Uncertainty looms over the fate of Tata Consultancy Services’ (TCS) $2.2-billion contract with UK-based Friends Life Group with Aviva, the UK’s second-largest insurer, saying it is buying out Friends Life in a $8.8-billion deal.

TCS, India’s largest information technology (IT) service provider, had bagged the contract in 2011 for a period of 15 years through its UK-based business process outsourcing unit Diligenta.

Markets recovered from day lows as strength in Infosys, L&T and Sun Pharma managed to cap losses in HDFC twins, TCS and Bharti Airtel. At 1045 hrs, the Sensex was down 185 points at 27,994 and the Nifty was down 13 points at 8,370.

However, the broader markets gave off their morning gains and turned flat with a positive bias. The midcap index was up 0.2% while the smallcap index was near yesterday's close.

The benchmark BSE Sensex breached 28,000-mark for the first time and the NSE Nifty hit a new peak of 8,363.65 in early trade today on sustained fund inflows amidst optimism over encouraging corporate earnings.

The 30-share index flared up by 141.57 points, or 0.50 per cent, to hit a new peak of 28,001.95, surpassing previous intra-day record of 27,969.82 reached on Monday. The gauge had shed 5.45 points in the previous session. Markets remained closed yesterday on account of “Muharram”.

Benchmark indices are trading weak after paring early morning gains, ahead of a truncated trading week, with gains in information technology and metal shares offsetting some of the losses posted by auto and consumer durable shares.

At 10:30 AM, Sensex was down 17 points at 26,849 while Nifty was down 9 points at 8,313. In the broader market, BSE Mid cap and Small cap indices have gained around 0.8% each. Market breadth is positive with 1,408 gainers, as against 820 declines.

Benchmark indices are trading flat with a negative bias as the advance in IT shares is being offset by losses in auto shares which are down on weak Ocotber sales data.

At 9:17 AM, Sensex was down 19 points at 27,846 while Nifty was down 8 points at 8315.

Mumbai: The Sensex and Nifty on Friday hit a new high for the second consecutive day on hopes that further reforms by the government may attract more investment from foreign as well as domestic institutional investors. This is the fourth consecutive day of gains for the benchmark indices.

Investors also think that reforms will help narrow fiscal deficit.

Benchmark indices have opened at record high levels on Friday on the back of firm global cues and and heavy FII buying. Also, the government's announcement of FDI norms for real estate sector boosted investor sentiment

At 9:40AM, the 30-share Sensex is up 198 points at 27,544 and the 50-share Nifty has gained 57 points at 8,226.

Markets edged higher after the first hour of trade led by IT exporters after the US Federal Reserve Bank at its two-day meet which ended Wednesday remained confident that the economy is on a growth track

At 10:35AM, the 30-share Sensex was up 57 points at 27,155 and the 50-share Nifty was up 21 points at 8,111.

India’s largest information technology services provider, Tata Consultancy Services (TCS), has, for the first time, made it to The Boston Consulting Group(BCG)’s top 50 most innovative companies of 2014 across the globe. TCS is the only Indian company to have made it to the list.

This is not all. Bangalore-based Wipro is ranked fifth among the top 10 up and coming companies that have the potential to join the Top 50 Most Innovative Companies in the world.

Five Tata group managing directors on Monday called on West Bengal Chief Minister, Mamata Banerjee, to discuss about their respective companies. The managing directors- Rana Sinha of Tata Hitachi Construction Machinery Company, Dibyendu Bose of TM International Logistics Limited, Sandipan Chakravortty of Tata Steel Processing and Distribution Limited, Viresh Oberoi of mjunction, and Sanjiv Paul of Tata Metaliks - met at Nabanna, the makeshift state secretariat. Finance and industry minister, Amit Mitra, was also present.

This was just a follow-up meet after Chief Minister's Bijoya Sammilani. She had asked us whether there were any issues. So this meeting was organised to discuss the future of manufacturing, Tata Hitachi managing director, Rana Sinha said.

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