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MARKET WRAP: TCS up 5% in a flat market, HUL hits record, metal stocks slip

After a muted session, investors will now look out for inflation data on Thursday and Infosys results on Friday to fine-tune their trading strategy. Global developments, too, will impact sentiment

SI Reporter  |  New Delhi 

stock market
Stock brokers reacts as they watch the share prices of BSE sensex in Mumbai. Photo: Kamlesh Pednekar

MARKET COMMENT Jayant Manglik, President, Religare Broking After a smart upmove over the past few sessions, some consolidation cannot be ruled out in the coming sessions. Key domestic macro events like May IIP, June CPI inflation data and corporate earnings season will provide further direction to the markets in the near term. Stock / sector specific volatility will remain high. The progress of monsoon, movement of crude oil prices and global developments will continue to be monitored by the market participants. The rising trade tensions between US & China could induce high volatility across the indices globally. Traders should avoid risky leveraged positions Nifty IT index settled 2.21% higher today. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) TCS 1979.90 1875.10 104.80 5.59 TATA ELXSI 1445.00 1392.45 52.55 3.77 KPIT TECH. 291.30 286.80 4.50 1.57 INFOSYS 1320.45 1301.40 19.05 1.46 HCL TECHNOLOGIES 993.45 979.55 13.90 1.42 Nifty sectoral performers BSE Sensex: TCS, Bajaj Auto among top gainers of the day, Coal India top loser Market at close   The S&P BSE Sensex ended at 36,266, up 26 points while the broader Nifty50 index settled at 10,948, up 1 point. Metal shares witness selling pressure Shares of 10 metal and mining companies fell by 1.58% to 4.04% on BSE after copper price edged lower in the global commodities markets. Jindal Steel & Power (down 4.04%), Hindalco Industries (down 3.84%), Vedanta (down 3.7%), Steel Authority of India (down 3.69%), Hindustan Zinc (down 3.29%), National Aluminium Company (down 2.69%), Tata Steel (down 2.08%), JSW Steel (down 1.78%), Hindustan Copper (down 1.77%) and NMDC (down 1.58%), edged lower. READ MORE

The ended flat on Wednesday amid weakness in their key Asian peers. The S&P ended at 36,266, up 26 points while the broader Nifty50 index settled at 10,948, up 1 point.

Among sectors, the Metal index was the worst hit following concerns of escalation in global trade war fears. The index ended nearly 3% lower with Jindal Steel, Coal India, Vedanta and SAIL each ending over 4% lower.

TCS rallies 5 per cent

Among sectoral indices, the IT index ended around 2 per cent higher led by a sharp rise in the of Tata Consultancy Services (TCS), which settled nearly 5 per cent higher after the company posted a better-than-expected rise of about 23.5% year on year (YoY) and 6.3% quarter on quarter (QoQ) in first-quarter (Q1) net profit, helped by strong growth in its banking, financial services and insurance division (BFSI).

FMCG on a roll

of fast moving consumer goods (FMCG) companies continued their upward march on Wednesday with the FMCG index hitting a new high of 29,958 in intra-day on the National Stock Exchange (NSE), fuelled by expectations of a healthy performance in June quarter, aided by a low base and a healthy underlying demand scenario.
 
Hindustan Unilever (HUL), Godrej Consumer Products (GCPL), Jubilant FoodWorks and Marico from the Nifty FMCG index hit their respective record highs on the in intra-day trade today.

Global Markets

A sell-off in Chinese knocked Asian on Wednesday as US threats of tariffs on an additional $200 billion worth of Chinese goods pushed the world’s two biggest economies ever closer to a full-scale trade war.

Washington proposed the extra tariffs after efforts to negotiate a solution to the dispute failed to reach an agreement, senior administration officials said on Tuesday.

MSCI’s broadest index of Asia-Pacific outside Japan fell 1.1 per cent. The index had gained for the past two sessions, having enjoyed a lull from the trade war fears that lashed global last week.

Hong Kong’s Hang Seng slid 1.5 per cent and the Shanghai Composite Index dropped 1.8 per cent. South Korea’s KOSPI lost 0.55 per cent and Japan’s Nikkei fell 1 per cent.

Oil Prices

Oil prices declined after the United States said it would consider requests from some countries to be exempted from sanctions it will put into effect in November that prevents Iran from exporting oil.

Brent crude futures lost 0.8 per cent to $78.22 a barrel. Oil had risen the previous day, supported by a larger-than expected US stock draw and supply concerns in Norway and Libya.

(with Reuters inputs)

First Published: Wed, July 11 2018. 08:25 IST
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MARKET WRAP: TCS up 5% in a flat market, HUL hits record, metal stocks slip

After a muted session, investors will now look out for inflation data on Thursday and Infosys results on Friday to fine-tune their trading strategy. Global developments, too, will impact sentiment

The ended flat on Wednesday amid weakness in their key Asian peers. The S&P ended at 36,266, up 26 points while the broader Nifty50 index settled at 10,948, up 1 point.

Among sectors, the Metal index was the worst hit following concerns of escalation in global trade war fears. The index ended nearly 3% lower with Jindal Steel, Coal India, Vedanta and SAIL each ending over 4% lower.

TCS rallies 5 per cent

Among sectoral indices, the IT index ended around 2 per cent higher led by a sharp rise in the of Tata Consultancy Services (TCS), which settled nearly 5 per cent higher after the company posted a better-than-expected rise of about 23.5% year on year (YoY) and 6.3% quarter on quarter (QoQ) in first-quarter (Q1) net profit, helped by strong growth in its banking, financial services and insurance division (BFSI).

FMCG on a roll

of fast moving consumer goods (FMCG) companies continued their upward march on Wednesday with the FMCG index hitting a new high of 29,958 in intra-day on the National Stock Exchange (NSE), fuelled by expectations of a healthy performance in June quarter, aided by a low base and a healthy underlying demand scenario.
 
Hindustan Unilever (HUL), Godrej Consumer Products (GCPL), Jubilant FoodWorks and Marico from the Nifty FMCG index hit their respective record highs on the in intra-day trade today.

Global Markets

A sell-off in Chinese knocked Asian on Wednesday as US threats of tariffs on an additional $200 billion worth of Chinese goods pushed the world’s two biggest economies ever closer to a full-scale trade war.

Washington proposed the extra tariffs after efforts to negotiate a solution to the dispute failed to reach an agreement, senior administration officials said on Tuesday.

MSCI’s broadest index of Asia-Pacific outside Japan fell 1.1 per cent. The index had gained for the past two sessions, having enjoyed a lull from the trade war fears that lashed global last week.

Hong Kong’s Hang Seng slid 1.5 per cent and the Shanghai Composite Index dropped 1.8 per cent. South Korea’s KOSPI lost 0.55 per cent and Japan’s Nikkei fell 1 per cent.

Oil Prices

Oil prices declined after the United States said it would consider requests from some countries to be exempted from sanctions it will put into effect in November that prevents Iran from exporting oil.

Brent crude futures lost 0.8 per cent to $78.22 a barrel. Oil had risen the previous day, supported by a larger-than expected US stock draw and supply concerns in Norway and Libya.

(with Reuters inputs)

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