Markets have come off their day highs after profit taking was seen in software major TCS after the stock surged in early trades on the back of better-than-expected first quarter earnings.
At 11:30AM the BSE Sensex was up 68 points at 17,300 after touching an intra-day high of 17,343 so far while the Nifty added 19 points at 5,255.
Meanwhile, the broader markets continued to outperform the benchmarks with both the BSE Midcap and Small-cap indices up 0.6% each.
Among the sectoral indices on the BSE, Bankex was the top gainer up 0.8% followed by TECk, PSU and Realty indices.
Among Sensex shares TCS was up 1.7% at Rs 1,257 after touching an intra-day high of Rs 1,285 so far. India's largest software exporter, reported a better-than-expected a 14.5% quarter-on-quarter (qoq) growth in consolidated net profit at Rs 3,318 crore for the quarter ended June 30, 2012.
Operational revenues grew 12.1% at Rs 14,869 crore on qoq basis. Operating margin however, declined marginally to 27.4% from 27.8% during the recently concluded quarter.
In the financial space HDFC Bank was up 1.7% at Rs 590 ahead of its first quarter earnings today.India's second-largest lender among private banks, is likely to post a healthy 30% year-on-year growth in its profit after tax to Rs 1,411 crore for the quarter ended June 2012, according to an average estimates of analysts. Net interest income is expected to go up by 26% to Rs 3,587 crore in the first quarter of FY13 from Rs 2,848 crore in a year ago period. Among other shares, ICICI Bank was up 0.7% and HDFC was up 0.4%
Oil and gas shares were also trading firm with ONGC up nearly 1% and index heavyweight Reliance Industries up 0.3%.
Other prominent Sensex gainers include, Cipla, Hero MotoCorp and GAIL India all up over 1% each.
Among other shares, Max Alert Systems has listed at Rs 51.50, a 158% higher against its initial public offer (IPO) price of Rs 20 per share on the Bombay Stock Exchange (BSE). The stock is currently trading at Rs 49.25, have seen 18,000 equity shares changing hands on the counter got listed on BSE SME platform.
Max Alert Systems, A Mumbai based Project Company with focus in areas as diverse as mining, fire fighting systems and telecommunications, had launched its Rs 8-crore IPO during June 28-July 2, 2012. The company had a fixed price issue of Rs 20 a share.
Market breadth continues to remain positive with 1,529 gainers and 783 losers on the BSE.