Sensex up 78 points in early trade on good corporate earnings

Sensex up 78 points in early trade on good corporate earnings
Mumbai, Apr 17:
The benchmark BSE Sensex rose almost 78 points in early trade today after Tata Consultancy Services and HCL Technologies posted encouraging earnings.

Besides, a mixed trend in the global markets also buoyed the trading sentiment here.

The 30-share index, which had lost 438 points in the previous three sessions, recovered by 77.57 points, or 0.35 per cent, to 22,354.80, with stocks of IT, realty, auto, consumer durables and metal sectors leading the rise.

Similarly, the broader National Stock Exchange Nifty rose by 17.80 points, or 0.27 per cent, to 6,693.10.

Buying activity triggered after India’s largest IT company Tata Consultancy Services posted a 48.2 per cent jump in consolidated net profit to Rs 5,357.6 crore for the quarter ended March 31, 2014.

A mixed trend in the Asian region, following overnight gains in US markets, further influenced buying, they said.

Shares of Tata Consultancy Services rose 1.6 per cent to Rs 2,230, while Infosys gained 0.60 per cent to Rs 3,175.45.

HCL Technologies too evoked good buying support and gained 1.11 per cent to Rs 1,425 after the company today reported 59 per cent increase in net profit at Rs 1,624 crore for the quarter ended March 31, 2014.

Among other Asian markets, Hong Kong’s Hang Seng was up by 0.72 per cent, while Japan’s Nikkei shed 0.15 per cent in the morning trade today.

The US Dow Jones Industrial Average ended one per cent higher in yesterday’s trade.