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Market Wrap October 12: Sensex up 700 pts, Nifty above 10,450; autos, banks surge
Today on Market Wrap: 1. Sensex up 700 pts, Nifty above 10,450; autos, banks surge 2. TCS extends fall after Q2 earnings; down 8.5% in one week 3. Hindustan Unilever trades firm ahead of Q2 earnings, stock up 2.13%
The benchmark indices ended over 2% higher on Friday after the rupee rose against the US dollar amid firm Asian markets.
 
The S&P BSE Sensex ended at 34,734, up 732 points, while the broader Nifty50 index settled at 10,472, up 238 points.
 
The rupee strengthened against the US dollar on Friday, rising 53 paise to 73.58 against the greenback in intra-day trade.
 
Among sectoral indices, the Nifty Auto index settled 4% higher led by a rally in shares of Mahindra & Mahindra and Maruti Suzuki India. The Nifty Bank index too, rose 2.5% led by IndusInd Bank and ICICI Bank.
 
However, the Nifty IT index slipped 1%, led by a fall in TCS, which fell 3% to Rs 1,920.
 
Shares of TCS fell 3.07% to Rs 1,919 on the BSE in an otherwise firm market. This was after the company reported a lower than expected revenue growth of 3.7% in constant currency (CC) terms in September quarter on the sequential basis. The Street was estimating a revenue growth of 4% in CC terms.
 
The TCS stock has fallen 8.5% thus far in the current week, as compared to a 0.36% rise in the S&P BSE Sensex. Since October 1, 2018, it was down 15% against 5.5% decline in the benchmark index.
 
In the second quarter for this financial year, TCS reported a 7.6% rise in consolidated net profit at Rs 79 billion over the previous quarter.
 
Shares of Hindustan Unilever ended 2.13% higher at Rs 1,561 on the BSE ahead of its second-quarter results today. The FMCG company will announce results after market hours.
 
Since July 16, 2018, post-June quarter results, HUL had underperformed the market by falling 13%, as compared to a 6.4% decline in the S&P BSE Sensex.
 
On the macro front, India's industrial production (IIP) data for August and retail inflation (CPI) prints for September will be released later in the day.