Tepid global cues keep equity indices flat; TCS shares rise 5.5%

Tepid global cues keep equity indices flat; TCS shares rise 5.5%


Business | Written by : IANS| Updated: Wed, Jul 11, 2018, 06:25 PM


Tepid global cues keep equity indices flat; TCS shares rise 5.5%

Mumbai, July 11: Amid volatility, the key Indian equity indices settled flat on Wednesday tracking weak global cues.

In the global markets, investor sentiments were weighed down by the ongoing trade tensions between the US and China, analysts said. Further eroding investors' confidence globally, the US on Wednesday ramped up its trade war with China, by listing $200 billion worth of additional products it plans to place under additional tariffs as soon as September.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,948.30 points -- up by just 1.05 points or 0.01 per cent -- from its previous close of 10,947.25 points.

Similarly, the barometer 30-scrip Sensex on the BSE, which had opened at 36,299.26 points closed with minor gains. It closed the day's trade at 36,265.93 points -- up by 26.31 points or 0.07 per cent -- from its previous session's close of 36,239.62 points.

The Sensex touched a high of 36,362.30 points and a low of 36,169.70 points during the intra-day trade.

In the broader markets, the S&P BSE mid-cap ended 0.67 per cent lower while the S&P BSE small cap fell by 0.33 per cent from its previous close. The BSE market breadth was bearish with 1,581 declines against 1,045 advances. 

"Escalating trade tensions brought some caution into the markets," said Deepak Jasani, Head of Retail Research at HDFC Securities.

After witnessing a sharp upward movement in the last couple of sessions, the Nifty50 and Sensex shifted into a consolidation on Wednesday and closed the day on a flat note, he added. 

On the currency front, the rupee strengthened by five paise to end at 68.78 per dollar, against the previous close of 68.83 per greenback.

Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 636.27 crore while the domestic institutional investors bought stocks worth Rs 15.33 crore.

Sector-wise, the S&P BSE IT index gained the most, by 335.43 points, followed by the Teck (technology, media and entertainment) index which was up 140.34 points and the FMCG index which rose by 49.83 points.

On the contrary, the S&P BSE metal index slumped 401.87 points, the auto index fell 249.56 points and the banking index was down 143.98 points.

Scrip-wise, Tata Consultancy Service ended at Rs 1,979.60 per share on the BSE, up 5.47 per cent from its previous close on the back of its robust April-June earnings reported on Tuesday.

The other major gainers on the Sensex were Bajaj Auto, up 2.11 per cent at Rs 3,154.35; Hindustan Unilever, up 1.59 per cent at Rs 1,714.10; Infosys, up 1.37 per cent at Rs 1,320.35; and Reliance Industries, up 1.03 per cent at Rs 1,036.35 per share.

The top losers were Coal India, down 4.59 per cent at Rs 265.25; Vedanta, down 3.52 per cent at Rs 218; Tata Motors, down 2.74 per cent at Rs 267.85; Tata Steel, down 2.24 per cent at Rs 555.85; and Tata Motors (DVR), down 2.18 per cent at Rs 154.90 per share.