Nifty reclaims 8,600; Tech Mahindra surges 6%

Markets started the first day of the November F&O series on a subdued note, amid weak global cues, weighed down by profit taking index heavyweights.

Benchmark share indices firmed up after the first hour of trade led by Tech Mahindra post encouraging second quarter earnings while Tata Motors rebounded on short covering.

the the S&P BSE Sensex was up 53 points at 27,969 and the Nifty50 was up 26 points at 8,641. In the broader market, the BSE Midcap and Smallcap indices were up nearly 1% each. Market breadth was strong with 1445 losers and 586 gainers on the BSE.

Tech Mahindra was up 6% after revenue for the quarter grew 8.3 per cent to Rs 7,167 crore; sequentially, it was up 3.5 per cent. Bloomberg had estimated the revenue would grow 2.3 per cent and net profit to decline 6.4 per cent. However, net profit was Rs 644.7 crore, down 16.9 per cent from the Rs 776 crore a year before. From the earlier quarter, it was down 14 per cent, due to a one-time restructuring cost of Rs 85 crore. 

Tata Motors witnessed short covering at lower levels after the sharp fall in the previous sessions and was up 2% while Hero MotoCorp and Maruti Suzuki were up nearly 1% each.

Shriram City Union Finance has surged 9% to Rs 2,546, also its record high on BSE, after the company reported a strong 34.3% year on year growth in net profit at Rs 204 crore for the quarter ended September 30, 2016 (Q2FY17), on the back of healthy net interest income.

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