Indian Stocks remained strong for the trading session on Tuesday. Major gainers in today's session were Mahindra & Mahindra, ONGC, Bajaj Auto and Hindalco.
Cement counters led by UltraTechCement, ACC, Ambuja Cements and Grasim were trading higher. Among major losers were BPCL, HCL Tech, NMDC and Hero Motocorp.
Crompton Greaves declined 4.5 percent in today's session as the company announced quarterly results. The 6.5 percent growth in year-on-year net profit was below street expectations.
Indian markets drifted lower in the afternoon session. The markets opened positive on Tuesday with support from energy and FMCG stocks. The market breadth was positive in the afternoon with 1250 advances and nearly 1200 declines.
BSE Sensex was up by just 50 points at 2.30 pm and NSE Nifty was in the green at 6706. Among major gainers in today's trade were ITC, Reliance, ONGC, Tata Steel and ICICI Bank. Among losers were Tata Power, Power Grid, Ambuja Cements and Hindalco.
Advancing with its plan to gain majority control over United Spirits Ltd (USL), Diageo Plc on Tuesday announced its plans to launch a tender offer to buy up to 26 per cent more stake in the Indian distiller.
Diageo already holds 28.8 per cent stake in USL and if the just launched open offer is successful, its stake in the Indian firm will soar to more than 54 per cent.
Despite TCS' weak revenue growth outlook, IDFC maintained it's 'outperform' rating on the company's stock with a twelve-month target price of Rs 2,700 a share.
IDFC said in a note to investors that it believed that TCS was on track to enjoy industry leading dollar revenue growth in the fiscal year 2015 as well.
It said that improving discretionary spending on IT services in the United States and in Europe would drive healthy growth for the Indian IT companies. In the note, it added that it estimates suggested increase in TCS' valuations in case the global economy gathers momentum.
Stock in Tata Consultancy Services (TCS) tumbled as much as 5 per cent in early morning trade on Wednesday after the software services provider announced a low-key outlook for its quarterly revenue growth.
The largest Indian IT outsourcer yesterday announced that its revenue growth in the January-March quarter would likely be weaker than that of the October-December quarter.
Kotak Institutional Equities said in a note, "We are disappointed by the muted outlook for the quarter and expect constant currency revenue growth of around 2 per cent, down from our 3 per cent estimate earlier."
Shares of IT outsourcer Infosys came under tremendous selling pressure in morning trade on Thursday after the company announced that it was expecting this fiscal's revenue growth to be weak.
Infosys said it expected its revenue would likely grow 11.5 per cent year-on-year in 2013-14, lagging peers like TCS and HCL Tech.
The expected growth rate also lags industry body Nasscom's estimated growth rate of 13 per cent for the industry.
Stock in AstraZeneca Pharma India jumped to its upper circuit filter of 20 per cent at Rs 1,113 a share in early morning trade on Monday on the National Stock Exchange (NSE) after the drug maker revealed its delisting plan.
AstraZeneca Pharma India's board will meet this Wednesday to discuss a proposal to delist the company's shares from the Indian stock exchanges.
The Indian drug maker received the proposal for delisting of its equity shares from the Indian stock exchanges from its Sweden-based parent firm AstraZeneca Pharmaceuticals AB.
Shares of Tata Power and Adani Power enjoyed significant gains in early morning trade on Monday after they were granted compensatory tariff hikes by the Central Electricity Regulatory Commission (CERC).
The CERC allowed Tata Power to hike tariffs and receive compensation so that it could make up for losses that it incurred at its Gujarat-based Mundra plant.
While Asian stocks suffered considerable falls in wake of announcement of the U. S. tapering on Thursday, India's Sensex was little changed. The Sensex shed just 0.72 per cent to close at 20,498.25 points, indicating that Indian economy is better prepared to face the winding down of the U. S. Federal Reserve's stimulus programme.
Stock in Hindustan Zinc Ltd gained as much as 5 per cent in early morning trade on Tuesday, a day after the government approved a stake sale in the company.
The government owns a 29.5 per cent stake in the Hindustan Zinc, which is controlled by billionaire Anil Agarwal Vedanta Resources.
London-listed Vedanta gained the support of its shareholders in October last year to acquire the government's minority stakes in Hindustan Zinc as well as Bharat Aluminium Co for up to $3.48 billion.