 165 crore. The stocks is up marginally by 0.22 percent to Rs 1471.25 per share.

Berger Paints has hit a 52-week high to Rs 121.8 per share.