Markets edge up as IT stocks gain; Broader markets outperform

Benchmark indices gained in the afternoon trade led by IT stocks after TCS said its board would consider a share buyback plan at a meeting next week. The buyback, if approved in the board meeting, would be the company's first since its listing in 2004.
 
Asian markets surging to one-and-a-half year highs thanks to an extended rally on Wall Street and strong US data, also contributed to the gains.
 
At 1:18 pm, the S&P BSE Sensex was trading at 28,255, up 99 points, while the broader Nifty50 was ruling at 8,758, up 33 points. In the broader market, the BSE Midcap and BSE Smallcap outperformed the frontline indices and rose 0.6% and 0.9%, respectively.

 

About 1376 shares advanced against 877 declining shares on the BSE.
 
Shares of TCS rose as much as 2.7% at intra-day to their highest since September 7, 2016, heading for their 10th session of gains in 12 this month. In past one year, the stock of the country’s largest software company has underperformed the market by gaining 6% as compared to 19.5% surge in the S&P BSE Sensex.
 
Sun Pharma was the biggest gainer among Sensex stocks, up 2.9% after declining in the previous session on poor quarterly results. The company has received tentative approval from USFDA for Tadalafil tablets that are used to treat erectile dysfunction & arterial hypertension.  

 
Tata Motors shares rebounded 1.4% on short covering. The stock fell nearly 14% in last two sessions after disappointing set of earnings.
 
SBI climbed as much as 3% during the intra-day after the cabinet on Wednesday approved its planned merger with five subsidiary banks.
 
Among losers, ITC, Adani Ports and ICICI Bank fell 1.6%, 1.1% and 0.98% respectively.