Sensex, Nifty rangebound amid tepid global cues; TCS plunges 5%


NEW DELHI: Benchmark indices recouped early morning losses to trade flat in Tuesday’s session. TCS, the largest IT exporter plunged 5 per cent after 6 blocks deals, ET Now reported.

At 9.23 am, the BSE Sensex was trading 30.30 points, 0.09 per cent higher at 33,948.24. The index was down nearly 100 points in morning trade. The NSE barometer Nifty50 rose 6.10 points, or 0.06 per cent, to 10,427.50. The trading was lacklustre, much in line with other Asian markets.

“In terms of Fibonacci retracement, the Nifty is attempting a deep retracement with possibility to extend till 78.6 per cent retracement of the recent fall. Also the daily Know Sure Thing (KST) triggered a bullish crossover on Monday. All these observations show that the pullback is likely to stretch further on the upside. The index can test 10,500-10,530 before resuming larger down trend,” Sharekhan said in a note.

Wipro rose 2.15 per cent to Rs 297. Bharti Airtel, SBI and Sun Pharma advanced 1.25 per cent, 1.21 per cent and 1.21 per cent, respectively.

Shares of IT major Tata Consultancy Services (TCS) tumbled 5 per cent after 3.2 crore shares worth Rs 8,992 crore traded in block deals on stock exchanges. The stock was ruling at Rs 2,892 apiece

ACC fell 0.3 per cent while Ambuja Cements added 0.5 per cent after the two Indian units of LafargeHolcim said they plan to enter into a ‘master supply agreement’ with each other.

Source: Economic Times