Sensex rebounds 200 points as IT stocks surge; TCS gains over 3% on share buyback

By: | Updated: June 15, 2018 4:30 PM

The BSE Sensex rebounded over 200 points from its day’s low to close at 35,622.14 points, while the NSE Nifty50 ended 0.09 per cent higher at 10,817.70  points.

Domestic equity markets closed Friday’s rangebound trade session on a flat note with marginal gains.

Domestic equity markets closed Friday’s rangebound trade session on a flat note with marginal gains aided by robust buying in IT blue chips like Tata Consultancy Services and Infosys. Shares of IT giant TCS gained over 3 per cent after it approved a share buyback program of Rs 16,000 crore in which the company will be repurchasing about 7.61 crore equity shares. The BSE Sensex rebounded over 200 points from its day’s low to close at 35,622.14 points with gains of 0.06 per cent. On the National Stock Exchange, the Nifty50 ended 0.09 per cent higher at 10,817.70  points.

Out of 2,786 trading companies on the BSE, 1,535 declined as compared to 1,101 advances indicating a bearish trend in the market. Among the sectoral indices, the IT index gained the most at 2.24 per cent, followed by the healthcare index by 1.88 per cent and the Teck index by 1.83 per cent. On the other hand, metals, banks, capital goods, auto, and oil and gas indices slumped. Among gainers on the BSE were Infosys, TCS, Dr Reddy’s Lab, Sun Pharma, Reliance Industries, Kotak Bank and Hindustan Unilever. Yes Bank, ONGC, SBI, Coal India, NTPC, Mahindra and Mahindra, Larsen and Toubro and ITC closed with losses of over 1 per cent.

“Market was range bound followed by the US decision to impose trade tariffs against China which is signaling re-emergence of trade war. The global market remain mixed as ECB outlined plans to taper the stimulus programs but took a conservative view on interest rate hike. While positive cues on IT index and improving focus on pharma stocks due to valuation and depreciating rupee lifted the market to end on a positive note,” said  Vinod Nair, Head of Research, Geojit Financial Services.

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