Sensex closes 111 points up; TCS rises 13% post Q4 nos
24 April 2012
The BSE Sensex bounced back on Tuesday after a fall of more than 400 points in previous two sessions. It closed at 17,207.29 and the NSE benchmark closed at 5,222.65 points. Tata Consultancy Services (TCS) shouldered most of the upmove in a listless trade, though rival Infosys also made good its losses. At the end of the session, Sensex rose 100 points or 0.65%, Nifty 22.05 points or 0.42%, TCS 13% and Infosys gained 1.6%. European markets too rebounded after yesterday's sharp fall; France's CAC, Germany's DAX and Britain's FTSE were up in the 0.4-1% range.
TCS's better-than-expected bottomline in fourth quarter boosted sentiment in the IT sector. At one point, TCS was up 12.84% at Rs 1,195.25. A confident management said it will beat NASSCOM's growth guidance of 11-14% in FY13. "We are more confident going into Q1FY13 than when we went into Q4FY12," N Chandrasekaran, CEO and MD of TCS said in an interview to CNBC-TV18. TCS also became the second largest company with market cap of Rs 2,34,700.16 crore followed by ONGC with Rs 2,28,859.36 crore.
Software services provider Wipro gained 4.44% ahead of January-March quarter earnings that is scheduled to be announced tomorrow morning.
At 14:53 hours IST: Sensex stays up 100 pts; Wipro up 4% ahead of Q4 earnings
The BSE Sensex extended gains amid choppy trade, helped by U-turn in index heavyweight Reliance Industries. Even European markets like France's CAC and Germany's DAX jumped 1% each post Spain sold bonds worth 1.2 billion euro, which was higher than 1.08 billion Euro bonds at previous auction. Britain's FTSE was up 0.5%.
The BSE benchmark advanced 144.37 points or 0.84% to 17,241.05 and the NSE benchmark was up 30.35 points or 0.58% to 5,231.
Country's largest software services exporter Tata Consultancy Services climbed 13.6% amid extremely high volume as the company said it was confident to beat NASSCOM's upper end guidance of 11-14% for FY13. Wipro too extended gains, rising over 4% ahead of January-March quarter earnings that schedule to be announced tomorrow morning while rival Infosys was up nearly 2%.
ICICI Bank - India's largest private sector lender rose 0.7% whereas public sector lender State Bank of India was up 0.6%.
Coal India, country's largest coal mining company moved up 1.7% and FMCG major Hindustan Unilever gained 1%.
Even Reliance Industries turned positive. However, shares of Larsen & Toubro, Bharti Airtel, Bajaj Auto and DLF were down 1.5-2%.
In the second line shares, Hexaware Technologies, Graphite India, Essar Ports, Bata India and Voltas rallied 2.7-4.4%. However, Polaris Technology plunged 7% post disappointing numbers in Q4FY12.
United Phosphorous was down 6% as The Economic Times reported that Competition Commission of India has put a fine of Rs 252.4 crore on the company.
Rallis India dropped over 4% post dismal performance in the quarter ended March 31, 2012.
Kohinoor Foods and KRBL shot up 5-7% after China allowed imports of Indian basmati rice.
At 13:48 hours IST: Nifty holds 5200 amid seesaw trade; European mkts rebound
Consistent buying interest in technology stocks post TCS quarterly numbers helped the BSE Sensex and NSE Nifty stay higher amid volatility. However, the fall in L&T, Reliance Industries, Bharti Airtel and ONGC has limited the upside. Even the Indian rupee recovered from day's low of 52.82 a dollar to 52.60 a dollar (down just 10 paise) in afternoon trade.
For the next 15-30 days, the rupee will trade betweem 52-54 to the dollar, says Moses Harding of IndusInd.
The BSE benchmark was up 57.31 points at 17,154 and the NSE benchmark rose 7 points to 5,207.35 following positive European markets. France's CAC, Germany's DAX and Britain's FTSE bounced back today, rising 0.5-0.9% after yesterday's fall of 2-3%.
In an interview with CNBC-TV18, India's second largest company by market cap TCS says it expects broad based growth across verticals in FY13. "We are more confident going into Q1FY13 than when we went into Q4FY12."
"We are confident to beat top-end of NASSCOM's guidance of 14% in FY13. Q1FY13 is likely to be a normal quarter," says N Chandrasekaran, chief executive officer and managing director said. The stock rallied 12.5% and its volume jumped 1164% to 1,331,518 shares as compared to its 5-day average of 105,319 shares.
Among other technology stocks, Wipro went up 3.7% ahead of its January-March quarter numbers. Infosys rose 1% and HCL Tech was up 3%.
However, engineering and construction major Larsen & Toubro fell 2% and top telecom operator Bharti Airtel was down 2.7%.
India's most valued stock Reliance Industries and cigarette major ITC were down 0.4% each.
Private sector lenders ICICI Bank and HDFC Bank were marginally down while rival State Bank of India was flat.
At 12:32 hours IST: Choppy Sensex up 100 pts; TCS pips ONGC in market cap
The BSE Sensex gained more than 100 points in afternoon trade amid volatility, supported by technology, banks and power stocks. The BSE IT Index rallied over 4.5% as technology stocks gained momentum quite strongly post fourth quarter earnings from TCS - top software services exporter. Even India's most valued stock and oil & gas producer Reliance Industries cut its losses, falling just 0.35%.
The BSE Sensex climbed 124.53 points or 0.73% to 17,221.21 and the NSE benchmark was up 27.60 points at 5,228.20. Even European markets opened higher.
