Nifty, BSE Sensex End the Week On a Positive Note; TCS Sales Rise 5% in Q3

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Nifty, BSE Sensex End the Week On a Positive Note; TCS Sales Rise 5% in Q3

By Aditya Raghunath -- Nifty and the BSE Sensex closed at new records as bulls took control of the markets today. Nifty closed up 1.48%, rising 209.9 points to 14,347.25. Sensex gained 1.43% or 689.19 points to close at 48,782.51.

IT and auto stocks led the rally today. Maruti (NS: MRTI ) gained 5.79% while Tech Mahindra (NS: TEML ) closed up 5.35% followed by Wipro (NS: WIPR ) at 5.22%. Metals and banks took a hit today with Hindalco Industries Ltd. (NS: HALC ) losing 1.94% and IndusInd Bank (NS: INBK ) dropping 1.61% followed by Tata Steel (NS: TISC ) at 1.36%.

TCS (NS: TCS ), India’s IT bellwether, announced its Q3 results for FY21 today. It reported sales growth of 5% year-over-year at Rs 42,015 crores while net profit was up 7% at Rs 8,701 crores. TCS also disclosed it will pay an interim dividend of Rs 6 per share. 

Auto stocks have gone up as the market believes that the sector is ripe for recovery and people will start buying passenger vehicles in large numbers again.

Indian markets also followed global cues today. Nikkei 225 ended up 2.36%, closing at a record high while KOSPI 50 closed up 3.97%. Dow Futures are up 0.28%, S&P 500 Futures and Nasdaq 100 Futures are up 0.27% and 0.36% respectively. U.S. stocks are set to open higher, still supported by expectations of greater government spending and continued accommodation from the Fed.

Crude oil is trading at $51.14 while gold prices have taken a hit and fallen below the $1,900 level. They are now trading at $1,891.

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