TCS up 12% after good numbers, markets consolidate in a listless day of trade…

Markets started off trade with a small gap up consolidating after yesterday’s sharp fall. Nifty moved in a very narrow range and the overall mood was subdued.  Even European markets like France’s CAC and Germany’s DAX jumped 1% each post Spain sold bonds worth 1.2 billion euro, which was higher than 1.08 billion Euro bonds at previous auction. Britain’s FTSE was up 0.5%.The day closed with the Nifty at 52222 up 22 points.

TCS shot up a whopping 12% after reporting a good set of numbers, the management said it was business as usual and exuded confidence of beating NASSCOM’s guidance of 11-13% for FY13.  Wipro too ended the day on a buoyant note up more than 4%, numbers for Wirpo are expected tomorrow. Hero Motor Corp, HCL Tech, Tata Power and SAIL were the other prominent gainers up between 2-4%.

Ambuja Cement lost the most down 4.6%.  LT, and ACC, ended the day lower 2.8% and 2.3%.

Telecom stocks continued to fall due to TRAI recommendations since yesterday. Idea ended the day lower by more than 4%. Bharti was down 1.65%

In the second line shares, United Phosphorous tanked 6% and Excel Corp ended lower 3.7% after The Economic Times reported that CCI fined both the companies for price manipulation.

KRBL and Kohinoor Foods surged about 6% post China allowed imports on Indian basmati rice.

TBZ IPO opened today. We find the valuation a little high and think that it is best to wait and see how the Company delivers on its expansion plan and then take an investment decision.

The good news was that market could hold the 5200 level but we are still on thin ground.  We did get a sense of consolidation.  Also activity in the active mid-caps indicated that rolls for the next series are beginning to pick up pace.  The new support for the Nifty is 5155 and the last hour of trade tomorrow promises to be exciting.

 

 

 

 

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