Markets end higher led by TCS

Benchmark share indices ended higher on Tuesday helped by gains in software technology shares after better-than-expected fourth quarter earnings from Tata Consultancy Services boosted investor sentiment.

The Bombay Stock Exchange’s 30-share Sensex closed at 17,207 up 111 points or 0.7%. The National Stock Exchange’s 50-share S&P CNX Nifty closed up 22 points or 0.4% at 5,223. The Sensex had touched an intra-high of 17,248 and the Nifty touched an intra-day high of 5,180.

On the global front, Japan's Nikkei share average fell on Tuesday, weighed down by falling Asian indexes as political flux in Europe fanned fears of a widening euro zone debt crisis and investors were anxious ahead of a week of big financial events. The Nikkei fell 0.8% to 9,468.04, while the broader Topix index lost 0.7% to 803.94.

Market players said a sudden slide in Asian stocks signaled investors were jittery about the prospect of a destabilised Europe as well as Federal Reserve and Bank of Japan meetings to decide on further easing measures later this week.

European markets are trading firm with CAC, DAX and FTSE gaining by nearly 1%.

Back home, BSE Technology index zoomed over 5% followed by counters like Metal, Power, PSU, Realty and FMCG, all gaining between 0.4-1%. However, BSE Capital Goods index declined by over 1%.

From the IT space, TCS has zoomed by nearly 13% after the software major reported better-than-expected a 3.28% quarter-on-quarter (q-o-q) rise in net profit at Rs 2,895 crore for the quarter ended March 31, 2012. Analysts expected the company to report a net profit of Rs 2,861 crore in the recently concluded quarter. TCS had reported a net profit of Rs 2,803 crore in the previous quarter. Infosys and Wipro spurted between 2-4%.

Other notable gainers include Tata Power, Hero Moto, Tata Steel, Hindalco, HUL, Sterlite and NTPC

On the losing side, L&T was the top Sensex loser, down by almost 3%.

Telecom service providers are facing selling pressure on concerns that the steep increase in spectrum reserve price proposed by the telecom regulator would result in huge capital expenditure. The Telecom Regulatory Authority of India has proposed a high reserve price for telecom spectrum to be auctioned, at nearly Rs 3,622 crore per MHz in the 1,800-MHz band for GSM services. Bharti Airtel declined by nearly 2%.

Other losers include DLF, Bajaj Auto, GAIL India, JSPL, Maruti Suzuki, Cipla, SBI and M&M.

Meanwhile, Meanwhile, BSE Midcap and BSE Smallcap index closed flat

Rallis India dipped over 5% at Rs 122 after a sharp 47% year-on-year (y-o-y) decline in net profit at Rs 9.88 crore for the fourth quarter ended March 2012, due to lower spending by farmers.

Shares of United Phosphorus and Excel Crop Care have plunged more than 6% each on reports that Competition Commission of India (CCI) has slapped fine of Rs 317.91 crore for cartelization and price manipulations.

Gruh Finance surged 6% to Rs 722, its lifetime high after reporting more than double net profit growth at Rs 55.57 crore for the fourth quarter ended March 2012 due to higher loan disbursements.

The market breadth in BSE ended flat with 1333 shares advancing and 1393 shares declining.