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Markets end flat amid lack of major cues; Nifty holds 9,650

The Nifty PSU Bank pared losses to end flat after falling as much as 1.05%

Pranati Deva  |  New Delhi 

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Benchmark indices settled the day flat with Nifty50 trading near 9,650 amid lack of any strong global and domestic cues. Shares of IT companies rose following overnight rebound in US technology stocks, while banks fell after the Punjab state government waived farm loans.
 
Gains were erased in the second half of trade as investors stayed on the sidelines after Finance Minister Arun Jaitley in a press conference today confirmed GST will be officially rolled out on the midnight of June 30. “Expects the size of formal economy to increase under GST but one must be prepared for short-term challenges,” the FM added.


 
The S&P BSE settled at 31,297, down 14 points, while the broader Nifty50 ended at 9,653, down 4 points.
 
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap added 0.2% each.

"Uncertainty regarding GST transition hurdles capped the gains in the domestic indices, but logistic and transport sectors exhibited a sharp surge eyeing the GST roll out approaching fast. Meanwhile, lenders marched ahead, augmented by farm loan waivers announced in Punjab,” said Anand James, Chief Market Strategist, Geojit Financial Services in a note.
 
Sectors and Stocks
 
The IT index was up 0.9%, with Infosys, up 1.5%, gaining the most. The stock had fallen in the last three sessions.
 
The PSU Bank pared losses to end flat after falling as much as 1.05%. Punjab National Bank was the top percentage loser on the PSU Bank index, declining 2.2% on loan waiver
 
Among individual stocks, SpiceJet rose as much as 2.9 % to Rs 128.20, its highest in over two decades, after the budget airline said it has committed to buy 737 MAX 10 planes worth $4.7 billion from Boeing. It ended 1.6% higher for the day.
 
Tata Steel pared gans to end 0.4% higher after hitting 52-week high of Rs 534, extending its Monday’s 3.4% gain on BSE, after the company said that it proposes to sell 83.6 million equity shares of face value of Rs 2 each of Tata Motors to Tata Sons.
 
Emkay Global Financial Services also erased gains to end flat after advancing to its 9-year high of Rs 171, up 4% in intra-day trade, extending its two-week long rally on the BSE. In the past one week, the stock rallied 26% after the company said it has entered into an exclusive pact with DBS Bank arm DBS Vickers Securities (Singapore) for sharing knowledge, co-branding and distribution of equity research to the latter's global clients.
 
Global Markets
 
Japan's Nikkei rose more than 1% to a near two-year high on Tuesday, encouraged by rebound in US hi-tech shares as investors bet on solid growth in the economy and corporate profits globally.
 
European bourses edged higher as investors turned their attention to individual stock and data.  The pan-European STOXX 600 moved up 0.19% shortly after the open with most sectors in positive territory and major bourses mixed.
 
MSCI's broadest index of Asia-Pacific shares outside Japan held firm near a two-year high struck last week, but was little changed on the day.
 
Taiwan shares hit a 17-year high but gains in high-tech firms were offset by a decline in Australian shares.
 
A big focus for Asia is whether index provider MSCI will later in the global day open up its Emerging Index to Chinese mainland shares which have restricted access for foreign investors.

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Markets end flat amid lack of major cues; Nifty holds 9,650

The Nifty PSU Bank pared losses to end flat after falling as much as 1.05%

The Nifty PSU Bank pared losses to end flat after falling as much as 1.05% Benchmark indices settled the day flat with Nifty50 trading near 9,650 amid lack of any strong global and domestic cues. Shares of IT companies rose following overnight rebound in US technology stocks, while banks fell after the Punjab state government waived farm loans.
 
Gains were erased in the second half of trade as investors stayed on the sidelines after Finance Minister Arun Jaitley in a press conference today confirmed GST will be officially rolled out on the midnight of June 30. “Expects the size of formal economy to increase under GST but one must be prepared for short-term challenges,” the FM added.
 
The S&P BSE settled at 31,297, down 14 points, while the broader Nifty50 ended at 9,653, down 4 points.
 
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap added 0.2% each.

"Uncertainty regarding GST transition hurdles capped the gains in the domestic indices, but logistic and transport sectors exhibited a sharp surge eyeing the GST roll out approaching fast. Meanwhile, lenders marched ahead, augmented by farm loan waivers announced in Punjab,” said Anand James, Chief Market Strategist, Geojit Financial Services in a note.
 
Sectors and Stocks
 
The IT index was up 0.9%, with Infosys, up 1.5%, gaining the most. The stock had fallen in the last three sessions.
 
The PSU Bank pared losses to end flat after falling as much as 1.05%. Punjab National Bank was the top percentage loser on the PSU Bank index, declining 2.2% on loan waiver
 
Among individual stocks, SpiceJet rose as much as 2.9 % to Rs 128.20, its highest in over two decades, after the budget airline said it has committed to buy 737 MAX 10 planes worth $4.7 billion from Boeing. It ended 1.6% higher for the day.
 
