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Market logs modest decline as US Fed hikes rates

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Key benchmark indices registered modest losses led by TCS, and The barometer index, the S&P Sensex, fell 80.18 points or 0.26% at 31,075.73, as per the provisional closing data. The 50 index fell 40.10 points or 0.42% at 9,578.05, as per the provisional closing data. IT stocks declined. Weakness in global stocks post by the US Federal Reserve weighed on the sentiment on domestic bourses.

The gained 73.53 points or 0.24% at the day's high of 31,229.44 in morning trade, its highest level since 13 June 2017. The index fell 129.43 points or 0.42% at the day's low of 31,026.48 in mid-afternoon trade, its lowest level since 29 May 2017. The gained 3.25 points or 0.03% at the day's high of 9,621.40 in morning trade. The index fell 57.30 points or 0.6% at the day's low of 9,560.80, in mid-afternoon trade, its lowest level since 29 May 2017.

Domestic stocks drifted lower in early trade tracking negative Asian stocks. Stocks recovered in morning trade and hovered near the flat line. However, key indices once again resumed fall in mid-morning trade. Stocks extended losses in afternoon trade tracking lower opening in European stocks. Key indices extended losses and hit fresh intraday low in mid-afternoon trade. Stocks cut some losses in late trade.

The S&P Mid-Cap index provisionally fell 0.12%. The fall in this index was lower than Sensex's decline in percentage terms. The S&P Small-Cap index provisionally rose 0.37%, outperforming the

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,383 shares rose and 1,261 shares fell. A total of 174 shares were unchanged.

Index heavyweight and engineering and construction major dropped 1.5% to Rs 1,735. The stock hit high of Rs 1,759.95 and low of Rs 1,730 in intraday trade.

Most IT stocks fell. (down 2.46%), Infosys (down 0.78%), HCL Technologies (down 0.8%), Oracle Financial Services Software (down 0.25%), Tech Mahindra (down 0.71%), MphasiS (down 0.37%) and MindTree (down 0.78%) declined. Hexaware Technologies (up 4.81%) gained.

Wipro rose 1.8%. The company announced that it has won IT Applications Managed Services engagement with Finnish company, Valmet, a leading global developer and supplier of technologies, automation and services for the pulp, paper, and energy industries. The announcement was made after market hours yesterday, 14 June 2017.

Valmet has selected Wipro as the partner for supporting its renewed Infor LN ERP platform. As part of the multi-year engagement, Wipro will deliver the maintenance and support of the new ERP platforms in a Managed Services model covering all global locations in which Valmet operates.

Overseas, Asian and European stocks edged lower as investors took profits, after a muted reaction in US markets to the Federal Reserve's rate rise and plan to start shrinking its balance sheet. In US, the Dow industrials closed at a record for a second straight session yesterday, 14 June 2017 but other benchmarks finished lower as the Federal Reserve hiked the fed-funds futures rate.

China's central bank left for open market operations unchanged. The rate for seven-day reverse repos remained at 2.45%, the 14-day tenor at 2.6% and the 28-day tenor at 2.75%, the PBOC said in a statement. China's benchmark one-year lending and deposit rates have remained unchanged since October 2015.

Meanwhile, risk sentiment was hit by fear of more US political turmoil after media report indicated that US President Donald Trump is being investigated by a special counsel for possible obstruction of justice. Investigators are investigating alleged Russian interference in the 2016 US presidential election and possible collusion with the Trump campaign. Trump's legal team denounced the report.

The Federal Reserve hiked the fed-funds rate by a quarter-point to between 1% and 1.25%, as expected, after its two-day policy meeting yesterday, 14 June 2017 and indicated that it start shrinking its $4.5 trillion portfolio of bonds and other assets this year. Fed Chair Janet Yellen said the process could start relatively soon, while projections of Federal Reserve Board members also showed they expect one more by the end of year.

US consumer prices unexpectedly fell in May. The Labor Department said its Consumer Price Index dipped 0.1% last month after rising 0.2% in April.

