Sensex rises over 100 points in early trade; TCS tanks 6%

Mumbai: Equity benchmark Sensex rose over 100 points in opening trade on Monday, tracking gains in index heavyweights HDFC Bank, Reliance Industries and Kotak Bank amid a positive trend in global markets.

After opening over 100 points lower, the 30-share Sensex recovered the losses and gained 100.22 points or 0.17 per cent to trade higher at 60,159.28. Similarly, the Nifty rose 52.05 points or 0.29 per cent to 17,947.25.

Maruti was the top gainer in the Sensex pack, rallying over 3 per cent, followed by NTPC, PowerGrid, Kotak Bank, Bajaj Finserv and Bajaj Auto.

On the other hand, TCS was the top loser in the Sensex pack, shedding over 6 per cent, after the company's Q2 earnings missed street expectations.

According to an Emkay Global note, TCS Q2 operating performance missed expectations, reporting lower-than-expected revenue and earnings before interest, taxes and corporate overhead or management (EBITM).

The company on Friday reported a 14.1 per cent rise in consolidated net profit to Rs 9,624 crore in the September 2021 quarter.

Following suit, all IT stocks in the index were trading in the red.

In the previous session, the 30-share index jumped 381.23 points or 0.64 per cent to close at 60,059.06, and Nifty rose 104.85 points or 0.59 per cent to its fresh closing peak of 17,895.20.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 64.01 crore on Friday, as per exchange data.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo were trading with gains in mid-session deals, while Seoul was closed for a holiday.

Meanwhile, international oil benchmark Brent crude rose 1.43 per cent to USD 83.57 per barrel. 

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