Indian Equity Market Opens Steady, TCS Shares Surge Nearly 4% Following Impressive Results
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Mumbai, Jan 10 (NationPress) The Indian equity market began the day with a steady performance on Friday, with increased buying observed in the IT sector following the robust Q3 results from Tata Consultancy Services (TCS). The company's stock surged by 3.7% to reach ₹4,186 per share in early trading.
The IT sector experienced gains exceeding 2%.
As of approximately 9:34 AM, the Sensex was recorded at 77,442.68, reflecting a decline of 177.53 points or 0.23%, while Nifty settled at 23,458 after a drop of 68.50 points or 0.29%.
On the National Stock Exchange (NSE), 656 stocks were on the rise, while 1,477 stocks faced losses.
The Nifty Bank index fell by 67.95 points or 0.14% to 49,435.55. The Nifty Midcap 100 index was down to 55,472.90 after a decrease of 273 points or 0.49%. Meanwhile, the Nifty Smallcap 100 index stood at 18,016.85, down 101.50 points or 0.56%.
Market experts suggest that with the onset of the results season, an increase in stock-specific movements will be expected.
“The strong results from TCS indicate that the IT sector is likely to maintain its resilience,” they remarked.
In the Sensex group, TCS, Tech Mahindra, Infosys, HCL Tech, Tata Motors, Nestle India, and Bajaj Finance were among the top gainers. Conversely, Indusind Bank, Zomato, NTPC, SBI, Power Grid, Kotak Mahindra Bank, Tata Steel, Axis Bank, Titan, and Asian Paints were listed as the top losers.
The Dow Jones increased by 0.25% to close at 42,635.20. The S&P 500 saw a gain of 0.16% to reach 5,918.30 while the Nasdaq experienced a slight decline of 0.06%, finishing at 19,478.88 during the last trading session on Wednesday.
In the Asian markets, Jakarta and Seoul were performing well, while Hong Kong, China, Bangkok, and Japan faced declines.
“Given the prevailing uncertainty surrounding the potential actions of US President-elect Donald Trump, a significant rally in the market appears unlikely in the immediate future,” experts stated.
“The persistent selling by foreign institutional investors (FII), amounting to ₹7,170 crore on Thursday, will continue to exert pressure on the market,” they added.
On January 9, domestic institutional investors (DII) purchased equities worth ₹7,639.63 crore.
