Sensex gains 70 points in early trade, TCS up 9.85% | business | Hindustan Times
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Sensex gains 70 points in early trade, TCS up 9.85%

business Updated: Apr 24, 2012 11:01 IST

The BSE benchmark index Sensex on Tuesday rose by over 70 points in early trade, as surging I-T stocks led to the recovery in buying by funds and retailers after country's largest software exporter TCS posted better-than-expected Q4 earnings.

The 30-share barometer, which has lost over 407 points in the past two sessions, rose by 70.34 points, or 0.41%, to 17,167.02, with I-T, consumer durables, realty and banking sectors leading the recovery.

The wide-based National Stock Exchange index Nifty also moved up by 21 points, or 0.40%, to 5,221.60.

Brokers said sentiments turned better after TCS posted 22.6% growth in net profit for the fourth quarter of last fiscal yesterday.

Besides, bargain buying at prevailing levels and covering up of short positions for approaching monthly expiry in the derivatives segment on Thursday, also supported the recovery, they said.

TCS stocks shot up by a whopping 9.85% to Rs 1,163.60 in the opening trade.

Meanwhile, in Asian region, Japan's Nikkei fell by 1.15%, while Hong Kong's Hang Seng index shed 0.15% in the morning trade on Tuesday.