You are here: Home » Markets » News
Business Standard

Markets end marginally lower ahead of UK election, ECB meet

BSE IT index was the biggest sectoral loser, down 1.5% dragged by TCS

Pranati Deva  |  New Delhi 

Image via Shutterstock
Image via Shutterstock

Benchmark indices ended marginally lower on Thursday braced for any surprises from major global events including the UK elections, European Central Bank's policy meet and testimony from ex-FBI director James Comey.
Losses were however capped after RBI in its bimonthly policy review yesterday cut its inflation projections and delivered a less hawkish stance. The central bank yesterday kept the repo rate unchanged at 6.25%, in line with Street expectations but reduced the SLR 50 bps to 20, making it easier for the banks to lend.

The S&P BSE settled the day at 31,213, down 58 points, while the broader Nifty50 ended at 9,647, down 16 points.
The broader market outperformed with the S&P BSE Midcap and the S&P BSE Smallcap indices adding 0.2% and 0.3% respectively.

"With RBI decision past, looked to have retracted into a shell, awaiting further sparks. While UK election and ECB meet added to the restraint, pharma space saw buying after the recent falls attracted bargain buyers. Investors will now look forward to emerging confidence among industry participants as GST rollout approaches,” said Anand James, Chief Market Strategist, Geojit Financial Services in a note.
Buzzing Stocks
Extending gains for second consecutive session, pharma index was the top sectoral gainer led by Dr Reddy’s, Sun Pharma, up between 2-4%
On the other hand, BSE IT index was the biggest sectoral loser, down 1.5% dragged by fell over 3.5% becoming the top loser on BSE
continued their slide, down over 3%, after the embattled mobile carrier pushed back against Moody's and Fitch, disagreeing with their rating downgrades earlier on Wednesday. Shares fell as much as 2.8% to their lowest in over a week.
fell as much as 4.3% to their lowest in over two weeks amid reports that GDF International sold its entire 10% stake of 75 million shares. The stock ended 3.3% lower.
Global Markets
Asian shares wobbled on Thursday as investors braced ahead of major global events. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, through China edged up on unexpectedly solid trade data, while Japan's Nikkei dropped 0.4%.
European shares steadied on Thursday helped by stronger bank stocks and a bounce in oil prices but caution dominated as Britons vote in a general election and the holds its policy meeting.
The STOXX 600 rose 0.15% with financials providing the biggest lift but weighed down by weaker telecom shares, while Britain's blue chip FTSE index was flat.