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MARKET WRAP: Indices end flat ahead of Economic Survey; Nifty holds 11,900

In the broader market, S&P BSE Mid-Cap ended 16 points, or 0.11 per cent higher at 14,962 levels while the S&P BSE Small-Cap gained 37 points, or 0.26 per cent, to settle at 14,320 levels

Markets

Trading on Wednesday remained range-bound as investors remained on the sidelines a day before the new government tables the Economic Survey in the Parliament on Thursday, July 4.

The S&P BSE Sensex ended 23 points, or 0.06 per cent, higher at 39,839 levels with Indusind Bnak, L&T and ITC being the top gainers. The broader Nifty50 too settled at 11,917 levels, up 6 points, or 0.05 per cent.

In the broader market, S&P BSE Mid-Cap ended 16 points, or 0.11 per cent higher at 14,962 levels while the S&P BSE Small-Cap gained 37 points, or 0.26 per cent, to settle at 14,320 levels.

Sectorally, information technology (IT) scrips were under pressure with the index with ending 0.90 per cent lower. This was followed by losses in pharma and metal counters. Nifty public sector bank index settled 1.72 per cent higher followed by realty and media index, up close to a per cent each.

BUZZING STOCKS

Shares of oil marketing companies (OMCs) such as Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) gained in the early trade on Wednesday as the crude oil prices fell over 4 per cent in Tuesday's session. Other beneficiaries of the lower oil prices such as tyre and paint stocks, too, rallied in the trade. READ MORE

Dewan Housing Finance Corporation Limited (DHFL) shares rose 7 per cent to Rs 81 in Wednesday's early morning trade on the BSE on report that its lenders were willing to consider the proposal of extending a fresh loan of Rs 12,000-18,000 crore over a year to the cash-starved mortgage lending firm. READ MORE

Shares of Tourism Finance Corporation of India (TFCI) skid 5 per cent intra-day to hit an over two-year low of Rs 83 on the BSE on Wednesday after concerns surfaced over the company’s substantial exposure to Cox & Kings. The financial institute's stock was trading at its lowest level since April 2017, having tanked 24 per cent in the past two trading sessions. READ MORE

Click here for more buzzing stocks

GLOBAL CUES

Asian shares fell on Wednesday as initial enthusiasm over the latest U.S.-China trade truce was overtaken by fresh concerns over Washington’s threat of tariffs on additional European goods.

Japan's Nikkei ended 116 points, or 0.53 per cent, lower while South Korea's Kospi slipped 26 points, or 1.23 per cent.

In the commodities market, oil prices were steady on Wednesday after a steep fall in the previous session. Brent crude futures for September delivery were trading uat $62.92 a barrel at 3:00 pm.

3:44 PM

Sectoral gainers and losers on NSE

3:42 PM

Top gainers and losers on S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained 23 points or 0.05 per cent to end at 39,839 while NSE's Nifty50 index settled at 11,917 , up 6 points or 0.05 per cent.

3:28 PM

NEWS ALERT | HDFC Q1: Profit on sale of investments at Rs 1,895 crore vs Nil (YoY)

3:26 PM

NEWS ALERT | BK Birla, chairman of BK Birla Group of companies passes away at 98: CNBC TV18

-- Birla Group companies include Century tiles, Kesoram

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Buzzing | Jain Irrigation sees sharp surge

3:02 PM

NEWS ALERT | Lupin receives US FDA approval for Phenylephrine & Ketorolac Intraocular Solution

3:00 PM

NEWS ALERT | HDFC to consider issue of NCDs worth Rs 45,000 cr on Aug 2

Source: BSE filing

2:49 PM

Macroeconomic uncertainties weigh on prices of non-ferrous metals: ICRA

Even though international prices of the three non-ferrous metals viz. aluminium, copper and zinc have witnessed corrections of 20%, 13% and 16% respectively in the last one year, primarily due to macroeconomic uncertainties on the back of ongoing trade wars and other country-specific factors, the fundamental supply-demand balance suggests otherwise. While global consumption growth of aluminium and copper during Q1 CY2019 was muted at ~1.4% and ~0.8% respectively, as against ~4% and ~2.3% respectively in CY2018, consumption of zinc registered a de-growth of ~1.3%, as against ~0.3% de-growth registered in the last calendar year. Despite muted consumption levels, the markets of the three key non-ferrous metals continued to remain in deficit in this period, with shortages in fact expanding on a Y-o-Y basis, as production growth was even lower than the growth in demand. As per an ICRA note, the slowdown in production growth of aluminium and copper was in turn a result of capacity constraints, which is unlikely to improve significantly in CY2019. Production of zinc may improve in the second half of the year, which may bring the market back into a balance.

2:49 PM

NEWS ALERT | GAIL commissions 165 km Gorakhpur National Gas Pipeline Project

2:43 PM

Market check

2:40 PM

Budget 2019: Govt may cut taxes on biz, hike spending for economic growth

Prime Minister Narendra Modi's government on Friday will unveil a budget that is expected to cut taxes on business and raise spending in a bid to shore up consumption and faltering economic growth. Analysts say Modi, boosted by a sweeping election victory, hopes to use the budget to restart reforms and deal with a series of economic woes. READ MORE

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