Sensex trades marginally higher; TCS falls ahead of Q4 results

The BSE consumer durable index was the top sectoral gainer, up 0.62%; TCS falls71%

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At 9.36am, the Sensex was trading up 0.19%, or 42.21 points, to 22,527.14 points. Photo: Ashesh Shah/Mint

Mumbai: The 30-share bellwether BSE Sensex on Wednesday was trading marginally higher led by shares of consumer durables and also ahead Tata Consultancy Services Ltd (TCS) earnings.

At 9.36am, the Sensex was trading up 0.19%, or 42.21 points, to 22,527.14 points while the National Stock Exchange’s (NSE’s) broader 50-share Nifty was trading up 0.2%, or 13.30 points, to 6,746.4 points.

The gainers included Sun Pharmaceuticals Ltd was trading up 0.83% to Rs.621.40 while Coal India Ltd that rose 0.75% to Rs.294.60.

Among the losers, Infosys Ltd fell 1.36% to Rs.3,216. Tuesday it posted better then expected results with Net income rose to Rs.2,992 crore, up 4% while revenues fell 1.15% to Rs.12,875 crore. Housing Development Finance Corp. Ltd (HDFC) fell 0.96% to Rs.879.30.

The BSE consumer durable index was the top sectoral gainer, up 0.62%. The BSE oil and gas and BSE healthcare indices, up 0.51% and 0.45%, respectively. The BSE IT and Teck indices were top loser on the BSE, down 0.51% and 0.33%, respectively.

Jaypee Group has invited developers bids to develop land parcel located near Noida, Japyee Green said in advertisement published in Times of India. Jaiprakash Associates Ltd was trading at Rs.58.60 on BSE, up 0.6%, Jaiprakash Power Ventures Ltd was trading at Rs.16.77, down 1.35%, Jaypee Infratech Ltd was trading at Rs.22.65, down 1.52%.

TCS was trading at Rs.2,237 on BSE, down 0.71% from previous close ahead of Q4 results. Analysts expecting a net profit of $861.16 million on revenue of $3.59 billion, according to a Bloomberg poll.

Crompton Greaves Ltd was trading at Rs.183.30 on BSE, up 2.83% after report that Hitachi Ltd may buy founder stake.

Apart from TCS, Reliance Industrial Infrastructure Ltd, Indusind Bank Ltd and MindTree Ltd are some of the companies that will release their earnings for March quarter today

Since the beginning of this year, BSE Sensex has gained 6.22%, while foreign institutional investors have bought $4.76 billion during the period from local equity markets.

Tuesday, Wholesale Price based inflation rose to 5.7% in March, higher than a median estimate in a Bloomberg poll of 42 analysts which expected it to come in at 5.3% while the Consumer Price Index-based inflation accelerated to 8.31% in March from 8.1% a month ago.

Asian markets were trading higher as investors weighed a worsening situation in Ukraine with another solid session on Wall Street. China’s GDP expanded at 7.4% in the first quarter, its slowest rate since 2012 indicating that the economy is struggling to rebound. The Shanghai Composite was trading up 0.31%, Hong Kong’s Hang Seng gained 0.66% and Japan’s Nikkei Stock Average was up 2.26%.

Overnight, US markets ended higher bouncing from a sizable drop that came after reports of fighting on the ground in Ukraine. The Dow Jones Industrial Average gained 0.6%, S&P 500 advanced 0.1% and Nasdaq Composite was up 0.3%.

RAHUL KUMAR

PGDM 1ST YEAR