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IT Shares At Record Highs On TCS Results

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The BSE Sensex is up 0.49 per cent and the Nifty gains 0.3 per cent. Shares in Tata Consultancy Services India's largest software services exporter, gain 5.3 per cent after earlier making all-time high of Rs 1,753, a day after posting April-June earnings that beat estimates and maintaining an upbeat outlook. Consolidated net profit for the quarter ended 30 June rose 15.5 per cent to Rs 3,831 crore from Rs 3,280 crore a year earlier.

Read: TCS Q1 Net Up 16.8%, Beats Forecast

The results lift shares of other IT companies, with Infosys rising 1.9 per cent and Wipro gaining 1 per cent. BSE's benchmark for IT stocks gains 3.1 per cent after earlier making its all-time high at 7,124.07.

Mahindra and Mahindra gains 1.3 per cent on value buying after near 10 per cent fall in July as of Thursday's (18 July) close was seen as overdone.

In the Asian region, Hong Kong's Hang Seng index was up by 0.15 per cent, while Japan's Nikkei Index shed 1.37 per cent in the morning trade. The US Dow Jones Industrial Average rose 0.50 per cent to close at record highs in Thursday's (18 July) trade.
 
Market Watch
Raymond, Indian Hotels Fall After Excluded From Derivatives

Shares in Raymond fall 1 per cent, while Indian Hotels Company is down 2.6 per cent after the announcement of their exclusion from the National Stock Exchange's (NSE) derivatives segment.

The NSE said in a circular on 18 July that trading in futures and options contracts of both companies would not be available from September 27, as they do not meet the eligibility criteria as prescribed by the regulator.

However, the NSE said existing contracts expiring in July, August, and September would continue to be available for trading until their respective expiration and new strikes can still be introduced for those contracts.

Bajaj Corp Falls Ahead Of Promoter Share Sale
Shares in Bajaj Corp down 0.8 per cent after earlier falling as much as 10.8 per cent as its promoters set the floor price for a planned share sale of 14.4 million shares at Rs 200 a piece.

The company's promoters are planning to sell a 9.75 per cent stake in an offer-for-sale to bring down their ownership to around 75 per cent to meet public shareholding rules.
 
(Agencies)