TCS shares turn weak ahead of quarterly results

Shares of software major Tata Consultancy Services (TCS) today closed with a modest loss, as investors adopted a cautious approach ahead of the company's third quarter results.

The country's largest software exporter was scheduled to announce its quarterly results later in the evening after the market close.

The company's shares fell by as much as 1.11% intra-day, but recouped some of the losses and settled 0.28% lower at Rs 1,104.30 a piece on the BSE.

On the NSE, TCS settled with a loss of 0.37% at Rs 1,105.25.

Market experts said the fall in the company stock was largely due to profit-booking ahead of the quarterly results.

Besides, some recovery in the rupee also contributed to the decline, as a stronger currency makes exports less competitive, experts said.

"Tomorrow's trading session will be influenced by TCS result outcome," Shanu Goel Research Analyst Bonanza Portfolio said.

Analysts also noted that the recent weakening of the rupee against the US dollar could boost TCS's earnings in Q3.