Mid-day market trade: Sensex, Nifty roar to fresh peaks as strong TCS Q1 show lifts mood on D-Street

Indian equities led by aggressive buying in the IT pack following TCS’ better-than-expected Q1 show galloped up to 1,000 points on the BSE Sensex. Nevertheless, in the mid-day trade, the index pared some of its initial gains and last was up 0.89 per cent or 707.3 points at 80,604.64, while the Nifty index traded higher by 0.83 per cent or 200.95 points at 24,516.9. 

Meanwhile, the Nifty Midcap 100 index after scaling fresh highs traded with marginal gains of 0.02 per cent. The index on a year-to-date basis has generated 24 per cent return. 

Nifty Bank, the gauge of the banking sector’s performance, also lent support and was last up by 0.5 per cent at 52,553.

Prashanth Tapse, Senior VP (Research), Mehta Equities pointed out some of the positive market catalysts including TCS meeting Q1 estimates, record highs in the S&P 500 and Nasdaq, and speculation about further investor-friendly measures in the upcoming Union Budget.

RailTel shares traded sharply higher amid spurt in trading volume in the counter. The stock in intra-day trade marked its fresh 52-week high.

Shares of the Navratna PSU IREDA also recorded its fresh high ahead of the Q1 earnings due to be released later today. 

European markets traded on a positive note with the French CAC index up 0.58 per cent. After the US June CPI data, markets will closely watch the CPI and IIP data due later today despite the RBI Governor Shaktikanta Das’s caution on interest rate cuts.