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MARKETS ON FRIDAY: Indices end flat, Nifty holds 10,550; TCS gains 7%

Markets ended flat on Friday with losses in financials and metals overshadowing gains in information technology stock

SI Reporter  |  New Delhi 

MARKETS LIVE: Indices may open weak on global cues; TCS to be in focus
Benchmark indices were flat on Friday even as minutes of the central bank’s policy panel meeting stoked expectations of an interest rate hike, with losses in financials and metals overshadowing gains in information technology stocks.

The S&P BSE Sensex ended at 34,416, down 12 points while the broader Nifty50 index settled at 10,564, down 1 points.

The rupee dropped to its lowest in more than a year following a hawkish tone in the minutes, released on Thursday, of the Reserve Bank of India’s monetary policy committee (MPC) meeting that took place earlier this month.

Among sectoral indices, the Nifty PSU Bank index slipped nearly 2.5% led by a fall in shares of Bank of India and IDBI Bank.

Investors cheered the results of Tata Consultancy Services, sending its shares to an all-time high of Rs 3,421 after the country’s top software services exporter posted its biggest-ever profit on Thursday.

Globally, world stocks dipped on Friday but were set for a second week of gains after a strong start to the global corporate earnings season, while a rally in commodity prices fizzled out.

The MSCI All-Country World Index, which tracks shares in 47 countries, was down 0.3%.

Oil dipped on Friday but stayed near three-year highs reached earlier this week, with ongoing OPEC-led supply cuts and strong demand gradually drawing down excess supplies.
 

Nifty IT index surged 4.80% on Friday. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) MINDTREE 987.95 897.60 90.35 10.07 TCS 3414.00 3191.15 222.85 6.98 TECH MAHINDRA 696.10 665.20 30.90 4.65 INFOSYS 1179.65 1132.85 46.80 4.13 HCL TECHNOLOGIES 1057.00 1018.55 38.45 3.77 Sectoral Trend BSE Sensex: Gainers and losers Market at close   The S&P BSE Sensex ended at 34,416, down 12 points while the broader Nifty50 index settled at 10,564, down 1 points. Analysis: Asian oil demand to hit record, but industry can't take eyes off Middle East Asian oil demand will hit a record in April just as global crude values are lifted to levels not seen in three years by Middle East supply risks and top exporter Saudi Arabia withholding output and noisily pushing for prices at $80 to $100 per barrel.   Most analysts have pointed to escalating Middle East conflicts, a crisis in Venezuela, and the supply cuts of Saudi Arabia and other producers as the main drivers taking global benchmark Brent and U.S. West Texas Intermediate crude futures this week to their highest since late 2014 at almost $75 and $70 a barrel, respectively. READ MORE Ashok Leyland expects 20% growth in bus business this year Commercial Vehicle major Ashok Leyland is expecting a 20 per cent growth in its bus business, as the segment is picking up growth from a slow pace last year. In the previous year, the industry and the company had seen a decline of around 23 per cent owing to various reasons including confusion among customers regarding the delayed Bus Body Code. However, the company managed to increase its market share by 0.3 per cent. READ MORE


(with Reuters inputs)

First Published: Fri, April 20 2018. 15:30 IST
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MARKETS ON FRIDAY: Indices end flat, Nifty holds 10,550; TCS gains 7%

Markets ended flat on Friday with losses in financials and metals overshadowing gains in information technology stock

Markets ended flat on Friday with losses in financials and metals overshadowing gains in information technology stock

(with Reuters inputs)
image
Business Standard
177 22

MARKETS ON FRIDAY: Indices end flat, Nifty holds 10,550; TCS gains 7%

Markets ended flat on Friday with losses in financials and metals overshadowing gains in information technology stock


(with Reuters inputs)

image
Business Standard
177 22