Sensex up 100 points; Infy, TCS up 2%

The markets have gained momentum during the late noon trades led by gains in IT majors Infosys and TCS.

At 3.06 PM, the Sesnex is up 93 points at 26,119 and Nifty is up 18 points at 7,786 levels

 

Infosys, TCS and ICICI Bank have added nearly 130 points to the rise on the 30-share index. In contrast, HDFC and oil major ONGC contribute the most to the decline.

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                                                                      (updated at 3.10 PM)
Benchmark share indices witnessed profit taking in late noon trades with the Nifty coming off its record highs in early trades as investors booked profits in Infosys and TCS

 

At 14.20 PM , the S&P BSE Sensex traded at 26060.82 level up 36 points while the CNX Nifty traded 4 points higher at 7772.65 level.

 

Meanwhile, the broader markets underperformed the benchmark indices as the BSE Small-cap index slumped over 1% on account of profit taking while the BSE Mid-cap index dipped 0.5%.

 

The market breadth on the BSE was weak as 1,768 scrips declined while 1,104 advanced.

 

Global Markets

 

Asian markets were trading mixed with Japanese shares witnessing profit taking after gains in the previous sesssion. The benchmark Nikkei ended down 0.1% at 15,328.56. Among other majors in the region, Shanghai Composite was up 0.1%, while Hang Seng gained 0.7% and Straits Times was up 0.6%.

 

European shares were also trading rangebound in early trades as earnings from major corporates continued to weigh on market sentiment. The CAC, DAX and FTSE were up 0.1-0.4%.

 

Rupee

 

The Indian rupee was trading higher at Rs 60.15 compared to the previous close of 60.24 tracking gains in the domestic stock markets on the back of robust foreign fund inflows. Meanwhile, dollar demand to meet crude oil imports is likely to cap further gains in the rupee.

 

Sectors and Buzzing Stocks

 

The BSE IT index was the solo sectoral gainer up over 1% while Realty slipped over 1%.

 

Among other sectoral indices, Power, Auto, Metal and Oil & Gas are down over 0.5% each, FMCG and Healthcare edged over 0.2% lower while Bankex and Capital Goods traded flat.

 

Infosys was the top Sensex gainer as the scrip traded higher by over 2% after the company entered into a multi-year agreement with German auto giant Daimler for the management of infrastructure services and data centres.

 

While TCS gained over 1% on account of renewed buying interest. TCS has become the first company entered into the Rs 5,00,000-crore market cap club fuelled by the surge in its share price after reported a strong earnings during the recently concluded quarter. Wipro edged above 1% higher.

 

Among the banking pack, ICICI bank traded 1% higher, SBI was marginally up by 0.5% while Axis bank dipped over 1% and HDFC bank traded marginally lower by 0.1%.

 

In case of auto shares, Bajaj Auto and M&M gained over 1% while Tata Motors slipped over 1% while Maruti Suzuki was down nearly 1%.

 

Among other shares, KPIT Technologies plunged 7% after consolidated net profit dropped 17% to Rs 51 crore on 2% decline in revenue to Rs 690 crore in Q1 June 2014 over the corresponding period last year.

 

Financial Technologies has locked in upper circuit for second straight day, up 10% , extending its past two days rally, after the company on Monday announced that it has entered into a share purchase agreement (SPA) to sell its 15% stake in Multi Commodity Exchange (MCX) to Kotak Mahindra Bank for Rs 459 crore.

 

Ceat has dipped 6%, extending its Tuesday’s 6% fall, after reporting 21% year on year decline in consolidated net profit at Rs 52 crore for the quarter ended June 30, 2014 (Q1), first time in past two years. The tyre maker had profit of Rs 65 crore in the same quarter last year.

 

Share price of Sun TV Network has plunged 10%  on back of heavy volumes on the bourses. The stock  has seen over two-fold jump in trading volumes.