Sensex, Nifty log modest gains...TCS climbs on results

As anticipated, the Indian stocks witnessed yet another day of lackluster trades as strong results from TCS and Axis Bank were offset by negative global cues.



The NSE Nifty hovered around the 5400 levels throughout the day amid lack of participation. The main indices did see some pick up in late afternoon after European stocks opened higher.

Indian markets were pretty wobbly to start with and struggled for direction for most part of the day. Disappointing IIP report, double-digit inflation and less-than-expected Infosys results earlier this week kept the bulls at bay.

"However, TCS came up with a stellar performance as its Q1 results beat market expectations. The stock shot up nearly 7%, outperforming other IT stocks as well as the benchmark indices," says Amar Ambani, Vice President - Research, IIFL.

Finally, the BSE Sensex ended at 17,955, up 46 points over the previous close after being stuck in an 88-point range. The NSE Nifty added 15 points to shut shop at 5,393.

The broader market did slightly better than the frontline counters, with the BSE Small-Cap index and the BSE Mid-Cap index rising 0.7% and 0.4%, respectively.

In terms of sectors, IT was clearly a big winner in today's session after losing some ground early in the week in the wake of Infosys results. Select Telecom shares also gained. Banking stocks were the close second in terms of gains.

Select Real Estate, FMCG and Pharma stocks rose while Oil & Gas was a notable loser. Metals, Power, Auto and Capital Goods were subdued.

TCS, Tata Motors, ICICI Bank, RCOM, ONGC, HCL Tech, Kotak Mahindra Bank and IDFC were the top gainers in the Sensex and Nifty.

M&M, HDFC, HDFC Bank, RIL, Ambuja Cement and Gail India were among the big losers.