Sensex Drifts Lower In Early Trades; IT Stocks Up On TCS Results, Weak Rupee

Sensex Drifts Lower In Early Trades; IT Stocks Up On TCS Results, Weak Rupee

The Indian stock market is trading lower Friday morning, with investors tracking weak global cues. However, IT stocks are moving higher thanks to buoyant quarterly results and a 1:1 bonus issue announcement from Tata Consultancy Services.

The BSE benchmark Sensex is down 48.91 points or 0.14 percent at 34,378.38, after having declined to a low of 34,336.08 earlier. The National Stock Exchange’s Nifty50 is down 15.15 points or 0.14 percent at 10,550.15.

The rupee’s weakness against the U.S. dollar and high crude oil prices appear to be hurting sentiment. The rupee dropped to 66.08 a dollar in early trades this morning.

Tata Consultancy Services announced after trading hours on Thursday that it posted a net profit of Rs.6,904 crore in the quarter ended March 2018, up 5.7 percent over the corresponding quarter in the previous financial year. The company’s board announced a final dividend of Rs.29 per share and approved a 1:1 bonus as well. The stock is currently up 4 percent. Infosys is gaining 2.35 percent and Wipro is adding 2.3 percent.

Tech Mahindra and HCL Technologies are trading higher by 3.5 percent and 3.3 percent, respectively. Cyient is up more than 6 percent after reporting a 16.2 percent jump in fourth quarter net profit.

Tata Motors is moving up 1.75 percent, and Cipla is gaining about 1.5 percent.

Tata Steel, Asian Paints, State Bank of India, Bajaj Auto, IndusInd Bank, Sun Pharmaceutical Industries and ITC are down 1 to 1.7 percent. HDFC, Axis Bank, ICICI Bank, Mahindra & Mahindra and Larsen & Toubro are also lower.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

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