Diabytes
IT stocks News
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Rupee traded higher by 24 paise to close at 85.09 against the US dollar, supported by continued weakness in the dollar index, which fell to 98.93.
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Sensex closed 224 points down on Wednesday at 60,346.97 points.
IT stocks slumped. Infosys dipped 4.53 per cent to Rs 1475.
There was good buying support in banking and financial stocks.
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TCS reported a 5.2 per cent rise in June quarter net profit on Friday.
Cross-currency headwinds and large scale talent churn resulting in higher wage hikes could also add to the challenges.
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Sustained FII inflows and fresh spell of buying by domestic institutional investors too kept the momentum going for the domestic bourses.
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Sustained FII inflows and fresh spell of buying by domestic institutional investors kept the momentum going for Indian shares.
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The wider Nifty too finished at its fresh life-time high on unabated buying.
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It took the benchmark just 17 sessions to scale the 35,000-mark from the 34,000-level reached on December 26.
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Intra-day, it climbed to 35,118.61, bettering its previous intra-day high of 34,963.69 reached on January 15.
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Frontline stocks of IT, Teck, bank, healthcare, financials and capital goods advanced while selling was seen in realty, telecom, auto and consumer durables segments.
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Frontline stocks of IT, Teck, bank, healthcare, financials and capital goods advanced while selling was seen in realty, telecom, auto and consumer durables segments.
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Around 1.05 p.m., the broader Nifty50 of the National Stock Exchange (NSE) rose by 105.05 points, or 1.02 per cent, to trade at a fresh high of 10,440.35 points.
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IT stocks continued to witness selling pressure for the second straight session Thursday, falling by up to 3.6 percent amid rising concerns as the sector is facing challenges on multiple fronts including stricter visa regime in key markets.
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The BSE benchmark Sensex struggled for direction in a day of volatile trade, falling 58 points to 31,213.36 as investors took to profit-booking amid a mixed trend in global markets ahead of UK elections and the European Central Bank's policy meeting.
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The Sensex rose to a 5-1/2-month high on Thursday, heading for a sixth consecutive session of gains with IT stocks leading the rally, while Bharti Airtel hit an 18-month high on its plan to buy Telenor India.
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Indian IT firms face the risk of higher operational costs and shortage of skilled workers with the proposed overhaul of popular H-1B visa regime by American President Donald Trump, leading to a sharp slide in tech stocks and prompting India to convey its concerns to the US.
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The benchmark BSE Sensex recovered form early losses, trading higher by 32 points in late morning deals, while the Nifty hovered around 8,100-level.
TCS scrip Thursday plunged over 5 percent, knocking Rs 24,797 crore off its market valuation, as the company has warned that its financial sector clients in the US are holding back on discretionary spends, leading to a "sequential loss of momentum".
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The benchmark BSE Sensex closed above 29,000-mark for the first in 17 months after rising 119 points Thursday on buying in auto and realty sectors, while IT stocks took a heavy beating following TCS' outlook warning.
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