Sensex, Nifty rise; TCS market cap crosses $100 billion

Indian shares rose on Monday, with software services exporter Tata Consultancy Services (TCS) crossing $ 100 billion in market capitalisation, which helped boost sentiment in IT stocks.

TCS shares gained as much as 4.6 percent to hit a record high of 3,557.90 rupees. Strong results from the company and Infosys Ltd, coupled with a weakening of the rupee, have led to buying in the sector.

The Nifty IT index gained as much as 2 percent to touch a record high.

The rupee fell to as low as 66.235 against the dollar, its weakest level since March last year. It has fallen 1.5 percent so far this month.

The broader NSE Nifty was up 0.44 percent at 10,610.60 as of 0521 GMT, driven by TCS and Reliance Industries Ltd.

The benchmark BSE Sensex was 0.36 percent higher at 34,537.77.

“Market is waiting to take a direction amid mixed news… There is caution ahead of earnings season and high crude (oil) levels,” said Neeraj Dewan, director at Quantum Securities.

Market heavyweights Reliance Industries, Wipro Ltd and Bharti Airtel Ltd are expected to report March-quarter earnings this week.

Financials stocks also rose, with Yes Bank and Kotak Mahindra Bank among top percentage gainers. Indiabulls Housing Finance rose as much as 2.3 percent after strong results in the March quarter.

HDFC Bank Ltd posted a record profit for the March quarter, but its bad loans rose. Shares pared initial gains to trade 0.6 percent lower.