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MARKET WRAP: Indices end lower as govt faces no-confidence motion

Benchmark indices erased early gains on Wednesday as the opposition parties tabled a no-confidence motion against govt

SI Reporter  |  New Delhi 

Markets, Stocks, BSE, NSE, Trade
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Nifty Metal Index ended 3.15% lower today. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) JINDAL STEEL 185.30 199.00 -13.70 -6.88 TATA STEEL 505.20 532.35 -27.15 -5.10 HINDALCO INDS. 212.20 219.50 -7.30 -3.33 HIND.COPPER 55.10 57.00 -1.90 -3.33 VEDANTA 203.35 210.10 -6.75 -3.21 See More Nifty sectoral losers of the day BSE Sensex: ONGC top gainer of the day, Tata Steel, Vedanta, Axis Bank among top losers Market at close   The S&P BSE Sensex ended at 36,373, down 147 points while the broader Nifty50 index settled at 10,980, down 28 points. NEWS ALERT: Cabinet approves increase in FRP of sugarcane by Rs 20/quintal WEB EXCLUSIVE Nifty Metal index could enter a bear phase, say analysts   Metal stocks are slowly heading towards a bear phase – typically described as a fall of 20 per cent or more from peak levels – given the ongoing trade war concerns, feel analysts.   The Nifty Metal index that lost nearly 2.6 per cent in trade on Wednesday was the worst performing sectoral index on the National Stock Exchange (NSE). On a year-to-date (YTD) basis, the index has already lost over 16 per cent as compared to around 5 per cent rally in the Nifty50 index, ACE Equity data shows. READ MORE

Benchmark erased early gains to end lower on Wednesday, with the benchmark index falling from a record high, as the opposition parties tabled a no-confidence motion against Prime Minister Narendra Modi’s government.

For the first time in 15 years, a no-confidence motion against the government was moved and accepted in Lok Sabha today. Speaker Sumitra Mahajan said the notice, moved by the Congress, Telugu Desam Party and Sharad Pawar's Nationalist Congress Party, will be taken up on Friday.

The S&P ended at 36,373, down 147 points while the broader Nifty50 index settled at 10,980, down 28 points.

The S&P earlier today hit a fresh record high of 36,747.87 in intra-day deals, surpassing its previous high of 36,740.07 touched on Friday, July 13, 2018.

Among sectoral indices, Realty and the Metal indices were the worst hit in trade today. Jindal Steel, Tata Steel, Hindustan Copper, Hindalco and Vedanta from the metal pack slipped 3 per cent to 6.8 per cent.

Among gainers, of state-owned Oil and Natural Gas Corp rose 2.8 per cent on reports that ONGC has authorised the government to sell its 49 per cent stake in helicopter service provider Pawan Hans.

IPO WATCH

The initial public offer of TCNS Clothing Company opened for subscription today, involving an offer for sale of 15.71 million Its business prospects look good, with healthy past performance and experienced management; however, the stock valuation suggests investors looking for immediate gains might get disappointed. Analysts, thus, suggest only long-term investors should subscribe.

TCNS is a leading women’s branded apparel company, the target customers being those with jobs. Set up in December 1997, it had cumulative annual sales growth of 32 per cent during FY16-18. READ MORE HERE

MARKETS

Asian followed Wall Street higher on Wednesday as a bullish outlook from the head of the US central bank buoyed the dollar, lifted Tokyo shares to a one-month top and sent gold to a one-year trough.

Japan's Nikkei leapt out of the blocks with a 1 per cent gain as a weakening yen promised to fatten exporters' profits. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.16 per cent and South Korea's market 0.85 per cent.

In commodities, also eased early on Wednesday, with Brent off 53 cents at $71.63 a barrel. US crude was quoted down 31 cents at $67.77 a barrel.

(with Reuters inputs)

First Published: Wed, July 18 2018. 08:15 IST
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MARKET WRAP: Indices end lower as govt faces no-confidence motion

Benchmark indices erased early gains on Wednesday as the opposition parties tabled a no-confidence motion against govt

Benchmark erased early gains to end lower on Wednesday, with the benchmark index falling from a record high, as the opposition parties tabled a no-confidence motion against Prime Minister Narendra Modi’s government.

For the first time in 15 years, a no-confidence motion against the government was moved and accepted in Lok Sabha today. Speaker Sumitra Mahajan said the notice, moved by the Congress, Telugu Desam Party and Sharad Pawar's Nationalist Congress Party, will be taken up on Friday.

The S&P ended at 36,373, down 147 points while the broader Nifty50 index settled at 10,980, down 28 points.

The S&P earlier today hit a fresh record high of 36,747.87 in intra-day deals, surpassing its previous high of 36,740.07 touched on Friday, July 13, 2018.

Among sectoral indices, Realty and the Metal indices were the worst hit in trade today. Jindal Steel, Tata Steel, Hindustan Copper, Hindalco and Vedanta from the metal pack slipped 3 per cent to 6.8 per cent.

Among gainers, of state-owned Oil and Natural Gas Corp rose 2.8 per cent on reports that ONGC has authorised the government to sell its 49 per cent stake in helicopter service provider Pawan Hans.

IPO WATCH

The initial public offer of TCNS Clothing Company opened for subscription today, involving an offer for sale of 15.71 million Its business prospects look good, with healthy past performance and experienced management; however, the stock valuation suggests investors looking for immediate gains might get disappointed. Analysts, thus, suggest only long-term investors should subscribe.

TCNS is a leading women’s branded apparel company, the target customers being those with jobs. Set up in December 1997, it had cumulative annual sales growth of 32 per cent during FY16-18. READ MORE HERE

MARKETS

Asian followed Wall Street higher on Wednesday as a bullish outlook from the head of the US central bank buoyed the dollar, lifted Tokyo shares to a one-month top and sent gold to a one-year trough.

Japan's Nikkei leapt out of the blocks with a 1 per cent gain as a weakening yen promised to fatten exporters' profits. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.16 per cent and South Korea's market 0.85 per cent.

In commodities, also eased early on Wednesday, with Brent off 53 cents at $71.63 a barrel. US crude was quoted down 31 cents at $67.77 a barrel.

(with Reuters inputs)

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