IT majors Tata Consultancy Services (TCS) and HCL Technologies on Friday witnessed their biggest single-day share price drop in five-and-a-half years, after the September quarter earnings of the two companies failed to meet analysts’ estimates. TCS shares fell 8.73 per cent to Rs 2,444.9 apiece, while that of HCL Technologies dropped nine per cent to Rs 1,505.

TCS, India’s largest company in terms of market capitalisation, saw its value erode by Rs 47,000 crore and its market capitalisation fall below the Rs 5-lakh crore-mark. Tata Sons, which owns nearly 74 per cent in TCS, saw nearly Rs 35,000 crore worth of its holding get shaved off.

Benchmark indices were trading firm even as IT majors TCS and HCL Tech witnessed selling pressure after they reported lower-than-expected revenues for the quarter ended September 30, 2014.

At 9.30 AM, the Sensex is up 50 points at 26,061 and the Nifty is up 9 points at 7,757.

Tata Consultancy Services (TCS), India's largest information technology services company, continued with its strong financial performance to post 13.6 per cent annual net profit growth in the July-September quarter.

By International Financial Reporting Standards, or IFRS, the company's revenue rose by 13.5 per cent on a year-on-year basis to Rs 23,816 crore and net profit by 13.6 per cent to Rs 5,288 crore. On a sequential basis the rates of growth in revenue and net profit were 7.7 per cent and 4.6 per cent, respectively.

Markets continued to trade weak weighed down by select index heavyweights even as Infosys helped offset some of the losses on the back of better-than-expected earnings.

At 10:20AM, the 30-share Sensex was down 233 points at 26,404 and the 50-share Nifty was down 70 points at 7,891.

Bandhan, which was recently granted an “in-principle” licence by the Reserve Bank of India (RBI), has collaborated with FIS, a US-based company, as its technology partner for the launch of the proposed Bandhan Bank.

FIS will be providing a fully integrated banking and payments platform via a totally outsourced delivery arrangement at Bandhan, according to a press release by the company. The seven-year technology outsourcing arrangement will provide services like core banking, channel solutions, trade finance, debit card management and transaction switching. FIS will also be responsible for the delivery and management of the entire IT infrastructure including all disaster recovery capabilities and the inter-branch network.

Markets extended gains and were trading near their day's highs after the first hour of trade led financials and capital goods shares coupled with a rebound in IT shares.

At 10:45AM, the 30-share Sensex was up 298 points at 26,545 and the 50-share Nifty was up 88 points at 7,930.

Benchmark shares indices remained weak in late trades on Wednesday with technology shares declining the most led by Infosys amid reports of downgrade by global financial services major Citigroup.

At 2:15PM, the 30-share Sensex was down 79 points at 26,193 and the 50-share Nifty was down 26 points at 7,826.

Benchmark indices continue to maintain the dismal trend weighed down by HDFC Group shares, ITC and metal stocks.

At 11:45 AM, the 30-share Sensex was down 142 points at 26,426 and the 50-share Nifty was down 47 points at 7,898.

Growth in services activity picked up pace in September as order books filled up at a faster rate, a business survey showed on Tuesday.

Shares of information technology (IT) companies are continue at their upward march with frontline stocks such as Tata Consultancy Services (TCS), Infosys and HCL Technologies have hit their respective record high on the Bombay Stock Exchange (BSE).

At 1105 hours, S&P BSE IT index, the largest gainer among sectoral indices, was up 0.65% compared to 0.48% decline in benchmark index S&P BSE Sensex. IT index touched a record high of 11,001 in intra-day trade today.

Mumbai: The 30-share bellwether BSE Sensex was trading marginally down ahead of Reserve Bank of India’s (RBI’s) bi-monthly policy due later on Tuesday.

RBI will release its monetary policy at 11am. RBI to maintain repurchase rate at 8% to shield the rupee from potential increases in US borrowing costs and sustain a fight against inflation, all 51 analysts in a Bloomberg survey predict. The government will also announce fiscal deficit data on Tuesday.

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