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Market logs modest decline as US Fed hikes rates

Key benchmark indices registered modest losses led by TCS, L&T and HDFC. The barometer index, the S&P BSE Sensex, fell 80.18 points or 0.26% at 31,075.73, as per the provisional closing data. The Nifty 50 index fell 40.10 points or 0.42% at 9,578.05, as per the provisional closing data. IT stocks declined. Weakness in global stocks post rate hike by the US Federal Reserve weighed on the sentiment on domestic bourses.

Key benchmark indices registered modest losses led by TCS, and The barometer index, the S&P Sensex, fell 80.18 points or 0.26% at 31,075.73, as per the provisional closing data. The 50 index fell 40.10 points or 0.42% at 9,578.05, as per the provisional closing data. IT stocks declined. Weakness in global stocks post by the US Federal Reserve weighed on the sentiment on domestic bourses.

The gained 73.53 points or 0.24% at the day's high of 31,229.44 in morning trade, its highest level since 13 June 2017. The index fell 129.43 points or 0.42% at the day's low of 31,026.48 in mid-afternoon trade, its lowest level since 29 May 2017. The gained 3.25 points or 0.03% at the day's high of 9,621.40 in morning trade. The index fell 57.30 points or 0.6% at the day's low of 9,560.80, in mid-afternoon trade, its lowest level since 29 May 2017.

Domestic stocks drifted lower in early trade tracking negative Asian stocks. Stocks recovered in morning trade and hovered near the flat line. However, key indices once again resumed fall in mid-morning trade. Stocks extended losses in afternoon trade tracking lower opening in European stocks. Key indices extended losses and hit fresh intraday low in mid-afternoon trade. Stocks cut some losses in late trade.

The S&P Mid-Cap index provisionally fell 0.12%. The fall in this index was lower than Sensex's decline in percentage terms. The S&P Small-Cap index provisionally rose 0.37%, outperforming the

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,383 shares rose and 1,261 shares fell. A total of 174 shares were unchanged.

Index heavyweight and engineering and construction major dropped 1.5% to Rs 1,735. The stock hit high of Rs 1,759.95 and low of Rs 1,730 in intraday trade.

Most IT stocks fell. (down 2.46%), Infosys (down 0.78%), HCL Technologies (down 0.8%), Oracle Financial Services Software (down 0.25%), Tech Mahindra (down 0.71%), MphasiS (down 0.37%) and MindTree (down 0.78%) declined. Hexaware Technologies (up 4.81%) gained.

Wipro rose 1.8%. The company announced that it has won IT Applications Managed Services engagement with Finnish company, Valmet, a leading global developer and supplier of technologies, automation and services for the pulp, paper, and energy industries. The announcement was made after market hours yesterday, 14 June 2017.

Valmet has selected Wipro as the partner for supporting its renewed Infor LN ERP platform. As part of the multi-year engagement, Wipro will deliver the maintenance and support of the new ERP platforms in a Managed Services model covering all global locations in which Valmet operates.

Overseas, Asian and European stocks edged lower as investors took profits, after a muted reaction in US markets to the Federal Reserve's rate rise and plan to start shrinking its balance sheet. In US, the Dow industrials closed at a record for a second straight session yesterday, 14 June 2017 but other benchmarks finished lower as the Federal Reserve hiked the fed-funds futures rate.

China's central bank left for open market operations unchanged. The rate for seven-day reverse repos remained at 2.45%, the 14-day tenor at 2.6% and the 28-day tenor at 2.75%, the PBOC said in a statement. China's benchmark one-year lending and deposit rates have remained unchanged since October 2015.

Meanwhile, risk sentiment was hit by fear of more US political turmoil after media report indicated that US President Donald Trump is being investigated by a special counsel for possible obstruction of justice. Investigators are investigating alleged Russian interference in the 2016 US presidential election and possible collusion with the Trump campaign. Trump's legal team denounced the report.

The Federal Reserve hiked the fed-funds rate by a quarter-point to between 1% and 1.25%, as expected, after its two-day policy meeting yesterday, 14 June 2017 and indicated that it start shrinking its $4.5 trillion portfolio of bonds and other assets this year. Fed Chair Janet Yellen said the process could start relatively soon, while projections of Federal Reserve Board members also showed they expect one more by the end of year.

