After hitting the psychological 20,000 mark in early trades, the BSE benchmark Sensex, retreated this morning, giving up most of its gains as investors pressed sales in some heavyweight stocks.
The early upmove happened due largely to impressive results from IT major Tata Consultancy Services, which reported its earnings after trading hours on Monday. The overnight flat close on Wall Street and the subdued trend in Asian markets then dragged the market down from early highs.
The Sensex, which rose to 20,007.09 after opening slightly below the 20K mark, swiftly retreated to 19,910.91 and is currently at 19,926.51, up 20.10 points or 0.1% from its previous close.
The Nifty index of the National Stock Exchange is up 4.65 points or 0.08% at 6028.70, off an early high of 6044.60.
Tata Consultancy Services rose to Rs 1400 at the start, thanks to better than expected results from the company. Despite coming off that high, the stock is still trading firm at Rs 1372, netting a gain of around 2.8%.
After trading hours on Monday, Tata Consultancy Services announced that its consolidated net profit as per International Financial Reporting Standards rose 1.1% to Rs 3552 crore on 2.9% growth in revenue to Rs 16070 crore in the quarter ended December 2012, over the quarter ended September 2012. Operating income rose 4.8% to Rs 4381 crore in the December quarter, from the previous quarter.
TCS said its net profit rose 1.4% to $652 million on 3.3% growth in revenue to $2.948 billion for the quarter ended December 2012 and operating income rose 5.3% to $804 million.
Infosys is down 0.8% on profit taking after recent strong gains. Mphasis and Hexaware are trading higher by 1.3% and 2.3%, respectively. Wipro and HCL Technologies are up with modest gains, while Tech Mahindra, Mahindra Satyam and Oracle Financial Services are trading flat.
Axis Bank is trading 1.3% up amid cautious moves ahead of results. Tata Motors, ACC, Ambuja Cements, Ultratech Cement, BHEL, Bharti Airtel, ONGC, Larsen & Toubro, Maruti Suzuki, Mahindra & Mahindra, Jaiprakash Associates and Hindalco are up 0.5% - 1.3%.
Asian Paints, GAIL India, Lupin, ITC, Hero Motocorp, Cairn India, Hindustan Unilever, Sun Pharmaceutical Industries and ICICI Bank are trading lower by 0.5% - 1.2%.