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MARKET WRAP: Indices end flat, Nifty at 10,857 ahead of US Fed outcome

Among sectoral indices, the Nifty IT index ended over 1% higher on Wednesday led by a rise in the shares of TCS and Infosys.

SI Reporter  |  New Delhi 

MARKETS LIVE: Indices to eye US Fed policy decision today

Nifty IT index ends 1.26% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) TCS 1824.10 1781.00 43.10 2.42 INFOSYS 1274.80 1258.50 16.30 1.30 INFIBEAM INCORP. 153.90 152.00 1.90 1.25 HCL TECHNOLOGIES 923.70 914.80 8.90 0.97 WIPRO 268.80 266.45 2.35 0.88 Nifty sectoral gainers and losers of the day BSE Sensex: Dr. Reddy's, TCS among top gainers of the day, Tata Steel top loser Market at close   The S&P BSE Sensex ended at 35,739, up 47 points while the broader Nifty50 index settled at 10,857, up 14 points. Gold steady as markets cautious ahead of US Fed statement Gold prices held steady on Wednesday after falling to a one-week low in the previous session, as investors waited for clues on the pace of future interest rate hikes by the US Federal Reserve when its policy meeting concludes later in the day.   Spot gold was little changed at $1,295.02 per ounce at 0634 GMT after it touched a one-week low of $1,292.60 in the previous session. US gold futures for August delivery were 0.1 percent lower at $1,298.50 per ounce. READ MORE Pharma stocks on a booster dose   Shares of pharmaceutical companies gained ground for the sixth consecutive day with the Nifty Pharma index gaining 12 per cent during this period, as compared to a 2.6 per cent jump in the Nifty 50 index.   Analysts attribute the run-up in pharma stocks to positive corporate announcements on the US drug regulatory front, especially Sun Pharma, which infused a fresh life into these classic defensive plays. READ MORE

The markets pared their day's gains to end flat on Wednesday as investors eyed the outcome of US Federal Reserve's monetory policy meeting scheduled later in the day.

The S&P BSE Sensex ended at 35,739, up 47 points while the broader Nifty50 index settled at 10,857, up 14 points.

Among individual stocks, top software services exporter Tata Consultancy Services (TCS) gained 3% earlier today after the company said that its board will consider a proposal for buyback of equity shares of the company, at its meeting on June 15, 2018. The stock eventually settled 2.43 per cent higher at Rs 1824.20 on the BSE.

Among sectoral indices, the Nifty IT index ended over 1% higher on Wednesday led by a rise in the shares of TCS and Infosys.

The stock markets had risen earlier in the day due to a solid monthly industrial growth data released on Tuesday, which had boosted market sentiment. The country’s industrial output rose by 4.9 per cent in April, up from the 4.4 per cent growth seen in March due to a turnaround in capital goods production as well as an uptick in overall manufacturing growth.

FEDERAL RESERVE

With the Federal Reserve virtually guaranteed to raise interest rates this week, investors are focused on how the US central bank characterises its monetary policy as borrowing costs return to more normal levels amid an ongoing economic expansion.

Most analysts expect the US central bank to hike rates at least twice this year – in June and in September, and follow it up with a couple of more hikes in calendar year 2019 (CY19).

GLOBAL MARKETS

Asian shares fell on Wednesday as investors braced for a Federal Reserve policy decision later in the day and any clues it might give on future rate hikes that could alter the course of global economic growth and corporate earnings.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5 per cent, erasing the slim gains made following Tuesday's meeting between US President Donald Trump and North Korean leader Kim Jong Un.
 
The CSI300 index of mainland shares fell 0.7 per cent and Japan's Nikkei eked out gains of 0.5 percent.

(with Reuters inputs)

First Published: Wed, June 13 2018. 15:30 IST
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MARKET WRAP: Indices end flat, Nifty at 10,857 ahead of US Fed outcome

Among sectoral indices, the Nifty IT index ended over 1% higher on Wednesday led by a rise in the shares of TCS and Infosys.

The markets pared their day's gains to end flat on Wednesday as investors eyed the outcome of US Federal Reserve's monetory policy meeting scheduled later in the day.

The S&P BSE Sensex ended at 35,739, up 47 points while the broader Nifty50 index settled at 10,857, up 14 points.

Among individual stocks, top software services exporter Tata Consultancy Services (TCS) gained 3% earlier today after the company said that its board will consider a proposal for buyback of equity shares of the company, at its meeting on June 15, 2018. The stock eventually settled 2.43 per cent higher at Rs 1824.20 on the BSE.

Among sectoral indices, the Nifty IT index ended over 1% higher on Wednesday led by a rise in the shares of TCS and Infosys.

The stock markets had risen earlier in the day due to a solid monthly industrial growth data released on Tuesday, which had boosted market sentiment. The country’s industrial output rose by 4.9 per cent in April, up from the 4.4 per cent growth seen in March due to a turnaround in capital goods production as well as an uptick in overall manufacturing growth.

FEDERAL RESERVE

With the Federal Reserve virtually guaranteed to raise interest rates this week, investors are focused on how the US central bank characterises its monetary policy as borrowing costs return to more normal levels amid an ongoing economic expansion.

Most analysts expect the US central bank to hike rates at least twice this year – in June and in September, and follow it up with a couple of more hikes in calendar year 2019 (CY19).

GLOBAL MARKETS

Asian shares fell on Wednesday as investors braced for a Federal Reserve policy decision later in the day and any clues it might give on future rate hikes that could alter the course of global economic growth and corporate earnings.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5 per cent, erasing the slim gains made following Tuesday's meeting between US President Donald Trump and North Korean leader Kim Jong Un.
 
The CSI300 index of mainland shares fell 0.7 per cent and Japan's Nikkei eked out gains of 0.5 percent.

(with Reuters inputs)

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