Indian equities were flat after Tata Consultancy Services’ Q2 earnings. The Sensex rose 19.66 points and the NSE Nifty 50 0.13%. TCS’s Q2 results and share buyback slowed the market.
Share Market Today: Indian domestic equities started the trading day well but subsequently flattened after Tata Consultancy Services’ lackluster Q2 results. The BSE benchmark Sensex rose 19.66 points, or 0.03%, to 66,492.71. In parallel, the NSE Nifty 50 rose 25.75 points, or 0.13%, to 19,837.10.
Indexes traded flat this morning
The big indices traded flat in the morning, with the Sensex up 8.46 points at 66,481.51. The Nifty rose 5.20 points to 19,816.55.
Stock drops after TCS Q2 earnings
Opening session market sentiment was influenced by Tata Consultancy Services. TCS stock fell 1.50% as the IT services major reported an 8.7% increase in net profit to INR 11,342 crore for the September quarter. TCS announced a share buyback program for up to 4.09 million equity shares for up to INR 17,000 crore.
Top stocks falling
TCS, Bharti Airtel, Dr. Reddy’s, Tech Mahindra, Nestle India, Bajaj Finance, Cipla, Apollo Hospital, Divis Laboratories, SBI Life, Bajaj Finserv, and Infosys were major contributors to the morning session’s market decline.
Asian markets rise
Stocks traded enthusiastically in Asian equities markets. U.S. shares rose for a fourth day despite higher-than-expected wholesale inflation.
Conclusion
TCS’s lackluster Q2 earnings slowed Indian markets, which started the day on a high. The BSE benchmark Sensex rose 19.66 points, or 0.03%, to 66,492.71, while the NSE Nifty 50 rose 25.75 points, or 0.13%, to 19,837.10. Key indices traded flat in the morning, with the Sensex up 8.46 points at 66,481.51. The Nifty rose 5.20 points to 19,816.55. The morning session’s market fall was led by TCS and other major businesses. Asian equity markets started trading with anticipation as U.S. equities rose for the fourth day in a row, despite higher-than-expected wholesale inflation data.
