Sensex bucks negative global trend to jump 100 points; TCS, Infosys top gainers
Tata Consultancy Services (TCS), the country's largest software services firm, hit yet another fresh high on Friday with its market capitalisation (m-cap) crossing Rs 7 lakh crore mark. In numbers, it adds up to Rs 7,00,945.12 crore (at 10.00 am). The stock rallied as much as 1.9 per cent to touch its lifetime high of Rs 3,674.
TCS share price gains came after the rupee hit a near 18-month low on Thursday, a trend which is largely seen as positive for export-focussed sectors. So far this year, TCS has rallied a whopping 35 per cent against just 2 per cent rally on Sensex. Since April 19, the day the IT major reported its March quarter earnings, the stock outperformed the market by surging 16 per cent. By comparison, the Sensex is up just 0.7 per cent during the same period.
Asian shares were slightly weaker on Friday amid fragile market sentiment after US President Donald Trump called off a key summit with North Korea, though investor concerns were softened by expectations the two countries may still continue dialogue.
MSCI's broadest index of Asia-Pacific shares outside Japan ticked down. South Korea's Kospi fell 0.65 percent. Japan's Nikkei fell 0.3 percent.
Wall Street on Thursday
US stocks ended down slightly on Thursday after President Donald Trump canceled a planned summit with North Korea’s Kim Jong Un and threatened to impose tariffs on auto imports, though losses were limited by gains in Netflix and General Electric.
The Dow Jones Industrial Average fell 75.05 points, or 0.3 percent, to 24,811.76, the S&P 500 lost 5.53 points, or 0.20 percent, to 2,727.76 and the Nasdaq Composite dropped 1.53 points, or 0.02 percent, to 7,424.43.
The BSE Sensex rebounded over 318 points today on robust buying in IT, banking, metal and pharma stocks amid mixed global cues. This is the benchmark's biggest single session gain since April 5, when its had surged by 577.73 points.
Unabated buying by domestic institutional investors (DIIs) contributed to the uptrend.
The BSE Sensex stayed in the positive terrain throughout the session and hit a high of 34,741.46 intra-day, before finishing at 34,663.11 -- showing a sharp rise of 318.20 points, or 0.93 per cent.
The gauge had lost 306.33 points in yesterday's trade. The broader NSE Nifty scaled a high of 10,535.15 before closing at 10,513.85, up 83.50 points, or 0.80 per cent.
Buy Cox & king
Target: Rs 214
Stoploss: Rs 205
- The company expected to turn profitable with Rs 75 crore profit
- Forex business could be listed separately