Markets gain as investors cheer TCS results

Mumbai: Equity benchmarks Sensex and Nifty logged gains for a third session in a row as investors cheered robust March quarter results posted by IT bellwether Tata Consultancy Services.

An encouraging start of the corporate earnings season, positive cues from global markets and expectations around US-China trade agreement lifted market sentiment.

The BSE benchmark Sensex closed 138.73 points or 0.36 per cent higher at 38,905.84, while the broader NSE Nifty ended with 46.90 points or 0.4 per cent gains at 11,690.35.

Sectorally, metal, realty, auto and telecom indices ended up to 2.24 per cent higher. The market breadth was tilted in favour of buyers as about 1,454 shares advanced and 1,141 declined on the BSE.

In a major boost to investors' optimism, IT bellwether TCS soared after the company on Friday reported a 17.7 per cent growth in consolidated net profit at Rs 8,126 crore for the March 2019 quarter.

Agriculture stocks got a boost after the country's Meteorological Department said monsoon is likely to be "near normal" this year.

Dhanuka Agritech, Kaveri Seed Company, Monsanto India and PI Industries rose up to 1.49 per cent. The Met Department's forecast helped address concerns around food inflation and was also responsible for driving some gains.

Global crude oil benchmark Brent futures fell 0.73 per cent to $71.03 per barrel. Meanwhile, the Indian rupee depreciated 25 paise to 69.42 against the US dollar on Monday.

Meanwhile, foreign institutional investors (FIIs) purchased equities worth Rs 713.22 crore on Monday and domestic institutional investors (DIIs) bought shares to the tune of Rs 581.36 crore, provisional data available with stock exchanges showed.

Asian shares ended on a mixed note on Monday. In Europe, bourses in Germany, France and the UK were trading in the positive terrain in early deals.