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.
 "MARKETS LIVE: Indices to eye US Fed policy decision today")
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 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.
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)
3:41 PM
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 |
3:39 PM
Nifty sectoral gainers and losers of the day
3:37 PM
BSE Sensex: Dr. Reddy's, TCS among top gainers of the day, Tata Steel top loser
3:31 PM
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.
3:14 PM
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
2:59 PM
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
2:45 PM
Ruchi Soya locked at 5% upper circuit
Shares of Ruchi Soya Industries locked at 5% upper circuit as Adani group emerged as highest bidder for the company. Adani's group company offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya, sources with direct knowledge of the matter said.
Shares of Ruchi Soya Industries locked at 5% upper circuit as Adani group emerged as highest bidder for the company. Adani's group company offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya, sources with direct knowledge of the matter said.
Baba Ramdev-promoted Patanjali Ayurved, the only other qualified player in the race, has bid for around Rs 5,700 crore, they added.
2:31 PM
Top gainers from the Nifty50 index
Click here for more gainers
| COMPANY | LATEST | PREV CLOSE | GAIN() | GAIN(%) | VOLUME |
|---|---|---|---|---|---|
| DR REDDY'S LABS | 2265.00 | 2190.65 | 74.35 | 3.39 | 2117052 |
| CIPLA | 582.65 | 567.10 | 15.55 | 2.74 | 4055906 |
| TCS | 1826.80 | 1781.00 | 45.80 | 2.57 | 4295569 |
| HINDALCO INDS. | 246.35 | 240.65 | 5.70 | 2.37 | 4361193 |
| LUPIN | 873.95 | 855.00 | 18.95 | 2.22 | 5572465 |
Click here for more gainers
2:15 PM
Oil demand will grow steadily in 2019 thanks to a solid global economy and stable prices, although trade tensions remain the largest risk, the International Energy Agency said on Wednesday. READ MORE
Global oil demand to grow steadily in 2019 but trade risks loom: IEA
Oil demand will grow steadily in 2019 thanks to a solid global economy and stable prices, although trade tensions remain the largest risk, the International Energy Agency said on Wednesday. READ MORE
2:00 PM
Market Check
| S&P BSE Sensex | 35,825.09 | 0.37% | |
| Nifty 50 | 10,877.40 | 0.32% | |
| S&P BSE 200 | 4,714.00 | 0.34% | |
| Nifty 500 | 9,412.55 | 0.28% | |
| S&P BSE Mid-Cap | 16,163.30 | 0.08% | |
| S&P BSE Small-Cap | 17,102.90 | 0.22% | |
1:45 PM
Infosys hits record high on the BSE
Shares of Infosys hit a record high of Rs 1,278.55 per share, up 1.6% on the BSE in intra-day trade on Wednesday, surpassing their previous high of Rs 1,278 per share recorded on June 3, 2016.
On the National Stock Exchange (NSE), the stock hit a high of Rs 1,278.85, up 1.6%, and is slightly away from its all-time high of Rs 1,279.30 touched on June 3, 2016. READ MORE
1:30 PM
Dr Reddy's stock: Product pipeline should boost revenue growth in FY19
The Dr Reddy’s stock gained on Tuesday over 5 per cent in trade, on expectation that the company would be soon launching a generic version of opioid treatment drug Suboxone. Coupled with its other launches in FY19 in the US, this should boost its profit.
Analysts at Nomura believe there is a strong probability that the company will get approval in the near term for Suboxone, and expect initially lower competitive intensity. They estimate an annualised earnings per share impact of Rs 62.5 without additional generic competition. READ MORE
1:15 PM
Page Industries extends license agreement with Jockey; stock surges 6%
Shares of Page Industries hit a record high of Rs 26,180 per share, rising 6% on the BSE in intra-day trade after the company announced extension of license agreement with Jockey International till December 31, 2040.
“Our license agreement with Jockey International Inc has been extended till December 31, 2040,” Page Industries said in a regulatory filing. READ MORE
1:00 PM
Top BSE500 gainers
» More on Top Gainers
| COMPANY | PRICE() | CHG() | CHG(%) | VOLUME |
|---|---|---|---|---|
| REDINGTON INDIA | 127.60 | 9.90 | 8.41 | 130981 |
| H U D C O | 63.00 | 4.00 | 6.78 | 1000200 |
| DELTA CORP | 242.55 | 15.20 | 6.69 | 618986 |
| KESORAM INDS. | 94.50 | 5.05 | 5.65 | 63114 |
| SITI NETWORKS | 14.69 | 0.75 | 5.38 | 1741287 |
12:45 PM
The Reserve Bank of India (RBI) announced an important regulatory change in Wednesday’s monetary policy review, which reduces banks’ demand for government bonds by around 2% of aggregate deposits. We estimate that is equal to roughly Rs 2.3 trillion. While the market was expecting a move along these lines, government bond yields are likely to rise as the market reacts to the change over time, in our view. READ MORE
Government bond yields poised to rise as market reacts to RBI's rule change
The Reserve Bank of India (RBI) announced an important regulatory change in Wednesday’s monetary policy review, which reduces banks’ demand for government bonds by around 2% of aggregate deposits. We estimate that is equal to roughly Rs 2.3 trillion. While the market was expecting a move along these lines, government bond yields are likely to rise as the market reacts to the change over time, in our view. READ MORE
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First Published: Jun 13 2018 | 3:30 PM IST
