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Market likely to surge; TCS, Infosys, Reliance in focus

The 30-share BSE Sensex was up 126.93 points or 0.46 percent at 27942.11 and the 50-share NSE Nifty gained 45.50 points or 0.53 percent at 8565, the highest closing level since August 6, 2015. The broader markets also participated in late uptrend as the BSE Midcap and Smallcap indices were up 0.5-0.7 percent.

StocksIndia’s largest software services exporter Tata Consultancy Services kicked off the IT earnings season on a strong note by reporting better-than-expected profit and operational performance in April-June quarter while revenue was in-line. Profit fell 0.36 percent sequentially to Rs 6,318 crore in Q1 but that was supported by better operational numbers.

IT major Infosys’ first quarter (April-June) profit is likely to fall 4.2 percent sequentially to Rs 3,447 crore due to weak operational performance while revenue growth may be continued, similar to same quarter last year. Earnings will be announced on July 15. Revenue in Q1 is expected to grow 3.25 percent to Rs 17,089 crore and dollar revenue may increase 4.1 percent to USD 2,547 million compared with preceding quarter.

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