TCS Jumps 5% After Q2 Results; Market Rebounds

Markets opened higher today after Thursday’s sharp sell-off (Sensex -1,045 points, Nifty -371 points). The Sensex opened at 71,776.67 against a previous close of 71,593.24, and the Nifty opened around 22,314-22,324. Two things drove the recovery. US Treasury yields pulled back, and oil eased after reports that Trump ruled out an Iran attack before November. The gains built through the morning, and by 11 AM the Sensex was up 809 points (1.13%) at 72,402.51. 1)

is today’s standout stock. It rose about 5% in early trade and was at ₹2,178.10 (+4.92%) around 12 PM, the top Nifty gainer, up from a previous close of ₹2,076.00. The move followed its Q2 results, released after market hours on Thursday. I couldn’t verify the result details, so the reason for the jump is the market’s reaction to the numbers. 2)The whole IT pack is rallying. Nifty IT led all sectors with a gain of about 2.8% at the open, and Infosys, HCL Tech and Tech Mahindra also rose. That ends a four-day losing run for the sector. 3)Other notable gainers: Apollo Hospitals (+3.5%), Eicher Motors (+3.6%), Bajaj Auto (+3%), Max Healthcare (+3%) and ITC. FMCG was the second-strongest sector. 4)The rally is broad. Nifty Midcap 100 rose 0.56% at the open, and banks were modestly higher. Metal and pharma were the weakest sectors. BEL, Reliance and JSW Steel were small decliners.