Global cues depress equity indices, banking stocks fall

  • Global cues depress equity indices, banking stocks fall

Global cues depress equity indices, banking stocks fall

TCS share price soared almost 7 per cent today, adding about $6.2 billion to its market capitalisation.

This has taken its market capitalisation (m-cap) to over Rs 6.50 lakh crore or around $98 billion.

The stock was the biggest gainer on both Sensex and Nifty.

On NSE, shares of the company rose sharply by 6.62 percent to close at Rs 3,402.45.

A total of 14,674.33 lakh shares changed hands in 1,05,03,298 trades. After scaling a new peak at ₹3,421.25, TCS settled the day at ₹3,406.40 on the BSE, a gain of over 6.76 per cent.

TCS is the most valued firm in India at the moment and it is followed by Reliance Industries Ltd (Rs 5,87,929.90 crore), HDFC Bank (Rs 5,08,884.23 crore), ITC (Rs 3,36,777.52 crore) and HUL (Rs 3,17,211.69 crore) in the top-five list. "Investors will continue to monitor the corporate results to confirm the earnings recovery while improvement in capacity utilisation and IIP growth of above 7 per cent during the last two months is giving a positive impetus", said Vinod Nair, Head of Research, Geojit Financial Services. Other IT scrips like Infosys and Wipro too were gaining in the tune of 2.50 per cent.

The Nifty IT index jumped close to 3 percent outperforming the broader indices led by Tata Consultancy Services which added close to 4 percent while HCL Tech gained 3.7 percent.

Indiabulls Housing Finance Q4 net up 22% Indiabulls Housing Finance on Friday reported a 22.5 per cent rise in consolidated net profit at Rs 1,030.37 crore for the March quarter against Rs 840.54 crore in the year-ago period. On Thursday, the company announced a 1:1 bonus for its shareholders on its 50th anniversary while declaring its fourth quarter earnings.

Brokers said, besides continued capital inflows by foreign funds, profit- booking in recent gainers, rupee's fall below the 66-mark against the dollar and higher global crude oil prices, hurt trading sentiments. It had registered a net profit of Rs 104.6 crore a year ago, Cyient said in a statement.