Tata Consultancy Services' management outlook for next financial year 2012-13 helped all technology stocks move higher. TCS itself jumped over 12.5% as they are confident to beat NASSCOM's FY13 guidance of 14% while rival Infosys rebounded with 1.3% gains (it was down nearly 4% in morning trade). Wipro was up 3% ahead of quarterly earnings tomorrow and HCL Tech shot up 4.5%.
TCS became the second largest company by market cap (with Rs 2.33 lakh crore) followed by ONGC with market cap of Rs 2.30 lakh crore).
Country's top lenders State Bank of India and ICICI Bank were up around 1% while rival HDFC Bank was down 0.2%.
Tata Motors, top commercial vehicle maker rallied over 1% and Hero Motocorp, country's largest two-wheeler manufacturer gained nearly 2%.
State-owned coal mining company Coal India and capital goods company BHEL moved up 2% each.
However, telecom operator Bharti Airtel retained its top position in the selling list, falling 3% post TRAI recommendations on 2G spectrum auction. Telecom regulator set Rs 3,622.18 crore as base or minimum price for 2G spectrum auction, which is around 10 times higher than the floor price at which the former Telecom Minister A Raja had allocated spectrum in 2008.
Engineering and construction major Larsen & Toubro went down nearly 2% and cigarette major ITC was down 0.7%.
At 11:29 hours IST: Volatile Sensex gains strength; TCS up 11% on value buying
The BSE Sensex gained somewhat strength amid choppy trade due to further upside in TCS, and a bit of recovery Reliance Industries and Infosys. However, the Indian rupee was moving towards the 53 level, which fell 32 paise to 52.81 a dollar.
The BSE benchmark rose 67.58 points or 0.4% to 17,164.26 and the NSE benchmark went up 11.60 points to 5,212.20 while the broader markets were moderately down.
India's top software services exporter Tata Consultancy Services spiked 11% amid heavy volumes. Better than expected numbers for the fourth quarter and showing confidence by the company to beat top-end of NASSCOM's guidance of 14% in FY13 propelled the stock higher.
Wipro too gained 2% ahead of its fourth quarter numbers that schedule to be announced tomorrow morning. However, Infosys was down 0.6%, which recovered quite sharply. It fell nearly 4% at one point of time in early trade.
Shares of Tata Motors, HUL, Tata Power, Coal India, BHEL, Hindalco, Sun Pharma and Hero Motocorp gained 1-2%. Lenders State Bank of India and ICICI Bank were up 0.3-0.5%.
However, India's most valued stock Reliance Industries and top telecom operator Bharti Airtel trimmed losses, falling 0.87% and 3.85%, respectively.
Even cement makers Ambuja Cements and ACC were down 2-3%.
Britannia Industries and Titan Industries were among top five most active stocks with 5 lakh shares and 9.6 lakh shares.
At 10:34 hours IST: Sensex choppy; Infy, Bharti, Reliance, L&T under pressure
The BSE Sensex and NSE Nifty were moving around their previous closing values, even after the fall in Asian markets today. On one side, country's largest software services provider Tata Consultancy Services shot up nearly 10% after better than expected growth in bottomline. Even the management said they would beat NASSCOM's guidance of 11-14% for FY13.
However, its rival Infosys tumbled 3.66%. Even oil & gas producer Reliance Industries, and engineering and construction company Larsen & Tourbo dropped 1-1.6%.
Top telecom operator Bharti Airtel tanked 4.5% after telecom regulator TRAI set Rs 3,622.18 crore as base or minimum price for 2G spectrum auction, which is around 10 times higher than the floor price at which the former Telecom Minister A Raja had allocated spectrum in 2008. Reliance Communications was down 2% and Idea Cellular fell 3.5%.
The BSE benchmark declined 39.06 points or 0.23% to 17,057.62 and the NSE benchmark fell 15.3 points to 5,185.30.
Country's largest lender State Bank of India was down 0.5% while its rivals HDFC Bank and ICICI Bank were moderately lower.
In the second line shares, Graphite India, M&M Financial, Max India, Monnet Ispat and Honeywell Automation gained 2-4% while United Phosphorous, Rallis India, Cox & Kings, BF Utilities and 3M India lost 4-6%.
Declining shares outnumbered advancing by 776 to 467 on the National Stock Exchange.
At 9:20 hours IST: Sensex flat; TCS up 9% on better outlook, Bharti down
The BSE Sensex started off trade with 36 points gap up amid volatility on Tuesday, consolidating after yesterday's sharp fall. The Indian rupee depreciated by 25 paise or 0.49% to 52.75 a dollar.
Telecom stocks continued to fall due to TRAI recommendations since yesterday. Largest telecom operator Bharti Airtel crashed 5% to below Rs 300 a share while Reliance Communications was down 1.5%. Aditya Birla Group company Idea Cellular tanked over 8%.
The BSE benchmark was down 31.39 points at 17,065.29 and the NSE benchmark fell 12.4 points to 5,188.20.
ITC, Reliance Industries, Maruti, JSPL, DLF, ONGC, Hero Motocorp and L&T were under pressure.
However, TCS shot up nearly 9% after better than expected numbers in fourth quarter of FY12. Even the company looked confident of beating NASSCOM's guidance of 11-13% for FY13.
Its rival Wipro was up 1.5% ahead of results tomorrow morning. HCL Tech rose 1.3% while Infosys was flat.
Cipla, Dr Reddy's Labs and BPCL were moderately higher.
In the second line shares, United Phosphorous tanked 5% after The Economic Times reported that CCI fined Rs 252.4 crore for price manipulation.
Kingfisher was down 3% and United Spirits dropped 1.7%.
Results reactions: Rallis India was down 7% while Ultratech Cement was up 0.5%.
Petronet LNG and ING Vysya Bank gained 0.5-1% ahead of results today.
KRBL and Kohinoor Foods surged 5.5% post China allowed imports on Indian basmati rice.