Sensex consolidates, Nifty holds 10,400; TCS falls 5%, BoI rallies 9%
Benchmark indices opened mildly lower on Tuesday after the January's industrial output and February's CPI inflation data announced later in the day yesterday. It was a bit of profit booking after yesterday's more than 600 points rally on the Sensex.
The 30-share BSE Sensex was down 25.52 points at 33,892.42 and the 50-share NSE Nifty fell 7.50 points to 10,413.90.
TCS was biggest loser among Nifty50 stocks, falling more than 5 percent after big block deal.
Nifty Midcap was down 38 points and Nifty Bank was flat.
UCO Bank, IDBI Bank, PNB, Canara Bank, Bank of Baroda, Balrampur Chini, Shree Renuka, Dhampur Sugar, InterGlobe Aviation and Biocon fell up to 5 percent.
TCS shares fell more than 5 percent in morning after the large block deal trade.
Tata Sons, the promoter of major operating companies of the Tata group, was planning to raise around Rs 8,200 crore by selling stake in the IT major, according to investment banking sources.
Tata Sons was looking to sell around 2.83 crore shares amounting to about 1.48 percent stake in TCS, the sources added.
Shares of Bank of India rose 10 percent on the back of recovery of Rs 7,000 crore from other banks.
The bank has recovered Rs 7,000 crore worth Standby Letters of Credit (SLOCs) in the last two months and the balance of Rs 2,000 crore would be recovered in another two months, a top bank official said.
The rupee inched higher by 9 paise to 64.95 against the US dollar on better-than-expected inflation numbers and mild selling of the greenback by exporters amid sustained foreign capital inflows.
However, the dollar gains against most major global currencies overseas limited the gains for the domestic unit.
A 7.5 percent growth in industrial output in January and selling of the American currency by exporters supported the rupee, forex dealers said.
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