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MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain

Benchmark indices rose on Thursday, driven by IT stocks such as Infosys and TCS on the back of a weak rupee

SI Reporter  |  New Delhi 

Benchmark indices rose on Thursday, driven by IT stocks such as Infosys and Tata Consultancy Services on the back of a weak rupee.  The S&P BSE Sensex ended at 34,663, up 318 points while the broader Nifty50 index settled at 10,514, up 84 points. The rupee has weakened by more than 7% so far this year, hitting its lowest since December 2016 at 68.46 per dollar on Wednesday, as surging crude oil prices weigh on India, the world’s third largest importer of the commodity, raising fears that soaring costs could drive up inflation and widen the trade ...

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MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain

Top gainers in Nifty IT index: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) KPIT TECH. 270.85 258.25 12.60 4.88 TCS 3603.70 3495.10 108.60 3.11 INFOSYS 1221.00 1184.90 36.10 3.05 TECH MAHINDRA 711.35 697.45 13.90 1.99 HCL TECHNOLOGIES 911.70 894.35 17.35 1.94

MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain

Top losers in BSE Oil & Gas: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) OIL INDIA 214.50 230.55 -16.05 -6.96 GAIL (INDIA) 305.00 323.15 -18.15 -5.62 O N G C 167.90 175.55 -7.65 -4.36 INDRAPRASTHA GAS 253.35 263.35 -10.00 -3.80 CASTROL INDIA 163.20 167.15 -3.95 -2.36

MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain

Nifty sectoral performers of the day

MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain

BSE Sensex: Gainers and losers of the day

MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain

Market at close   The S&P BSE Sensex ended at 34,663, up 318 points while the broader Nifty50 index settled at 10,514, up 84 points.

MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain

Avenue Supermarts up 6% after block deals Shares of Avenue Supermarts - the operators of retail chain D-Mart, have moved higher by 6% to Rs 1,437 on the BSE in noon deal trade on Thursday, after nearly one per cent or 5 million equity shares of the company changed hands through multiple block deals. READ MORE  

MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain

Crude oil price rise could moderate later, suggests Spanish survey FocusEconomics, a Spain-based economic think tank, says after surveying economists and analysts: “We do not expect the current sweet spot in oil prices will be sustainable further down the road. Higher prices are allowing an increasing number of shale oil producers to ramp up production, especially in the United States. More, rising trade disputes and elevated political tensions across the globe are threatening to derail an otherwise promising global growth trajectory. Prices could be averaging $66.5 a barrel in Q4 (October to December) of 2018.” READ MORE

MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain

Despite SBI reporting Rs 77-bn loss in Q4, worst is likely over for PSBs   Despite the country's largest lender, State Bank of India (SBI), reporting its biggest quarterly loss of Rs 77 billion and a worsening of asset quality during January-March 2018 (Q4) on Monday, the Nifty index of PSU banks surged 2.8 per cent on Tuesday. The gains came on a day the Nifty and the Sensex fell by almost 1 per cent each.   According to experts, even though the Q4 numbers of PSBs that have announced results so far are weaker than expected, earnings visibility is emerging and, in all probability, asset quality worries of PSBs have peaked. READ MORE

MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain

Mid, small-caps outperform in four years of Narendra Modi government   Mid-and small-cap indices have outperformed large-caps in the four years of Narendra Modi – led National Democratic Alliance (NDA) at the centre. Between May 26, 2014 when the Modi government was sworn in and May 23, 2018, the S&P BSE Mid-cap and the S&P BSE Small-cap indices have rallied 86 per cent and 81 per cent respectively, as compared to around 39 per cent rise in the S&P BSE Sensex, ACE Equity data shows.   Analysts attribute this outperformance to the government’s proactive economic reform measures and low crude oil prices that translated into a better operational performance for the mid-and-small cap companies that eventually got translated into the stocks rallying at the bourses. Ample liquidity, especially from the mutual funds also aided sentiment, they said.

MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain

ONGC falls 10%   Oil and Natural Gas Corporation (ONGC) dipped 10% to Rs 157, extending its previous day’s nearly 5% fall on BSE, after the media report suggested that the government may ask the company to share the burden to reduce fuel price. READ MORE

MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain

Market Check   S&P BSE Sensex 34,594.49 0.73%   Nifty 50 10,495.25 0.62%   S&P BSE 200 4,545.17 0.37%   Nifty 500 9,104.60 0.38%   S&P BSE Mid-Cap 15,639.87 -0.38%   S&P BSE Small-Cap 16,955.58 -0.13%

First Published: Thu, May 24 2018. 15:30 IST
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MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain

Benchmark indices rose on Thursday, driven by IT stocks such as Infosys and TCS on the back of a weak rupee

Benchmark indices rose on Thursday, driven by IT stocks such as Infosys and Tata Consultancy Services on the back of a weak rupee.  The S&P BSE Sensex ended at 34,663, up 318 points while the broader Nifty50 index settled at 10,514, up 84 points. The rupee has weakened by more than 7% so far this year, hitting its lowest since December 2016 at 68.46 per dollar on Wednesday, as surging crude oil prices weigh on India, the world’s third largest importer of the commodity, raising fears that soaring costs could drive up inflation and widen the trade ...

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