9:28 a.m.: Market expert Ajay Bagga says TCS numbers are below expectations. Margin compression has happened and attrition remains high.
9:25 a.m.: TCS shares were trading on a highly volatile note post first quarter results. The stock was trading flat at Rs 2,522 in trades so far, the stock touched high of Rs 2,600.00 and low of Rs 2,492.70.
9:20 a.m.: The Sensex advanced over 150 points and the Nifty moved above its crucial psychological level of 8,350 on the back of broad-based buying.
Buying was visible across the sectors, metal, banking, auto, realty, oil & gas and IT indices advanced 0.5-1.4 per cent each.
From the Nifty-50 basket of stocks, 38 stocks were advancing while 12 were declining.
Vedanta was the top Nifty gainer, the stock jumped 2.2 per cent to Rs 142. BHEL, Coal India, Wipro, Bank of Baroda, Yes Bank, ICICI Bank, Tata Steel, IndusInd Bank and BPCL were among the top gainers on the Nifty.
9:10 a.m.: The Sensex advanced 131 points to 27,704 and Nifty jumped 37 points to 8,365 in thge pre-market session.
9:04 a.m.: Rupee opens higher at 63.32 per dollar against Thursday's close of 63.38.
9:03 a.m.: TCS chief N Chandrasekaran says: The pipeline remains strong, the growth in Digital has been strong. There is broad-based growth.
8:59 a.m.: TCS chief N Chandrasekaran says: Multiple factors have led to rise in attrition. Between June-July people leave for higher studies.
8:50 a.m.: Here's how top brokerages are viewing TCS earnings:
CLSA says that TCS has started with a slower sprint this year. Revenues missed estimates but margins came in strong. Reiterate BUY on TCS
Credit Suisse says near-term stock performance could be constrained and premium to Infosys can contract after recent expansion and continues to view TCS as a core holding.
Kotak says that core growth still on, revenues were a tad off the track it says that multiple quarters of revenue miss is a concern and TCS is well-placed for a bounce-back.
Morgan Stanley says valuations are full leaving limited upside for TCS.
Deutsche Bank says it is a steady start to FY16. Impressive margin beat from TCS calls for retaining top buy call in IT space with target price of Rs 2,900/share.
8:35 a.m.: Tata Consultancy Services (TCS) is likely to be under pressure in trades today after India's largest outsourcer on Thursday disappointed the Street for the fourth straight quarter as revenues missed estimates. India's biggest outsourcer reported consolidated revenue of $4,036 million against brokers' poll of $4,054 million in the June quarter.
In constant currency, TCS reported a revenue growth of 3.5 per cent in the June quarter against expectations of 4.4 per cent growth.
The revenue miss is likely to weigh on TCS shares because the June quarter is considered to be seasonally strong as clients tend to close budgets by March, after which spending picks up, driving growth for outsourcers.
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