Sensex, Nifty may open up on Asian cues, investor interest in TCS
- Author: Zachary Reyes Feb 21, 2017,
Feb 21, 2017, 8:56
Closer home, benchmark indexes Sensex and the Nifty rose about 0.7 percent on Monday, with IT and telecom stocks pacing gainers, as TCS' board approved a buyback of up to 5.6 crore equity shares and the latest buzz indicated the telecoms sector is on the brink of major consolidation.
Top losers in the Sensex-30 pack: Axis Bank (down 1.9 per cent), ITC (down 1 per cent), HDFC (down 0.9 per cent), Dr Reddy's Labs (down 0.6 per cent), and ICICI Bank (down 0.3 per cent). Markets were boosted by gains in information technology and telecom stocks, and several shares hit record highs during intra-day trading. Shares of Idea Cellular Limited ended 2.60% higher at Rs 108.65 after a PTI report said its proposed merger with Vodafone India was likely to be finalised by the end of the month.
Indian shares may follow their Asian peers higher on Tuesday after Greece and its worldwide lenders agreed to resume negotiations over Greece's bailout review next week.
Tata Consultancy Services, India's largest software services exporter, has announced that Tata Sons Chairman Natarajan Chandrasekaran will also be its non-executive Chairman from Tuesday.
IDBI Bank: The shares of the bank will be keenly watched as a source closed to Ministry of Finance said that IDBI Bank stake sale is very much on the government agenda.
The Asian markets were uptick with China's Shnaghai Composite gaining 0.86 per cent, Hang Seng Index rising 35 points and Japan's Nikkei gaining 137 points. The company on Monday reported 85% increase in its December quarter consolidated net profit to Rs205.70 crore against Rs111.04 crore a year ago.
Asian stocks held ground on Tuesday though Chinese equities surged to a fresh two-month high as domestic funds piled into financial counters on expectations the world's second biggest economy may have turned a corner. The index is up more than 11 per cent since December 23, which marked the trough in a sell-off triggered by Donald Trump's surprise win at the United States election in November.