Tata Steel pared gans to end 0.4% higher after hitting 52-week high of Rs 534, extending its Monday’s 3.4% gain on BSE, after the company said that it proposes to sell 83.6 million equity shares of face value of Rs 2 each of Tata Motors to Tata Sons.
 
Emkay Global Financial Services also erased gains to end flat after advancing to its 9-year high of Rs 171, up 4% in intra-day trade, extending its two-week long rally on the BSE. In the past one week, the stock rallied 26% after the company said it has entered into an exclusive pact with DBS Bank arm DBS Vickers Securities (Singapore) for sharing knowledge, co-branding and distribution of equity research to the latter's global clients.
 
Global Markets
 
Japan's Nikkei rose more than 1% to a near two-year high on Tuesday, encouraged by rebound in US hi-tech shares as investors bet on solid growth in the economy and corporate profits globally.
 
European bourses edged higher as investors turned their attention to individual stock and data.  The pan-European STOXX 600 moved up 0.19% shortly after the open with most sectors in positive territory and major bourses mixed.
 
MSCI's broadest index of Asia-Pacific shares outside Japan held firm near a two-year high struck last week, but was little changed on the day.
 
Taiwan shares hit a 17-year high but gains in high-tech firms were offset by a decline in Australian shares.
 
A big focus for Asia is whether index provider MSCI will later in the global day open up its Emerging Index to Chinese mainland shares which have restricted access for foreign investors.
image
Business Standard
177 22

Markets end flat amid lack of major cues; Nifty holds 9,650

The Nifty PSU Bank pared losses to end flat after falling as much as 1.05%

Benchmark indices settled the day flat with Nifty50 trading near 9,650 amid lack of any strong global and domestic cues. Shares of IT companies rose following overnight rebound in US technology stocks, while banks fell after the Punjab state government waived farm loans.
 
Gains were erased in the second half of trade as investors stayed on the sidelines after Finance Minister Arun Jaitley in a press conference today confirmed GST will be officially rolled out on the midnight of June 30. “Expects the size of formal economy to increase under GST but one must be prepared for short-term challenges,” the FM added.
 
The S&P BSE settled at 31,297, down 14 points, while the broader Nifty50 ended at 9,653, down 4 points.
 
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap added 0.2% each.

"Uncertainty regarding GST transition hurdles capped the gains in the domestic indices, but logistic and transport sectors exhibited a sharp surge eyeing the GST roll out approaching fast. Meanwhile, lenders marched ahead, augmented by farm loan waivers announced in Punjab,” said Anand James, Chief Market Strategist, Geojit Financial Services in a note.
 
Sectors and Stocks
 
The IT index was up 0.9%, with Infosys, up 1.5%, gaining the most. The stock had fallen in the last three sessions.
 
The PSU Bank pared losses to end flat after falling as much as 1.05%. Punjab National Bank was the top percentage loser on the PSU Bank index, declining 2.2% on loan waiver
 
Among individual stocks, SpiceJet rose as much as 2.9 % to Rs 128.20, its highest in over two decades, after the budget airline said it has committed to buy 737 MAX 10 planes worth $4.7 billion from Boeing. It ended 1.6% higher for the day.
 
Tata Steel pared gans to end 0.4% higher after hitting 52-week high of Rs 534, extending its Monday’s 3.4% gain on BSE, after the company said that it proposes to sell 83.6 million equity shares of face value of Rs 2 each of Tata Motors to Tata Sons.
 
Emkay Global Financial Services also erased gains to end flat after advancing to its 9-year high of Rs 171, up 4% in intra-day trade, extending its two-week long rally on the BSE. In the past one week, the stock rallied 26% after the company said it has entered into an exclusive pact with DBS Bank arm DBS Vickers Securities (Singapore) for sharing knowledge, co-branding and distribution of equity research to the latter's global clients.
 
Global Markets
 
Japan's Nikkei rose more than 1% to a near two-year high on Tuesday, encouraged by rebound in US hi-tech shares as investors bet on solid growth in the economy and corporate profits globally.
 
European bourses edged higher as investors turned their attention to individual stock and data.  The pan-European STOXX 600 moved up 0.19% shortly after the open with most sectors in positive territory and major bourses mixed.
 
MSCI's broadest index of Asia-Pacific shares outside Japan held firm near a two-year high struck last week, but was little changed on the day.
 
Taiwan shares hit a 17-year high but gains in high-tech firms were offset by a decline in Australian shares.
 
A big focus for Asia is whether index provider MSCI will later in the global day open up its Emerging Index to Chinese mainland shares which have restricted access for foreign investors.

image
Business Standard
177 22