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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

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MARKET WRAP

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

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

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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.

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