Indian stocks had a tepid start today

Indian stocks had a tepid start on Wednesday as quarterly earnings at market heavyweight Tata Consultancy Services disappointed analysts, pushing the stock down to 3-week lows.

As a consequence, the Nifty fell 2 points to 8,129 in early deals with Software shares coming under selling pressure. TCS was the top loser, dropping nearly 4 percent in early deals. Stocks such as Zee Entertainment, Idea, Cipla and ICICI Bank also slipped in trade. Buying was seen on beaten down stocks such as Tata Steel, Vedanta, Hindalco, Sun Pharma and IndusInd Bank.

The Nifty enjoyed an Advance-Decline Ratio of 26/22 in the first hour of trade as it recovered from an intra-day low of 8,109 points.

Not surprisingly, TCS and Infosys were the top two traded stocks on the National Stock Exchange. The third slot went to DCB Bank.

Broader markets were mostly flat with the CNX 100 and CNX 500 indices quoting at the same levels as Tuesday. However, the Mid Cap and the Small Cap indices inched up. Strong gains were seen on benchmarks representing the Metals, FMCG and Pharma sectors while indices tracking the banking, finance and PSU lending space were tinged with a mild shade of red.

Sentiment was flat on the Bombay Stock Exchange as well with the Sensex dropping 19 points to trade at 26,823 points. Metal stocks ruled the roost with Hindalco, Vedanta and Tata Steel surging in trade. Hero Motors and Coal India dropped below their Tuesday's closing prices. TCS was the top loser on the Sensex, which had an Advance-Decline Ratio of 17/13.

Lupin, TCS and Infosys were the top traded stocks on the Sensex.

Banking, Realty, Metals, Telecom and Textile stock futures were in heavy demand in the derivatives space where 119 futures advanced compared with 43 that fell.

Tile makers were in heavy demand on the National Stock Exchange with Kajaria Ceramics, Nitco Tiles and Asian Granito making it to the top volume buzzers list on the exchange.

(Image credits: Indiatimes)