US consumer prices unexpectedly fell in May. The Labor Department said its Consumer Price Index dipped 0.1% last month after rising 0.2% in April.

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Business Standard
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Market logs modest decline as US Fed hikes rates

Key benchmark indices registered modest losses led by TCS, and The barometer index, the S&P Sensex, fell 80.18 points or 0.26% at 31,075.73, as per the provisional closing data. The 50 index fell 40.10 points or 0.42% at 9,578.05, as per the provisional closing data. IT stocks declined. Weakness in global stocks post by the US Federal Reserve weighed on the sentiment on domestic bourses.

The gained 73.53 points or 0.24% at the day's high of 31,229.44 in morning trade, its highest level since 13 June 2017. The index fell 129.43 points or 0.42% at the day's low of 31,026.48 in mid-afternoon trade, its lowest level since 29 May 2017. The gained 3.25 points or 0.03% at the day's high of 9,621.40 in morning trade. The index fell 57.30 points or 0.6% at the day's low of 9,560.80, in mid-afternoon trade, its lowest level since 29 May 2017.

Domestic stocks drifted lower in early trade tracking negative Asian stocks. Stocks recovered in morning trade and hovered near the flat line. However, key indices once again resumed fall in mid-morning trade. Stocks extended losses in afternoon trade tracking lower opening in European stocks. Key indices extended losses and hit fresh intraday low in mid-afternoon trade. Stocks cut some losses in late trade.

The S&P Mid-Cap index provisionally fell 0.12%. The fall in this index was lower than Sensex's decline in percentage terms. The S&P Small-Cap index provisionally rose 0.37%, outperforming the

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,383 shares rose and 1,261 shares fell. A total of 174 shares were unchanged.

Index heavyweight and engineering and construction major dropped 1.5% to Rs 1,735. The stock hit high of Rs 1,759.95 and low of Rs 1,730 in intraday trade.

Most IT stocks fell. (down 2.46%), Infosys (down 0.78%), HCL Technologies (down 0.8%), Oracle Financial Services Software (down 0.25%), Tech Mahindra (down 0.71%), MphasiS (down 0.37%) and MindTree (down 0.78%) declined. Hexaware Technologies (up 4.81%) gained.

Wipro rose 1.8%. The company announced that it has won IT Applications Managed Services engagement with Finnish company, Valmet, a leading global developer and supplier of technologies, automation and services for the pulp, paper, and energy industries. The announcement was made after market hours yesterday, 14 June 2017.

Valmet has selected Wipro as the partner for supporting its renewed Infor LN ERP platform. As part of the multi-year engagement, Wipro will deliver the maintenance and support of the new ERP platforms in a Managed Services model covering all global locations in which Valmet operates.

Overseas, Asian and European stocks edged lower as investors took profits, after a muted reaction in US markets to the Federal Reserve's rate rise and plan to start shrinking its balance sheet. In US, the Dow industrials closed at a record for a second straight session yesterday, 14 June 2017 but other benchmarks finished lower as the Federal Reserve hiked the fed-funds futures rate.

China's central bank left for open market operations unchanged. The rate for seven-day reverse repos remained at 2.45%, the 14-day tenor at 2.6% and the 28-day tenor at 2.75%, the PBOC said in a statement. China's benchmark one-year lending and deposit rates have remained unchanged since October 2015.

Meanwhile, risk sentiment was hit by fear of more US political turmoil after media report indicated that US President Donald Trump is being investigated by a special counsel for possible obstruction of justice. Investigators are investigating alleged Russian interference in the 2016 US presidential election and possible collusion with the Trump campaign. Trump's legal team denounced the report.

The Federal Reserve hiked the fed-funds rate by a quarter-point to between 1% and 1.25%, as expected, after its two-day policy meeting yesterday, 14 June 2017 and indicated that it start shrinking its $4.5 trillion portfolio of bonds and other assets this year. Fed Chair Janet Yellen said the process could start relatively soon, while projections of Federal Reserve Board members also showed they expect one more by the end of year.

US consumer prices unexpectedly fell in May. The Labor Department said its Consumer Price Index dipped 0.1% last month after rising 0.2% in April.

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Business Standard
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