MARKET WRAP: Indices trim losses to end flat, Nifty at 10,818; Pharma gains
TCS hit a new high of Rs 1,849 per share on the BSE intra-day, after the IT major said that its board has approved a proposal of buyback upto 76.19 million equity shares at price of Rs 2,100 per share
The markets trimmed their day's losses and ended flat on Friday amid weakness in their Asian peers, that wobbled on Friday as investors braced for US tariffs against China.
Among sectoral indices, the Nifty Pharma index ended over 2% higher led by rise in the shares of Dr. Reddy's Laboratories, Cipla and Piramal Enterprises. The Nifty IT index too settled over 2% led by a rally in Infosys and Tata Consultancy Services (TCS).
TCS hit a new high of Rs 1,849 per share on the BSE during the day, after the IT major said that its board has approved a proposal of buyback upto 76.19 million equity shares at price of Rs 2,100 per share through tender offer. The stock eventually settled 2.75 per cent higher at Rs 1841.45 on the BSE.
The S&P BSE Sensex ended at 35,622, up 22 points while the broader Nifty50 index settled at 10,818, up 10 points.
Among sectoral indices, the Nifty Pharma index ended over 2% higher led by rise in the shares of Dr. Reddy's Laboratories, Cipla and Piramal Enterprises. The Nifty IT index too settled over 2% led by a rally in Infosys and Tata Consultancy Services (TCS).
TCS hit a new high of Rs 1,849 per share on the BSE during the day, after the IT major said that its board has approved a proposal of buyback upto 76.19 million equity shares at price of Rs 2,100 per share through tender offer. The stock eventually settled 2.75 per cent higher at Rs 1841.45 on the BSE.
US President Donald Trump has decided to impose "pretty significant" tariffs and will announce a list targeting $50 billion of Chinese goods on Friday, and a second wave of products worth $100 billion has been cued up. Beijing has warned that it was ready to respond.
The US Federal Reserve, on Thursday, had raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening for the rest of the year.
Back home, India's trade deficit widened to four-month high of $14.62 billion in May as imports surged nearly 15 per cent, the government said Friday.
Commerce Minister Suresh Prabhu said exports in May rose by 28.18 per cent to $28.86 billion while imports were up 14.85 per cent to $43.48 billion.
Globally, the Asia Pacific MSCI index ex-Japan edged down 0.3 per cent and was set for a weekly loss of more than 1 per cent.
Chinese stocks led the losses, with the benchmark Shanghai Composite index plumbing a 20-month low, as investors worried about the economic damage from the trade tensions with the US. Japan's Nikkei average closed up 0.5 per cent.
(with Reuters inputs)
3:53 PM
MARKET COMMENT Jayant Manglik, President, Religare Broking
In yet another volatile trading session, the Indian equity benchmark indices ended Friday’s session on the flat note. Throughout the day, markets remained range bound and the Nifty index swung both ways touching intra-day high of 10,834 in first half and intra-day low of 10,755 in second half and finally ended flat at 10,818 levels.
BSE Midcap & Smallcap, underperformed the benchmark, to close with losses of 0.4% and 0.5%, respectively. Barring Healthcare and IT, which closed nearly 2% higher, selling pressure was witnessed among all the other sectorial indices.Capital Goods, Metals, Oil & Gas and Power remained the top losers. Amongst the global indices, both European and Asian markets traded on a mixed note.
BSE Midcap & Smallcap, underperformed the benchmark, to close with losses of 0.4% and 0.5%, respectively. Barring Healthcare and IT, which closed nearly 2% higher, selling pressure was witnessed among all the other sectorial indices.Capital Goods, Metals, Oil & Gas and Power remained the top losers. Amongst the global indices, both European and Asian markets traded on a mixed note.
We continue to remain cautious on the markets in the coming sessions. With lack of any fresh positive domestic triggers in the near term, volatility is likely to remain high with stock specific movement. Market participants will closely monitor global developments, especially in US, Europe and China. Any further correction should be considered as a good buying opportunity for investors in quality counters
3:45 PM
Nifty IT index settled 2.14% higher. Top gainers:
| COMPANY | LATEST | PREV CLOSE | GAIN() | GAIN(%) |
| INFOSYS | 1281.65 | 1239.70 | 41.95 | 3.38 |
| ORACLE FIN.SERV. | 4140.00 | 4008.70 | 131.30 | 3.28 |
| TCS | 1844.90 | 1787.55 | 57.35 | 3.21 |
| TECH MAHINDRA | 709.60 | 698.80 | 10.80 | 1.55 |
| MINDTREE | 1003.15 | 992.75 | 10.40 | 1.05 |
3:43 PM
Nifty Pharma index ended 2.24% higher. Top gainers:
| COMPANY | LATEST | PREV CLOSE | GAIN() | GAIN(%) |
| CIPLA | 612.00 | 588.05 | 23.95 | 4.07 |
| DR REDDY'S LABS | 2351.45 | 2269.40 | 82.05 | 3.62 |
| PIRAMAL ENTERP. | 2501.00 | 2427.40 | 73.60 | 3.03 |
| SUN PHARMA.INDS. | 572.00 | 559.25 | 12.75 | 2.28 |
| BIOCON | 625.30 | 614.35 | 10.95 | 1.78 |
3:41 PM
Nifty sectoral gainers and losers of the day
3:40 PM
BSE Sensex: Dr. Reddy's, Infosys, TCS among top gainers of the day. ONGC top loser.
3:32 PM
Market at close
The S&P BSE Sensex ended at 35,622, up 22 points while the broader Nifty50 index settled at 10,818, up 10 points.
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Shares of Tata Consultancy Services (TCS) hit a new high of Rs 1,849 per share, up 3% on the BSE after the company said its board approved a proposal of buyback upto 76.19 million equity shares at price of Rs 2,100 per share through tender offer. The stock surpassed its previous high of Rs 1,840 recorded on June 14, 2018. READ MORE
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Market Check
| S&P BSE Sensex | 35,480.20 | -0.34% | |
| Nifty 50 | 10,763.05 | -0.42% | |
| S&P BSE 200 | 4,667.14 | -0.40% | |
| Nifty 500 | 9,308.95 | -0.51% | |
| S&P BSE Mid-Cap | 15,985.64 | -0.50% | |
| S&P BSE Small-Cap | 16,953.06 | -0.51% | |
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CLSA Managing Director & Equity Strategist Christopher Wood
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First Published: Jun 15 2018 | 3:30 PM IST
