Sensex jumps 137 points in early trade, TCS trails
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Continuing its climb for the fifth straight session, the benchmark Sensex surged over 137 points in early trade on Wednesday as investors built more bets amid increased foreign fund inflows.
The 30-share barometer rose 137.47 points, or 0.53%, to 25,953.83. The gauge had gained 1,142.52 points in the previous four sessions on positive macroeconomic data, forecast of an above-normal monsoon and Infosys' upbeat revenue guidance.
Also, the NSE Nifty was trading higher by 35.70 points, or 0.45%, at 7,950.40.
The rupee gave investors more to look forward to after it rose 30 paise to 66.25 against the US dollar in early trade today at the Inter-bank Foreign Exchange on increased sellingof American currency by exporters.
Major gainers that supported the key indices were Tata Steel, HDFC Ltd, Axis Bank, Dr Reddy's, Wipro, Lupin, ICICI Bank, ONGC, Coal India, Bharti Airtel, Adani Ports, NTPC and BHEL, advancing by up to 3.36%. Bucking the trend, TCS, the country's largest software exporter, fell 1.82% to Rs 2,476.55 despite the company reporting a stellar 72.7% growth in net profit at Rs 6,413 crore for the March quarter.
Stock exchanges were closed on Tuesday for 'Mahavir Jayanti'.
Brokers said sustained buying by investors, foreign capital inflows, an 'above-normal' monsoon forecast this year and better-than-expected earnings by Infosys all bolstered sentiment.
They said, however, a mixed trend at other Asian markets tempered mood and slammed brakes on the rising pace of the domestic market here.In the rest of Asia, Japan's Nikkei gained 0.61 per cen twhile Hong Kong's Hang Seng fell 1.06% in early trade. Shanghai Composite was trading 1.81% down. The US Dow Jones Industrial Average ended 0.27% higher in yesterday's trade.
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