TCS jumps 20% due to technical glitch, settles up 2% on bourses

Shares of software major TCS ended more than 2 per cent higher on the bourses on Friday today after surging 20 per cent in the early morning trade on the BSE due to a technical glitch .

TCS's shares oscillated between Rs 1,350.30, its new high and Rs 900.25 during the day on the BSE. The IT bellwether's scrip ended the day at Rs 1,148.05, up 2.03 per cent from its previous close.

On the NSE, the scrip settled at Rs 1,146.60, up 2.04 per cent after touching an intra-day high of Rs 1,177.90. In terms of volume, over 39 lakh shares of the company changed hands on the bourses during the day.

Share prices of many companies, including blue chips like Reliance Industries, SBI, HDFC Bank, Hero Honda too displayed weird movements with huge gains and losses of up to 20 per cent at BSE due to technical glitch.

Meanwhile, experts attributed rise in TCS's stock to the more than expected market estimate earnings by the IT major. Brokerage firm Prabhudas Lilladher said in a note, "TCS reported Q1, FY'12, results ahead of our estimates. The comprehensive out performance on all parameters demonstrates strength of demand. However, we continue to believe that margin levers for the company are stretched. We revise our estimates upward and reiterate our 'BUY' rating."

Due to the technical glitch, the BSE benchmark index Sensex also showed a sudden movement of over 1,000 points and later settled the day at 18,561.92, down 56.28 points.