Sensex firm on oil & gas, banks support; TCS slips post nos
21 Apr 2011
Indian equity benchmarks gained its strength again - supported by heavyweights like ONGC, TCS, Reliance Industries, HDFC and HDFC Bank. It had erased some gains few minutes back due to sell-off in TCS, BHEL and Bharti Airtel.
India's largest IT software services exporter TCS has reported 3% growth in fourth quarter net profit of Rs 2402 crore as compared to previous quarter, which was in-line with the street expectations.
The stock was down more than 1% on profit booking because it had rallied more than 5% in three days on expectations that numbers would be much better than the current.
Company said growth was led by developed markets of US and Europe. "Asia-Pac and West Asia continue to remain steady growth drivers. Insurance, Infra services, products, enterprise solutions are growing fast."
The 30-share BSE Sensex was trading at 19,609, up 138 points and the 50-share NSE Nifty gained 33 points to 5,884.
"5,950 is the level that we possibly need to watch a bit more closely. That should give us an indication whether 6,000 should be taken away easily," Prakash Diwan, Head-Institutional Business, Networth Stock Broking said.
In the oil & gas space, ONGC rallied 3.5% and Reliance Industries gained 1.3% ahead of numbers, which is scheduled after market hours today.
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