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Sensex, Nifty End Choppy Session Marginally Higher; IT Stocks Underperform
(RTTNews) - Indian shares fluctuated before ending on a flat note Thursday after TCS' Q$ revenue and margins missed analyst estimates.
Positive industrial output and inflation readings on the domestic front coupled with signs of a weakening dollar in international markets helped limit overall losses to some extent.
The benchmark S&P/BSE Sensex moved in the range of 60,081-60,487 before ending the session up 38.23 points, or 0.06 percent, at 60,431.
The broader NSE Nifty index settled 15.60 points, or 0.09 percent, higher at 17,828 after choppy trading.
Banks and financial heavyweights advanced, offsetting broad-based losses in the IT sector.
TCS fell 1.5 percent after both the top and bottomline figures came in below Street estimates.
Infosys tumbled 3.1 percent ahead of its earnings results due after market hours. HCL Technologies and Tech Mahindra both fell over 2 percent while HDFC Life and IndusInd Bank both rallied about 3 percent.
The Indian rupee strengthened to the psychologically critical 81.85-per-dollar level after data showed U.S. inflation rate eased to 5 percent in March, the lowest rise in almost 2 years.
That bolstered bets that the Federal Reserve may hold rates steady in May, something it has not done for more than a year and could cut interest rates later this year in order to prop up the economy.
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