April 23, 2012 / 5:02 AM / 6 years ago

Sensex, Nifty trading up; TCS rises ahead of earnings

Reuters Market Eye - The Sensex and the Nifty rose in early trade, led by gains in Tata Consultancy Services (TCS.NS) ahead of its Jan-March earnings and banking stocks on hopes the Reserve Bank of India would take measures to enhance liquidity.

Stock brokers engage in trading at a brokerage firm in Mumbai February 14, 2008. REUTERS/Arko Datta/Files

TCS, India’s top software exporter, is expected to post a net income of 28.21 billion rupees in Jan-March, as per Starmine data.

The Nifty index for bank stocks was up 0.44 percent, led by ICICI Bank (ICBK.NS), up 0.8 percent, and State Bank of India (SBI.NS), up 0.6 percent.

Traders expect the market to be rangebound, grappling with derivatives expiry this week and foreign tax issues.

A fall in Nifty on Friday, which traders are attributing to a trading error, is also weighing on the market. The National Stock Exchange, however, denied the speculation.

The country’s main 30-share BSE index up 0.24 percent to 17,414 points, and the 50-share NSE index rose 0.23 percent to 5,302 points.

Reporting by Abhishek Vishnoi

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