Sensex nears all-time high; TCS shines on Q1 show

Mumbai, July 12 Benchmark Sensex rose for the fourth session today to perch near its all-time peak, powered by a sharp rally in IT bellwether TCS following strong quarterly results.

The BSE Sensex rose over 26 points to close at 36,265.93 — just shy of its lifetime closing high of 36,283.25 hit on January 29. The 30-share barometer has now gained 691.38 points in just four sessions.

TCS spurted 5.47 per cent to its lifetime high of Rs 1,979.60, topping the Sensex gainers list, after the company yesterday posted a 23.4 per cent rise in consolidated net profit for the June quarter.

The better-than-expected numbers buoyed sentiment for the entire IT pack, with the BSE IT index gaining 2.38 per cent, outpacing its sectoral peers by a wide margin.

Domestic investor sentiment remains upbeat following a good start to the results season, offsetting a weak global trend, brokers said.

Asian markets went into a tailspin after the US said it will impose tariffs on an additional USD 200 billion of Chinese imports, ratcheting up global trade tensions.

Back home, the Sensex opened on a strong footing on optimistic buying by participants and touched a high of 36,362.30.

However, it shed some ground on profit-booking and slipped to touch a low of 36,169.70, before finally finishing at 36,265.93, up by 26.31 points, or 0.07 per cent.

The 50-share NSE Nifty too closed at 10,948.30, up just 1.05 points, or 0.01 per cent, after moving between 10,976.65 and 10,923.

Meanwhile, domestic institutional investors (DIIs) net bought equities to the tune of Rs 293.96 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 20.73 crore yesterday, provisional data showed.

“Improving outlook on IT index helped the market to keep its positive momentum while escalation in trade tensions between US and China capped the upside.

“Expectations of better Q1 result and decline in oil price will support market to prolong the current stability. Progressing monsoon and higher MSP gives leeway for consumption oriented sector to come to the limelight,” said Vinod Nair, Head of Research, Geojit Financial Services.

Other Sensex gainers included Bajaj Auto 2.11 per cent, HUL 1.59 per cent, Infosys 1.37 per cent, RIL 1.03 per cent, Axis Bank 0.76 per cent, Adani Ports 0.72 per cent, Kotak Bank 0.71 per cent and Wipro 0.65 per cent.

However, Coal India fell 4.59 per cent, Vedanta 3.52 per cent, Tata Motors 2.74 per cent, Tata Steel 2.24 per cent, SBI 1.75 per cent, Bharti Airtel 1.69 per cent, ICICI Bank 1.66 per cent, Maruti Suzuki 1.49 per cent and Hero Motocorp 1.43 per cent, among others.

Sectorally, the BSE IT advanced 2.38 per cent, followed by teck 1.94 per cent, realty 0.55 per cent and FMCG 0.43 per cent.

Metal was the top loser, sinking 3.10 per cent, following a slump in global commodity prices.

PSU fell 1.57 per cent, auto 0.99 per cent, consumer durables 0.61 per cent, capital goods 0.57 per cent, infrastructure 0.50 per cent, bankex 0.48 per cent, oil and gas 0.46 per cent, power 0.38 per cent and healthcare 0.38 per cent.

The BSE mid-cap and small-cap indices ended in the red, losing 0.67 per cent and 0.33 per cent, respectively.

In other Asian markets, Japan’s Nikkei ended 1.19 per cent lower, Singapore fell 0.79 per cent and Shanghai Composite Index lost 1.76 per cent.

In Europe, Paris CAC was down by 0.80 per cent, while Frankfurt’s DAX fell 0.80 per cent in their early deals. London’s FTSE too was down 1.31 per cent.