Stock Trading Tips - Sensex Edges Higher Towards 26,000, TCS Slips

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The BSE Sensex jumped over 100 points to inch close towards the key 26,000 mark on Wednesday, but selling in TCS shares pulled down markets quickly. The Nifty, which broke above 7,950 in early deals, traded flat.A sharp selloff in China, where indices were down up to 2.5 per cent, weighed on sentiments, traders said. Japan's Nikkei benchmark traded flat.

TCS, India's biggest IT outsourcer, was among the top Nifty losers. TCS shares fell nearly 2 per cent after the company missed margin estimates in its fourth quarter. TCS had reported its Q4 on Monday evening; markets were closed for holiday on Tuesday.

Concerns about the whopping $940 million penalty imposed by a US jury also weighed on TCS shares, analysts said.

Telecom stocks such as Bharti Infratel and Idea Cellular also came under selling pressure in early trade. Zee Entertainment, M&M and Maruti Suzuki were other Nifty stocks trading sharply lower.Metal stocks led the gains, tracking a rebound in global commodity prices. Hindalco was the top Nifty gainer, up 2.5 per cent, followed by Tata Steel, which traded 2.4 per cent higher.