Sensex declines, TCS bucks trend to rise 5.7%

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The markets have closed lower failing to capitalise on the exuberance of Thursday. The Sensex declined 94 points to 20,165 and the Nifty ended 35 points lower at 6,066.

Ambareesh Baligh of Karvy said that the markets rose on Thursday on the assumption that money from the Coal India IPO would come back to the secondary market. So the rise was driven by sentiments and also on short covering, he added. Cautioning investors, Baligh said that the markets are overpriced and a decent correction was in the offing. However, ICICI Securities TS Harihar said that this was a bull market to play on.

The markets opened in the green and soon reached the day’s high after which trade was largely muted only to be followed by a slump in the last session. Finally, the indices recovered to close slightly higher.

IT stocks were in focus post earnings. TCS rose 5.72 per cent after the company reported results that beat Street expectations. The company’s net profit rose to Rs. 2,169 crore. The sharp rise in TCS helped the IT index close 1.10 per cent higher. Infosys also advanced 0.66 per cent.

However, Wipro closed 4.54 per cent after its net profit declined (QoQ). The company’s net profit declined to Rs. 1,284.9 crore against Rs. 1,319 crore.

The declines were led by realty, metal, auto and FMCG stocks that saw selling pressure. Sterlite, DLF and Jaiprakash Asso fell 2-3 per cent.

On the broader markets, small cap stocks rose 0.30 per cent and the CNX midcap index managed to advance 0.16 per cent. Among the midcap stocks, Indiabulls Fin rose 11 per cent & Pipavav Shipyard advanced 10 per cent.

Among news driven counters, Raymond rose 6 per cent on plans of Thane land development. SKS Microfinance declined 4.78 per cent. The Andhra High Court today refused to stay the government ordinance on regulation of MFIs.

Global cues were positive. The Asian markets were mostly trading higher. The Nikkei 225 in Japan closed 0.54 per cent higher at 9,426. The Hang Seng declined 0.56 per cent and the Kospi in South Korea advanced 1.21 per cent.

Overnight, the Dow closed 38 points higher to 11,146 on upbeat earnings. The markets have not followed up on Thursday’s exuberance and the benchmark indices at 9.22 am were flat. The Sensex was trading 44 points higher and the Nifty advanced 3 points to 6,104.

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This post was submitted by Chinmaya Kumar Nayak.

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