Positive Q3 results from IT cos push up markets

Mumbai: Equity indices ticked higher for the fifth session on the trot on Thursday as largely positive Q3 results from IT majors enthused investors, though lacklustre macroeconomic data capped the gains. After a choppy session, the 30-share BSE Sensex ended 85.26 points or 0.14 per cent higher at 61,235.30. Similarly, the NSE Nifty advanced 45.45 points or 0.25 per cent to 18,257.80.

Tata Steel was the top gainer in the Sensex pack, jumping 6.40 per cent, followed by Sun Pharma, L&T, M&M, PowerGrid and Bajaj Finserv. TCS rose 1.05 per cent, a day after the country's largest software exporter reported a 12.2 per cent jump in December quarter net profit at Rs 9,769 crore on handsome revenue growth, and guided towards maintaining the same momentum going forward. Similarly, Infosys closed 1.03 per cent higher following a nearly 12 per cent rise in Q3 net profit to Rs 5,809 crore. In contrast, Wipro was the biggest loser among the Sensex constituents, tumbling 6 per cent, as its flat Q3 profit of Rs 2,969 crore failed to cheer investors. Asian Paints, HDFC Bank, IndusInd Bank, Kotak Bank and HCL Tech were among the other laggards, slipping up to 2.47 per cent.

"Indian markets opened flat to marginally positive despite negative Asian market peers after higher inflation reading from the US and China's bank lending declined more than expected in December. During the afternoon session markets managed to trade in green albeit, with a narrow range," said Narendra Solanki, head (equity research-fundamental), Anand Rathi Shares & Stock Brokers.

Deepak Jasani, head (retail research), HDFC Securities, said: "On a day when the volumes on the NSE were in line with recent averages, Power, Metals, Capital Goods and Healthcare indices rose the most, while Realty and Bank indices lost the most. BSE Smallcap index rose 0.49 per cent, while Midcap index was up 0.38 per cent."