BSE Sensex edges higher, Infosys Ltd, TCS share prices surge

Jan 10 2014, 20:02 IST
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As BSE Sensex gains, stocks of software exporters rose after Infosys Ltd's quarterly earnings beat market expectations. (Reuters) As BSE Sensex gains, stocks of software exporters rose after Infosys Ltd's quarterly earnings beat market expectations. (Reuters)
SummaryBSE Sensex edged up after earlier hitting its highest intraday level in nearly a week.

After vaulting over 250 points, the BSE Sensex in a volatile session today erased most gains to end with a 45-point rise as momentum after Infosys Ltd earnings was almost overshadowed by declines in ICICI Bank, Tata Consultancy Services (TCS), Larsen & Toubro (L&T) and State Bank of India (SBI) on slowing export growth and caution ahead of IIP data release.

After a positive opening, the BSE Sensex shot up to a high of 20,971.23 points fuelled by rise in IT stocks after Infosys posted a 21.4 per cent rise in net profit in December quarter and raised its revenue growth outlook for this fiscal.

However, the 30-share index later fell to a low of 20,625.17 as participants booked profits in banking, capital goods, realty and power shares.

The Sensex finally settled with a gain 45.12 points, or 0.22 per cent, at 20,758.49. This was the barometer's best daily gain this year. On a weekly basis, it fell by 93 points and logged the second straight drop.

ICICI Bank and L&T led 19 Sensex losers lower. Infosys and ITC Ltd were among nine gainers. Bharat Heavy Electricals Ltd (BHEL) and Tata Motors closed unchanged.

December export growth eased to a six-month low of 3.49 per cent, dampening sentiments ahead of IIP, said traders.

Similarly, the 50-share NSE Nifty closed by 3.10 points, or 0.05 per cent, at 6,171.45, after climbing to 6,239.10.

Also, SX40 index of MCX-SX ended 56.51 points up at 12,423.34.

"The BSE Sensex gained strongly midway into the trading session only to end flat. Banks came in for some strong selling. However, Infosys and Wipro maintained their upmove.

Later in the day we have the industrial production data to be announced for November," said Sanjeev Zarbade, Vice President-Private Client Group Research, Kotak Securities.

Brokers said a firming trend in global stock markets as traders awaited key jobs data due out of the US, helped the domestic markets to close in the green.

IT was the flavour of the day with Infosys soaring 2.84 per cent, Wipro 2.55 per cent and TCS 1.70 per cent, helping the BSE IT index rise 2.16 per cent. It was followed by BSE TECK index that rose by 1.76 per cent, BSE FMCG index (1.43 per cent) and BSE Oil and Gas

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