Sensex regains 26,000 on positive Asian stocks

Key benchmark indices drifted higher in early trade on positive Asian stocks, with the barometer index, the S&P BSE Sensex hitting an intraday high above the psychological 26,000 mark in early trade. At 9:27 IST, the Sensex was up 194.34 points or 0.75% at 26,038.52. The Nifty 50 index was currently up 53.15 points or 0.67% at 7,967.90.

The market breadth indicating the overall health of the market was strong. On BSE, 979 shares gained and 283 shares declined. A total of 36 shares were unchanged. The BSE Mid-Cap index was currently up 0.35%. The BSE Small-Cap index was currently up 0.6%. Both these indices underperformed the Sensex.

In overseas markets, Asian stocks stocks rose, taking cues from overnight gains in US stocks. US stocks closed higher yesterday, 20 April 2016 on rise in crude oil price and upbeat housing data provided support.

IndusInd Bank rose 0.19% ahead of its Q4 March 2016 results today, 21 April 2016.

Hindustan Zinc fell 1.15% ahead of its Q4 March 2016 results today, 21 April 2016.

Wipro lost 4.84% after consolidated net profit fell 2% to Rs 2240 crore on 12% rise in gross revenue to Rs 13630 crore in Q4 March 2016 over Q4 March 2015. The results are as per International Financial Reporting Standards (IFRS). The result was announced after market hours yesterday, 20 April 2016.

Revenue from IT services business rose 2.4% to $1,882 million in Q4 March 2016 over Q3 December 2015. On sequential basis, the company expects 1% to 3.02% growth in revenue from IT services business at between $1,901 million to $1,939 million in Q1 June 2016.

On an annualized basis, the employee attrition rate dropped to 14.9% in Q4 March 2016 from 16.3% in Q3 December 2015.

Wipro's board of directors approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount of up to Rs 2500 crore, being 1.62% of the total paid up equity share capital. The buyback will be through the tender offer route at Rs 625 per share. The promoters of the company have indicated their intention to participate in the proposed buyback.

TCS slipped 0.66%. TCS announced the release of a new TCS Intelligent Urban Exchange (IUX) application for Intelligent Water. The new urban analytics application offers pre-built 'use cases' to cost-effectively reduce Non Revenue Water (NRW) loss and ensure delivery of safe, reliable water. The application leverages IUX's scalable analytics platform to allow cities and partners to easily integrate and localize, in order to accelerate the deployment of smart city solutions and enable a future-ready infrastructure for cross domain urban solutions. The announcement was made after market hours yesterday, 20 April 2016.

Tata Steel rose 1.53% after the company in a press statement with regard to media news of a potential management buyout bid for Tata Steel UK said that Tata Steel Europe welcomes credible expressions of interest for Tata Steel UK's operations. It is the company's policy not to mention, confirm or comment on any potentially interested investor or bidder at this point, Tata Steel said. All expressions of interest, including any management buyout proposals, will be considered when received, it added. In the interests of all stakeholders every credible expressions of interest will enter the same rigorous assessment process to ensure the best value and prospects of sustainability, Tata Steel said in a statement. The announcement was made after market hours yesterday, 20 April 2016.

Mahindra & Mahindra (M&M) rose 0.08% after the company announced that India Ratings and Research (Ind-Ra) has affirmed the long-term issuer rating of M&M at 'IND AAA' with a 'stable' outlook. The rating on its Rs 800 crore non-fund-based bank lines has also been reaffirmed at 'IND A1+'. The announcement was made after market hours yesterday, 20 April 2016.

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