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Sensex rebounds after negative start, HCL Tech up on strong earnings

By Firstbiz Staff

A volatile start to the markets today with the Sensex opening in red but soon rebounding after HCL posted robust numbers. With the RBI meet a few days away, the attention will continue on the results.

Yesterday the markets had ended flat after RBI Guvernor Subbarao said that monetary easing is difficult since inflation is still high.

At 9:32 am, the Sensex was 0.10 percent higher at 19837 while the Nifty was up 0.12 percent at 6009.

Reuters

HCL Tech soared around 4 percent after it beat estimates with a 68.4 percent jump in quarterly profit, joining Infosys and Tata Consultancy Services in signalling a pickup in outsourcing.

Bajaj Auto stock is up nearly 1 percent, a day after the automaker's Q3 margin slipped while profit met estimates.

DLF is up 1.19 percent after the Economic Times reported that the real estate major has sold its windmills in Gujarat, Tamil Nadu, Karnataka and Rajasthan under a two-phased "slump sale".

TCS, SBI, ICICI Bank, Tata Steel, Hero MotoCorp, ONGC, Dr Reddys Lab, Bajaj Auto, Tata Motors, Hindalco Inds, Mahindra & Mahindra are among gainers in Sensex and Nifty.

RIL, Infosys, Wipro, NTPC, Bharti Airtel, Sun Pharma, BHEL, HDFC are among losers in Sensex and Nifty.

Meanwhile, in a pre-budget meeting with finance minister P Chidambaram, India Inc demanded that the ministry does not introduce any new or higher taxes.

Chidambaram has indicated that he will outline amendments to the Constitution on the Goods and Services Tax (GST) in his Budget speech. He told states that there needs to be consensus among them on tax reform.

by Firstbiz Staff

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