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Nifty Rises After Three Sessions Of Falls; TCS Leads Gains

The Sensex ended 141 points higher at 33,844 while Nifty settled at 10,397, up 37 points.

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Nifty Rises After Three Sessions Of Falls; TCS Leads Gains

TCS, Tech Mahindra and HCL Tech gained over 3 per cent each.

Markets edged up on Wednesday after three straight sessions of falls, with IT stocks extending gains. The Sensex ended 141 points higher at 33,844 while Nifty settled at 10,397, up 37 points. Among the IT stocks, TCS led the gains, rising over 3 per cent. Indian markets had fallen in the past three sessions as the PNB fraud rattled investor sentiment. Meanwhile, the rupee weakened further to fresh three-month low of 64.94 against the US dollar today. The rupee's weakening boosted shares of IT companies, which draw bulk of their revenues from overseas markets. 

Among other frontline IT stocks, Tech Mahindra and HCL Tech rose over 3 per cent while Infosys gained nearly 1 per cent. Portfolio shuffling, together with expectations of stable earnings, is prompting investors to flock in the IT pack, said Saurabh Jain, assistant vice president of research at SMC Global Securities.

Revenue from software services exports will rise 7 percent-9 percent in constant currency terms in the fiscal year to March 2019, the National Association of Software and Services Companies forecast on Tuesday, as the industry continues to recover from what has been a tough year.

"IT stocks and ITC have given stability to markets at this level... Markets could remain range-bound today," said Madhumita Ghosh, head corporate solutions, Tasmac Global Education.

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Another market heavyweight ITC rose nearly 2 per cent.

On the other hand, selling pressure in metal, pharma and capital goods stocks capped gains. Among Nifty 50 stocks, Sun Pharma slumped 6 per cent to be the top loser. The other top losers in the Nifty50 pack included Tata Steel, IndusInd Bank, Bajaj Finance and Hindalco Industries, down between 1.5 per cent and 3 per cent.

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