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
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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 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 deficit.
The Nifty IT index rose over 2%, its biggest intraday gain in nearly four weeks, and has gained 18% so far this year. Infosys rose as much as 2.9% and TCS climbed 3%.
Meanwhile, Oil and Natural Gas Corporation (ONGC) trimmed losses to end 4% lower after falling 10% in intra-day trade after the media reports suggested that the government may ask the company to share the burden to reduce fuel price.
GLOBAL MARKETS
GLOBAL MARKETS
In the global markets, Asian shares fell on Thursday after the US government launched a national security probe into car imports that could lead to new tariffs, and President Donald Trump’s comments suggested setbacks in US-China trade talks.
MSCI’s broadest index of Asia-Pacific shares outside Japan was about 0.1% higher, but Japan’s Nikkei stock index fell 1.1% as auto shares slumped. South Korea’s KOSPI lost 0.2%.
MSCI’s broadest index of Asia-Pacific shares outside Japan was about 0.1% higher, but Japan’s Nikkei stock index fell 1.1% as auto shares slumped. South Korea’s KOSPI lost 0.2%.
In commodities markets, US crude was down 0.3 per cent at $71.63 a barrel. Oil prices fell on Wednesday after an unexpected rise in US crude and gasoline inventories. Brent futures were 0.4 per cent lower at $79.50 a barrel, continuing to move lower after rising above $80 last week for the first time since November 2014 last week.
(with Reuters inputs)
3:44 PM
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 |
3:40 PM
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 |
3:37 PM
Nifty sectoral performers of the day
3:35 PM
BSE Sensex: Gainers and losers of the day
3:32 PM
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.
3:14 PM
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Crude oil price rise could moderate later, suggests Spanish survey
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Despite SBI reporting Rs 77-bn loss in Q4, worst is likely over for PSBs
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2:29 PM
Mid, small-caps outperform in four years of Narendra Modi government
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2:14 PM
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
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First Published: May 24 2018 | 3:30 PM IST