India's stock markets extended gains on Friday with Sensex and Nifty mounting their respective fresh lifetime highs. Sensex topped 34,638 while Nifty was just 10 points away from 10,700. Infosys shares hit a fresh 52-week high ahead of Q3 earnings later today while shares of SBI, HDFC Bank, ICICI Bank, Kotak Mahindra Bank rallied the most.
India’s stock markets extended gains on Friday with the key equity indices Sensex and Nifty mounting their respective fresh lifetime highs as the IT giant TCS posted a better-than-expected third-quarter earnings on Thursday. BSE Sensex inched up 134.93 points to hit a record high of 34,638.42 whereas NSE Nifty added as much as 39.05 points to hit a fresh peak of 10,690.25. Shares of ICICI Bank was the biggest gainer while the stock of TCS shed the most among the Sensex stocks in the morning trades. The stock of India’s second-largest IT firm Infosys surged 0.94% to hit a fresh 52-week high of Rs 1,085.9 ahead of its Q3 earnings which are scheduled for later today. Other major companies which are also lined up with their respective third-quarter results are 3i Infotech, HT Media, Karnataka Bank, Reliance Industrial Infrastructure, and Sintex Industries.
The stock of India’s largest IT company Tata Consultancy Services TCS fell 1.6% to the day’s low of Rs 2,744 after the IT major reported a flat growth in earnings, as net profit came in at Rs 6,531 crore against Rs 6,778 crore in the comparable quarter last fiscal. Shares of TCS surged marginally to hit a fresh 52-week high of Rs 2,820 in yesterday’s trade. Notably, revenue in rupee terms rose 4% percent sequentially to Rs 30,904 crore from Rs 29,735 crore in the last fiscal. In the last quarter, the company had reported a 4.3% rise in revenue to Rs 30,541 crore. In constant currency terms, revenue growth was 6.2% on year basis while 1.3% on quarter.
Shares of ICICI Bank, HDFC, L&T, Kotak Mahindra Bank, Reliance Industries, SBI, Axis Bank, Tata Motors, HDFC Bank, Bharti Airtel, Dr Reddy’s rose up to 1.1% and were the major gainers among the 31 stocks of Sensex. Shares of Dish TV cracked over 7% while Tata Sponge Iron and Rattan India Power jumped up to 11%. S&P BSE Sensex opened 75.5 points higher at 34,578.99 and NSE Nifty gained 31.35 points to start at 10,682.55.
Wall Street closed at record highs on Thursday as rising oil prices lifted energy stocks and investors bet on a strong U.S. corporate earnings season, Reuters said in a report. The S&P energy index closed up 2 percent as Brent crude went above $70 a barrel for the first time since December 2014. The Dow Jones Industrial Average rose 205.6 points, or 0.81 percent, to 25,574.73, the S&P 500 gained 19.33 points, or 0.70 percent, to 2,767.56 and the Nasdaq Composite added 58.21 points, or 0.81 percent, to 7,211.78.