Markets have started the trading session on a firm note with the Indices hitting lifetime high. The first Budget session of the 16th Lok Sabha begins today.

Indices continue to scale fresh highs on account of strong foreign inflows and budget optimism.

The Tata group's holding company, Tata Sons, is pledging shares of group companies, including the most valuable firm, Tata Consultancy Services (TCS), to buy out NTT Docomo in Tata Teleservices. This fund-raising exercise is aside from a series of non-convertible debentures the Tata firm has issued.

Tata Sons needs Rs 7,200 crore to buy Docomo's 26.5 per cent stake in loss-making Tata Teleservices. The deadline set by the Japanese company to sell its shares expired on Monday.

Shares of information technology (IT) companies rose on Friday after US-listed Accenture reported good results for the quarter ended May. Investors lapped domestic IT stocks, as Accenture’s results signalled a robust demand environment and higher order flows for Indian IT firms, brokers said. On Friday, the BSE IT index rose 2.5 per cent, the gains led by Tech Mahindra, Tata Consultancy Services HCL Technologies, each rising three-four per cent.

Tata Consultancy Services (TCS) Chairman Cyrus Mistry on Friday exuded optimism on growth prospects, assuring shareholders he would try to give them the “same love and affection” predecessor Ratan Tata had.

The chairman of India’s largest information technology services company also told shareholders growth momentum was expected to continue, with a thrust on investing in the expansion of strategic businesses. He added these investments, in areas such as digital business, would play an “impactful” role.

Mumbai: The top-five private companies by market capitalization added 578,804 employees in the year ended 31 March, the fewest in 3 years, as companies focused on improving productivity of its existing employees amid a slowdown in the economy.

Tata Consultancy Services Ltd (TCS), Reliance Industries Ltd (RIL), ITC Ltd, HDFC Bank Ltd and Infosys Ltd, saw their combined headcount rise 5% from the previous year, according to data collated from the annual reports of each of the companies.

Indian software companies gain as a better-than-expected rise in quarterly revenue by Accenture Plc sparks hopes of a robust demand environment, dealers say.

Tata Consultancy Services Ltd up 2.7%, Infosys gains 1.4%, Wipro up 1.9%, HCL Technologies rises 3.3% and Tech Mahindra surges 2.3%.

Markets have come off morning highs as weakness in counters like ICICI Bank, Bharti Airtel and M&M weighed on the indices. At 1130 hrs, the Sensex was up 80 points at 25,143 and the Nifty was up 22 points to trade at 7,514.

In the broader markets, the smallcap index surged 0.6% and the midcap index was up 0.4%, both outperforming the Sensex which was up 0.3%.

Markets extended gains in noon deals with the benchmark indices at day highs, led by gains in realty, power and consumer durable companies.

At 1400 hrs, the Sensex was up 377 points at 25,409 and the Nifty advanced nearly 100 points to trade at 7,590.

We reiterate our buy rating on Tata Consultancy Services (TCS) with a target price of Rs 2,570 per share, valuing the stock at 20x FY16f EPS of Rs 128. The 20x multiple is at the higher end of TCS’ historical valuation range. We expect this to sustain on higher predictability of growth/margins and better positioning to benefit from the demand upturn.

Shares of information technology (IT) companies are trading higher for the fourth consecutive trading session as the Indian rupee weakened against the US dollar.

Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies, MphasiS, Hexaware Technologies, Mindtree and Tech Mahindra are up 1-2%, each in early morning deals on the Bombay Stock Exchange (BSE).

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