Sensex up 161 pts in early trade
The Bombay Stock Exchange benchmark Sensex on Friday rebounded to touch 9,208 points level and rose by over 161 points in early trade on funds buying, driven by firming trends in other Asian markets.business Updated: Jan 16, 2009 11:38 IST
The Bombay Stock Exchange benchmark Sensex on Friday rebounded to touch 9,208 points level and rose by over 161 points in early trade on funds buying, driven by firming trends in other Asian markets.
However, shares of Tata Consultancy Services were under pressure after the company announced lower-than-expected earnings yesterday.
The 30-share barometer, which had lost 323.75 points in the previous session, moved up today by 161.75 points to 9,208.49 points after stocks of oil and gas, metals, consumer durables and banking sectors staged comeback.
Similarly, the wide-based National Stock Exchange's Nifty also rose by 47.90 points to 2,784.60 points.
Brokers said overnight gains on the US markets and firming trends on the Asian equity markets mainly boosted the trading sentiments on the domestic bourses in Mumbai.
They said, however, announcement of below-market- expectations third quarter earnings by the country's largest IT services provider, Tata consultancy Services, restricted gains to some extent.
Tata Consultancy Services reported a net profit of Rs 1,362 crore for the third quarter ended December 31, 2008, against Rs 1,326.67 crore in the same period last year.
Major gainers which supported the Sensex were Reliance Industries by Rs 18.55, or 1.62 per cent at Rs 1,161.90, Reliance Infra by Rs 10.80, or 2.14 per cent at Rs 515, Rcom by Rs 5.15, or 2.96 per cent at Rs 179.40, BHEL by Rs 11.25, or 0.83 per cent at Rs 1,365, Larsen and Toubro by Rs 11.10, 1.57 per cent at Rs 715.90 and Tata Steel by Rs 3.90, or 1.97 per cent at Rs 201.70.