TCS share price slips in red after briefly hitting 52-week high ahead of Q3 results

Shares of India’s largest IT company Tata Consultancy Services were trading in the negative territory on Thursday ahead of the third quarter earnings of the IT bellwether which will be out in a couple of hours. The stock of Tata Consultancy Services was trading down by 0.6% on both BSE and NSE on Thursday. At the time of writing, the share price of TCS was down 0.62% at Rs 2,789.8 on BSE while the stock was trading 0.56% lower at Rs 2,790.9 on NSE. In the morning trades, TCS shares along with 3 other major IT firms hit a 52-week high. The shares of Tata group’s cash cow TCS extended gains after starting at Rs 2,810 surging 0.55% to a 52-week high of Rs 2,821.9 while the stock India’s second-largest IT Infosys rose 2.96% to a 52-week high of Rs 1,083.4 on NSE.

Apart from these two big IT firms, shares of KPIT and Tech Mahindra also surged to fresh 52-week highs today. The benchmark Nifty IT index was trading unchanged after hitting an all-new 52-week high mark rising by 1.1% to 12,178.8 on Thursday. The stock of Tech Mahindra gained over 2% to hit a 52-week high of Rs 555.85 whereas the stock KPIT added as much as 2.69% to a 52-week high of Rs 211.8 on NSE. Shares of other IT firms such as Oracle Financial Services Software, Mindtree surged up to 2.1% while Wipro, Tata Elxsi and HCL Tech shed up to 1.5%. Today, 11 January 2018, the IT giant TCS is all set to release its third-quarter earnings report card while India’s second-largest IT company Infosys will announce its Q3 earnings tomorrow on 12 January 2018.

In the week ahead, the global cues such as rising crude oil prices, combined with the direction of foreign fund flows and the rupee’s movement against the US dollar, will also impact investors’ risk-taking appetite.

Meanwhile, India’s stock markets started on a cautious note on Thursday as investors were keenly awaiting the major third-quarter earnings beginning with the blue-chip firm TCS. BSE Sensex started at 34,471.48, up by 38.41 points while NSE Nifty began the day at 10,637.05, just 4.85 points up from Wednesday’s closing. Within minutes of trading activity, both the key equity indices fell into negative territory and continued to hover around opening marks. In the afternoon trade, the benchmark equity indices regained momentum. S&P BSE Sensex was trading up 0.17% 34,490.41 while NSE Nifty was trading 0.11% higher at 10,644.15.