Stocks

Sensex surges 193 points, Nifty ends at 8,879; TCS, Tata Steel stocks spurt

Our Bureau Mumbai | Updated on January 13, 2018 Published on February 20, 2017

sensex

Bargain-hunting, short-covering prop up domestic sentiment

The BSE benchmark Sensex ended higher by over 190 points led by metal, IT, TECk and infrastructure stocks amid firm European cues.

Domestic sentiment was also buoyed after IT major TCS approved a share buyback plan of up to Rs 16,000 crore.

The buyback price has been set at Rs 2,850 a piece. Shares of TCS jumped 4.08 per cent to Rs 2,506.50.

TCS stocks jumped as the company's board has approved a share buyback plan of up to Rs 16,000 crore.

Investors opted for bargain-hunting as well as short-covering ahead of derivatives expiry this week.

The 30-share BSE index Sensex ended higher by 192.83 points or 0.68 per cent at 28,661.58 and the 50-share NSE index Nifty closed up 57.5 points or 0.65 per cent at 8,879.20.

Barring FMCG, all other BSE sectoral indices ended in the green. Among them, metal index gained the most by 2.04 per cent, followed by IT 1.62 per cent, TECk 1.6 per cent and infrastructure 1.28 per cent, while FMCG index was down 0.06 per cent.

Top five Sensex gainers were TCS (+4.06%), Tata Steel (+4.01%), GAIL (+2.8%), HDFC Bank (+2.18%) and Power Grid (+1.75%), while the major losers were Axis Bank (-1.72%), ITC (-0.89%), HDFC (-0.56%), Dr Reddy's (-0.4%) and ICICI Bank (-0.3%).

Telecom shares soared after a media report said Vodafone Group is likely to finalise talks for a merger with Idea Cellular within a month, citing unidentified sources.

Idea shares gained as much as 5.5 per cent.

Meanwhile, Tata Teleservices (Maharashtra) Ltd rose as much as 9.9 per cent after a media report said that the company was seeking to be part of an entity that would include Reliance Communications, Aircel and MTS.

However, broader sentiment was largely cautious after recent strong gains in markets, with Asian shares largely mixed ahead of key US Federal Reserve events, including minutes of the last policy meeting and speeches by five heads of Fed regional banks.

Asian shares

Asian share markets were mixed on Monday as political uncertainty globally kept the mood cautious, while the US dollar recouped early losses ahead of a busy week for Federal Reserve speakers.

Turnover was light with US markets closed for the Presidents Day holiday. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent and back towards a 19-month peak set last week.

Published on February 20, 2017
null
This article is closed for comments.
Please Email the Editor