Sensex pares gains after rising 130 points in early trades

Last Updated: Fri, Oct 14, 2016 10:09 hrs

The Indian stock market is modestly higher Friday morning, with investors tracking global cues and reacting to results from Tata Consultancy Services and the data on retail price inflation.

The BSE benchmark Sensex, which rose to 27,763.54, is currently up 29.07 points or 0.11% at 27,672.18. The Nifty50 of the National Stock Exchange is up 8.80 points or 0.1% at 8582.15, coming off an early high of 8600.20.

In the forex market, the rupee opened at 66.85 against the U.S. dollar, up 0.16% from its previous close of 66.94.

Tata Consultancy Services is up 2.3% at Rs 2380, after advancing to a high of Rs 2384.40 earlier. The IT major reported consolidated net profit of Rs 6603 crore for the quarter ended September 30, 2016 as compared to Rs 6093 crore for the quarter ended September 30, 2015. Total income increased from Rs 27,848 crore for the quarter ended September 30, 2015 to Rs 30,341 crore for the quarter ended September 30, 2016.

Infosys is up 2.2%, ahead of results. Wipro, the other IT major in the Sensex, is up by about 1.1%. Nifty stocks HCL Technologies and Tech Mahindra are up 1.8% and 1.5%, respectively.

Adani Ports, GAIL India, Tata Motors, Axis Bank, Reliance Industries, Larsen & Toubro, State Bank of India and Cipla are up 0.5% - 1.6%.

Bharti Infratel, BPCL, ACC, Tata Motor DVR, BHEL, Tata Power and Bank of Baroda are gaining 0.5% - 1.2%.

Hindustan Unilever is declining 1.7%. Bharti Airtel, Lupin, Zee Entertainment Enterprises, HDFC, Idea Cellular, Eicher Motors, Bajaj Auto and HDFC Bank are lower by 0.5% - 1.2%.

Data released by the government after market hours on Thursday showed India's consumer price inflation to have slowed more than expected in September, advancing 4.31% y-o-y. That was slower than the 5.05% increase in the preceding month. Inflation was 4.41% in September 2015.

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