Tata Consultancy Services was top Sensex gainer, up 4.37 per cent to hit a fresh 52-week high of Rs 2,875 apieceShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading at seven-month high on Thursday. BSE Sensex jumped over 400 points to reclaim 40,000, while the broader Nifty 50 index jumped one per cent to top 11,850. Tata Consultancy Services was top Sensex gainer, up 4.37 per cent to hit a fresh 52-week high of Rs 2,875 after the company’s second-quarter results beat the Street estimates. TCS board cleared a buyback plan to up to Rs 16,000 crore. IT stocks were leading the Sensex gainers today with L&T Infotech, Wipro, HCL Tech, Coforge, Infosys, Mindtree and Tech Mahindra at fresh 52-week highs. On the flip side, ONGC was top Sensex laggard, followed by Asian Paints, ITC, Bajaj Auto, Power Grid Corporation of India.
Tata Consultancy Services on Wednesday reported a 4.9 per cent rise in consolidated net profit to Rs 8,433 crore for the September 2020 quarter. Revenues during the quarter rose by 4.7% to Rs 40,135 crore, its best in 20 quarters. The company also announced a share buyback of Rs 16,000 crore at a price of Rs 3,000 per share. CEO and managing director Rajesh Gopinathan said the company will be giving salary hikes for the second half of the year and will be effective October 1.
Highlights
Rupee continues to trade in the 73.10-73.60 range. While the natural tendency for the Rupee is to strengthen in the backdrop of a weak US Dollar globally, nationalized banks likely on behalf of the RBI buy the dips to around 73.10 aggressively. We are likely to see another quiet, range-bound session ahead of the MPC tomorrow: Abhishek Goenka, Founder and CEO, IFA Global
IT stocks were leading the Sensex gainers today with L&T Infotech, Wipro, HCL Tech, Coforge, Infosys, Mindtree and Tech Mahindra at fresh 52-week highs.
After touching a low of 10790 and finding support close to the 200-day SMA, the Nifty has rallied smartly in the last two weeks. In the process, it has taken out a downward sloping trendline that has held down its recent highs. The Nifty index has also closed above the 20-day and 50 day SMA, which is a positive signal.
Read full story
TCS shares were top Sensex gainer, up 4.37 per cent to hit a fresh 52-week high of Rs 2,875 after the company's second-quarter results beat the Street estimates. TCS board cleared a buyback plan to up to Rs 16,000 crore.
Check live prices: Tata Consultancy Services
BSE Sensex hit a 7-month high and reclaims 40,000, while the broader Nifty 50 index jumped one per cent to top 11,850 on Thursday.
Check live Sensex, Nifty levels
JSPL has delivered robust volume growth again in September. Standalone sales volume jumped 22% y-o-y to 0.61mt. Shadeed sales volume shot up 52% y-o-y to 0.2mt. The proportion of exports slid to 34% — the lowest in FY21. Standalone sales volume rose 30% y-o-y to 1.93 mt — the highest quarterly level. Taking cognizance of JSPL’s 6MFY21 standalone sales volume of 3.5mt, we expect it to meet FY21E volume of 6.6mt: Edelweiss
Vedanta reported higher than expected Q1FY21 numbers. Aluminium Ebitda constituted ~72% of the Ebitda beat. The segment’s Ebitda/te surprised at $360/te, of which $101/te was on account of RPO liability reversal. Adjusted for RPO liability, costs reached $1343/te, down ~$110/te q-o-q and ~$420/te y-o-y. Power contributed ~12% of the Ebitda beat, which can be attributed to 97% Talwandi Sabo (TSPL) PAF, while sales from TSPL was only 643 million units (down 76% y-o-y): ICICI Securities
Indian markets are likely to open with a flat to positive bias tracking positive global cues amid stimulus hopes in developed countries that overweighed concerns on a surge in Coronavirus cases. However, global news flows and sector-specific developments will be key monitorable: ICICI Direct Research
Today, 5Paisa Capital Ltd., GM Breweries Ltd., Prabhat Dairy, and Titagarh Wagons will announce their results. Today markets will first react to TCS results and management commentary.
read full story
BSE Sensex reclaims 40,000, jumps over 450 points while the broader Nifty 50 index was trading near 11,900 in the pre-opening session on Thursday.
BSE Sensex reclaims 40,000, jumps over 450 points while the broader Nifty 50 index was trading near 11,900 in the pre-opening session on Thursday.
Foreign Institutional Investors (FII) remained net buyers of domestic equities, pumping in Rs 1,093 crore into stocks while Domestic Institutional Investors (DII) pulled out Rs 1,129 crore. FIIs also bought index futures worth Rs 781 crore.
TCS currently trades at ~33x/27x FY21/22E earnings. TCS remains the best execution story, however, valuations are rich. We assume coverage on the stock with Hold and a TP of Rs2,780 at 26x Sept’22E earnings: Emkay Global Financial Services
Domestic benchmark indices surged yet again on Wednesday, marking the fifth straight session of gains. Sensex and Nifty, now trading at the highest they have been since February this year, could continue to climb higher finding support on the charts. “Nifty sustained higher after the upside breakout of initial hurdle at 11550 and is now closed to move above the next important swing high of 11795. This could be an indication of the strength of bulls to surpass the hurdles. Hence, the upper hurdle of 11800 could be taken out soon,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Read full story
In overnight trade on Wall Street, US stocks ended higher. The Dow Jones Industrial Average rose 1.91 per cent, the S&P 500 gained 1.74 per cent, and the Nasdaq Composite added 1.88 per cent.
Asian peers were seen trading mostly higher in Thursday’s early trade. Japan’s Nikkei gained one per cent while the Topix index advanced 0.8 per cent. South Korea’s Kospi rose 0.18 per cent.
India’s largest software services firm Tata Consultancy Services on Wednesday reported 4.9 per cent rise in consolidated net profit to Rs 8,433 crore for the September 2020 quarter, and announced up to Rs 16,000 buyback plan.
Read full story