 "Markets remain lacklustre; Nifty hovers at 8,300")
By 11:30, the Sensex was at 27,618, higher by 45 points and the Nifty was at 8,337, up 7 points.
In the broader markets, the midcap and smallcap indices have edged higher by 0.1% each at 10,856 and 11,334 respectively.
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On the macro-economic data front, India's Index of Industrial Production (IIP) data for the month of May is due today.
RUPEE
The rupee has gained further in early trade Friday, opening marginally higher by 7 paise at 63.32 per dollar against the previous day's close of 63.39 a dollar.
TCS Q1 RESULTS
TCS has reported a net profit of Rs 5,708.9 crore, up 12.8% from Rs 5,057.8 crore in the first quarter of FY15. The stock is has slipped by 0.6%.
At Rs 25,668 crore, revenue was up 16.1% on a year-on-year basis and six per cent sequentially. But revenue growth in dollar terms was below the Street’s estimates.
According to Reliance Securities, “TCS’ revenue was a slight-miss on vertical-specific count while profitability was tad-better on efficiencies and strong performance in core geo. We believe that strong digital adoption (digital revenue at 12.5% of 1Q revenue and growth at double-digit on sequential basis) and large transformational infrastructure deals (improvement in client metrics and infrastructure services) will drive growth ahead mitigating headwinds in energy/insurance/telecom; maintain BUY with Target Price of Rs 3,030.”
SECTORS & STOCKS
Sectorally, BSE Capital Goods, Metal and Bankex indices have gained 0.4-0.7% each, while the BSE FMCG index has lost 0.7%.
The leading gainers on the Sensex are Vedanta, BHEL, Coal India, ICICI Bank and Reliance Industries, each of which have gained 1-2% each. On the other hand, Bharti Airtel, Hindustan Unilever and NTPC have shed around 2% each to top the loser's list on the BSE.
On the sectoral front, the capital goods sector is doing well this morning, while the FMCG space is bucking the trend. In the capital goods space, L&T, Crompton Greaves and Alstom have gained 1-2% each. On the other hand, the FMCG sector is having a rough ride. Hindustan Unilever has weakened by 2%, while Colgate Palmolive, Dabur India and Nestle have shed about 1% each.
On the stock-specific front, Tata Steel crude steel production showed an increase of 0.5% to 2.5million tonnes in Q1 2015 year-on-year. The stock has gained 0.4%
Wipro is set to acquire Designit, a Denmark-based global strategic design firm, for Euro 85 million (Rs 595 crore, or $94 million). The stock has advanced 1.3%
Shares of Maruti are up 0.25% after the car manufacturer announced that its Celerio model that was launched in 2014 has sold over 1,00,000 units.
The market breadth is positive. Out of 2382 stocks traded on the BSE, there are 1283 advancing stocks as against 1016 declines.