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MARKET WRAP: Indices end flat ahead of no-confidence motion; IT stocks slip

Benchmark indices ended flat on Thursday, a day ahead of a no-confidence motion against the government.

SI Reporter  |  New Delhi 

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Benchmark ended flat on Thursday with losses in IT and pharma such as TCS, Mindtree offsetting gains in PSU Banks like SBI, Bank of Baroda, a day ahead of a no-confidence motion against the government.

On Friday, the parliament will debate a no-confidence motion tabled by opposition parties against the Prime Minister Narendra Modi’s government on Wednesday, the first day of the monsoon session.

The S&P ended at 36,351, down 22 points while the broader Nifty50 index settled at 10,957, down 23 points.

Mid-cap IT stock Mindtree lost 12.2 per cent, its biggest intraday fall since September 2011. Larsen & Toubro Infotech and Hexaware Technologies were also trading lower. The stock ended over 8% lower

FMCG stocks, however, gained with the FMCG index gaining 0.7 per cent with ITC, Colgate Palmolive up over 1.5 per cent each.

Globally, Asian on Thursday struggled to hold earlier gains made after upbeat Wall Street earnings, as trade war jitters rattled China’s stock and currency markets, with the yuan hitting fresh one-year lows.

MSCI’s broadest index of Asia-Pacific outside Japan last stood up less than 0.1 per cent, giving up much of its earlier gains of 0.56 per cent. Japan’s Nikkei lost 0.13 per cent.

(with Reuters inputs)

First Published: Thu, July 19 2018. 08:20 IST
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MARKET WRAP: Indices end flat ahead of no-confidence motion; IT stocks slip

Benchmark indices ended flat on Thursday, a day ahead of a no-confidence motion against the government.

Benchmark ended flat on Thursday with losses in IT and pharma such as TCS, Mindtree offsetting gains in PSU Banks like SBI, Bank of Baroda, a day ahead of a no-confidence motion against the government.

On Friday, the parliament will debate a no-confidence motion tabled by opposition parties against the Prime Minister Narendra Modi’s government on Wednesday, the first day of the monsoon session.

The S&P ended at 36,351, down 22 points while the broader Nifty50 index settled at 10,957, down 23 points.

Mid-cap IT stock Mindtree lost 12.2 per cent, its biggest intraday fall since September 2011. Larsen & Toubro Infotech and Hexaware Technologies were also trading lower. The stock ended over 8% lower

FMCG stocks, however, gained with the FMCG index gaining 0.7 per cent with ITC, Colgate Palmolive up over 1.5 per cent each.

Globally, Asian on Thursday struggled to hold earlier gains made after upbeat Wall Street earnings, as trade war jitters rattled China’s stock and currency markets, with the yuan hitting fresh one-year lows.

MSCI’s broadest index of Asia-Pacific outside Japan last stood up less than 0.1 per cent, giving up much of its earlier gains of 0.56 per cent. Japan’s Nikkei lost 0.13 per cent.

(with Reuters inputs)

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