Tata Consultancy Services Ltd shares gained on Wednesday recovering from the downward trend following the stake sale by Tata Sons, the holding company of Tata Group.
Shares of TCS gained as much as 1.01 per cent to a high of Rs 4018 apiece on BSE in morning trade on Wednesday ending their two-day losing streak. The stock has been in focus after Tata Sons reduced its stake by 0.65 per cent through block deals on Tuesday.
Tata Sons shares witnessed a fall of 4 per cent on Tuesday. This came after the news of Tata Sons selling a 0.65 per cent stake in TCS. The TCS share prices fell 4.03 per cent and closed at Rs 3,977.55 on BSE on Tuesday.
Due to the slip in the shares of TCS, the market cap of the company came down to Rs 14,39,112 crore. On Monday, it stood at Rs 14,99,607 crore. It indicates the market value of the company decreased by Rs 60,495 crore in just 6 hours of trading.
TCS is the second largest company in India in terms of market capitalisation after Reliance Industries Ltd.
Besides TCS, many companies like Infosys and Reliance Industries have also sold out their shares. On Tuesday, benchmark Sensex and Nifty fell by one per cent each. During this period, the 30 shares of BSE Sensex fell up to 736.37 points or 1.01 per cent and closed at 72,012.05 points.
As per the analysts, the investors are adopting a cautious approach ahead of the US Federal Reserve’s decision on interest rates this week. Among Sensex shares, TCS fell by more than 4 per cent. The company’s promoters Tata Sons has sold around 2.3 crore shares or 0.65 per cent equity stake in a bulk deal.
Apart from this, leading stocks like IndusInd Bank, Wipro, Nestle, HCL Technologies, Infosys, Power Grid, ITC, Tech Mahindra, Tata Motors, and UltraTech Cement witnessed a decline. On the other hand, the shares of Bajaj Finance, Kotak Mahindra Bank, HDFC Bank, Bajaj Finserv, Titan and Bharti Airtel closed with gains.
In other Asian markets, South Korea’s Kospi, China’s Shanghai Composite, and Hong Kong’s Hang Seng closed with a decline while Japan’s Nikkei showed a hike while closing. Meanwhile, European markets were marginally up in the afternoon trading and American markets closed sharply on Monday.
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