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MARKET WRAP: Infy, RIL support Sensex, Nifty ends below 11,600; banks slip
All that happened in markets today.
The benchmark indices ended little changed on Tuesday after two days of spectacular rally as investors booked profits. The S&P BSE Sensex ended at 39,097.14, up just 7 points or 0.02 per cent, with Infosys (up around 4 per cent) being the top gainer and SBI (down over 3.50 per cent) the biggest loser.
During the session, the index hit an intra-day high and low of 39,306.37 and 38,913.06, respectively. Out of 30 components, 15 settled with gains and the rest 15 declined.
In the broader market, the S&P BSE MidCap index ended 74 points or 0.51 per cent lower at 14,480.70 levels and the S&P BSE SmallCap index settled at 13,588.20, up 23 points or 0.17 per cent.
On NSE, the benchmark Nifty50 index ended at 11,588.20, down 12 points or 0.10 per cent.
Sectorally, IT stocks advanced the most, followed by FMCG and pharma counters. The Nifty IT index gained over 2 per cent to 15,338.65 levels. On the flip side, PSU bank stocks bled the most. Nifty Bank lost 383 points or 1.25 per cent to end at 30,183.10.
Shares of Reliance Industries (RIL) rallied 5 per cent to Rs 1,298 in the intra-day deals on the BSE after Morgan Stanley maintained an 'overweight' stance on the stock. The foreign brokerage revised target price of RIL to Rs 1,469 from Rs 1,349, earlier. The stock, eventually, settled at Rs 1,278.55, up 3.22 per cent.
Shares of the Multi Commodity Exchange of India Ltd. (MCX) surged as much as 10 per cent, to trade nearly two-year high of Rs 1,030, on the BSE on back of heavy volumes. At close, the stock price stood at Rs 992.05 apiece, up nearly 6 per cent.
Global shares edged up on Tuesday after US Treasury Secretary Steven Mnuchin confirmed US-China trade talks will resume next month, but lingering concerns about slowing global growth reduced the overall appetite for riskier assets. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1 per cent, led by 0.6 per cent gains in mainland Chinese shares. Japan’s Nikkei was up 0.2 per cent.
In Europe, pan-European Euro Stoxx 50 futures were up 0.26 per cent, German DAX futures were up 0.24 per cent and FTSE futures gained 0.33 per cent. US stock futures, too, gained 0.38 per cent.
(With inputs from Reuters)