Sensex, Nifty scale new peaks; TCS tanks over 6 pc

PTI, Oct 11, 2021, 4:27 PM IST

Mumbai: Equity benchmark Sensex rose 77 points to end at a record closing high of 60,136 on Monday, tracking gains in index heavyweights HDFC Bank, ICICI Bank, and ITC.

After scaling a new intraday high of 60,476.13 during the session, the 30-share Sensex closed 76.72 points or 0.13 percent higher at 60,135.78. Similarly, the Nifty rose 50.75 points or 0.28 percent to its all-time closing high of 17,945.95.

Maruti was the top gainer in the Sensex pack, rallying nearly 4 percent, followed by PowerGrid, ITC, NTPC, SBI, M&M, Kotak Bank, and HDFC Bank.

On the other hand, TCS was the top loser on the Sensex, shedding over 6 percent, after the company’s Q2 earnings missed street expectations.

According to an Emkay Global note, TCS Q2 operating performance missed expectations, reporting lower-than-expected revenue and earnings before interest, taxes, and corporate overhead or management (EBITM).

The company on Friday reported a 14.1 percent rise in consolidated net profit at Rs 9,624 crore in the September 2021 quarter.

Following suit, Tech Mahindra, Infosys, HCL Tech, and Reliance Industries fell up to 2.76 percent.

Indian markets started on a positive note following positive Asian market cues as investors took comfort on news of opening up more vaccinated travel lanes in 8 countries as COVID cases declines, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

“During the afternoon session, markets continue to trade handsomely as broad gains in rate-sensitive counters, viz, auto, realty, and utility. Traders also took support as data showed the country’s exports growing at a healthy rate. Exports have touched USD 197 billion during April-September this fiscal.

“Additional optimism came in as foreign portfolio investors (FPIs) remained net buyers to the tune of Rs 1,997 crore so far in October,” he added.

Elsewhere in Asia, bourses in Hong Kong and Tokyo ended with gains, while Shanghai was in the red.

Stock exchanges in Europe were largely trading with losses in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 2.12 percent to USD 84.14 per barrel.