Sensex Gains 70 Points in Early Trade, TCS up 9.85 Percent

Mumbai: The BSE benchmark index Sensex rose by over 70 points in early trade, as surging IT stocks led to the recovery in buying by funds and retailers after country's largest software exporter TCS posted better-than- expected Q4 earnings.

The 30-share barometer, which has lost over 407 points in the past two sessions, rose by 70.34 points, or 0.41 per cent, to 17,167.02, with IT, consumer durables, realty and banking sectors leading the recovery. The wide-based National Stock Exchange index Nifty also moved up by 21 points, or 0.40 per cent, to 5,221.60.

Brokers said sentiments turned better after TCS posted 22.6 per cent growth in net profit for the fourth quarter of last fiscal yesterday. Besides, bargain buying at prevailing levels and covering up of short positions for approaching monthly expiry in the derivatives segment on Thursday, also supported the recovery, they said.

TCS stocks shot up by a whopping 9.85 per cent to Rs 1,163.60 in the opening trade. Meanwhile, in Asian region, Japan's Nikkei fell by 1.15 per cent, while Hong Kong's Hang Seng index shed 0.15 per cent in the morning trade today.