TCS may act as a drag on Sensex

By agencies   |   Tuesday, 26 April 2005, 07:00 Hrs
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MUMBAI:The inclusion of Tata Consultancy Services (TCS) in the Bombay Stock Exchange (BSE) Sensex from June may act as a drag on it in the same way as it has dampened movement in the Nifty since April 19, when the company announced its disappointing Q4 results.

The Bombay Stock Exchange has decided to include TCS in the Sensex from June 6.

In the five trading days from April 18 to April 22, the BSE Sensex gained 3.08 percent from 6156.78 to 6346.57. In comparison, the S&P CNX Nifty gained only 2.05 percent from 1927.80 to 1967.35 mainly because of the TCS impact.

TCS fell a huge 11.57 percent during the week from 1295 on April 18 to Rs 1145.15 on April 22 mainly because of the 33 percent drop in Q4 net profit announced on a flat revenue growth.

TCS has a weight of 6.51 percent in the Nifty. If the stock continues to display weakness, it may dampen any rise in the Sensex after its inclusion.

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