Market opens flat on Friday, TCS up nearly 4% on strong result

Sensex was trading at 77,442.68 after dropping 177.53 points, while Nifty was at 23,458 after declining 68.50 points in early trade

Mumbai: The Indian stock market opened flat on Friday as buying was seen in the IT sector after strong Q3 results of Tata Consultancy Services (TCS), which saw its stock jumping 3.7 per cent at Rs 4,186 apiece in early trade.

The IT sector was trading with a gain of more than 2 per cent.

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At around 9.34 am, Sensex was trading at 77,442.68 after dropping 177.53 points or 0.23 per cent, while Nifty was trading at 23,458 after declining 68.50 points or 0.29 per cent.

On the National Stock Exchange (NSE), 656 stocks were trading in green, while 1,477 stocks were in red. Nifty Bank was down 67.95 points or 0.14 per cent at 49,435.55.

According to market experts, since the results season has started, the market will witness lots of stock-specific action in response to the results. “Results of TCS indicate that the IT sector will continue to remain resilient,” they said.

Meanwhile, in the Sensex pack, TCS, Tech Mahindra, Infosys, HCL Tech, Tata Motors, Nestle India and Bajaj Finance were the top gainers. Whereas, Indusind Bank, Zomato, NTPC, SBI, Power Grid, Kotak Mahindra Bank, Tata Steel, Axis Bank, Titan and Asian Paints were the top losers.

The Dow Jones climbed 0.25 per cent to close at 42,635.20. The S&P 500 gained 0.16 per cent to 5,918.30 and the Nasdaq declined 0.06 per cent to close at 19,478.88 in the last trading session on Wednesday.
In the Asian markets, Jakarta and Seoul were trading in green. Hong Kong, China, Bangkok and Japan were trading in red.

“There appears to be no respite to the sustained foreign institutional investors (FII) selling which touched Rs 7,170 crore on Thursday. This will continue to put pressure on the market,” they noted.