Thaindian News

Mumbai, April 24 (IANS) A benchmark index for Indian equities markets closed 111 points higher Tuesday, led by an almost 12 percent surge in the share price of Tata Consultancy Services (TCS) and good buying support in other IT stocks on the back of a robust earnings outlook.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the positive at 17,154.75 points, closed at 17,207.29 points, up 0.65 percent or 110.61 points from its previous close at 17,096.68 points.

The wide-based 50-scrip S&P; CNX Nifty of the National Stock Exchange ended the day 0.42 percent down at 5,222.65 points.

The share price of the country’s largest outsourcing firm Tata Consultancy Services (TCS) surged 12.84 percent to Rs.1,195.25, a day after the firm announced 23 percent jump in fourth quarter profit.

There was strong buying support in other information technology stocks also. Wipro surged 4.44 percent at Rs.442.50. Infosys, the country’s second largest outsourcing firm, closed 1.58 percent higher at Rs.2348.55.

The Information Technology (IT) index of the BSE surged 4.93 percent to close at 5,562.12 points. The BSE TECk index that represents frequently traded stocks in telecom, media and telecommunications sectors, advanced 3.34 percent at 3,261.77 points.

Tata Power, up 2.54 percent at Rs.104.80; Hero MotoCorp, up 2.30 percent at Rs.2,195.25; Hindalco Inds, up 1.39 percent at Rs.120.55 and Tata Steel, up 1.24 percent at Rs.468.70 were among the major Sensex gainers.

However, telecom stocks slumped after the regulator proposed a steep hike in 2G spectrum prices. The country’s largest telecom firm Bharti Airtel fell 2.02 percent at Rs.306.35.

Nearly half of the 30 Sensex scrips closed in the red. L&T;, down 2.63 percent at Rs.1221.80; Bajaj Auto, down 1.63 percent at Rs.1646.00; DLF, down 1.46 percent at Rs.186.25 and Gail India, down 1.23 percent at Rs.348.25 were among the major Sensex losers.