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
Among sectors, the Nifty 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 Nifty IT index ended around 2 per cent higher led by a sharp rise in the shares 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 stocks on a roll
A sell-off in Chinese markets knocked Asian stocks 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 shares 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 markets 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.