TCS drives Sensex by 46 points
A better than expected first quarter earnings by IT major TCS helped the Bombay Stock Exchange benchmark Sensex cut two days of loses and end the day 46 points higher.business Updated: Jul 16, 2010 16:46 IST
A better than expected first quarter earnings by IT major TCS helped the Bombay Stock Exchange benchmark Sensex cut two days of loses and end the day 46 points higher.
The Sensex, which had lost 75 points in last two trading sessions, rose by 46.36 points to settle at 17,955.82. The benchmark index moved between 17,980.27 to 17,892.16 points in volatile trade.
In 30-BSE index components, 17 stocks rose and 13closed lower.
Similarly, the wide-based National Stock Exchange index Nifty rose by 15.15 points to 5,393.90, after swinging between 5,401.35 to 5,374.40 points.
"Tata Consultancy is the fist index kitty company which has recorded better than expected June earnings,' said Rajiv Malik of RNM Financial Services.
TCS gained a whopping 6.1 per cent.
He said the other two like Infosys and HDFC Ltd results were discounted and failed to lift the market sentiment.
A better opening in European stock markets this afternoon further fuelled the upswing.
Major support to the market came in from blue-chip like Infosys Technologies, ICICI Bank, ONFC, Rcom, Tata Motors, DLF Ltd and Bharti Airtel.