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MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

Among sectoral indices, the Nifty Metal index settled 1.4% lower led by a fall in shares of National Aluminium Company and Vedanta.

SI Reporter  |  New Delhi 

Benchmark indices ended slightly lower on Thursday with index heavyweights such as Infosys and Tata Steel losing ground, while a looming deadline for imposition of US tariffs on China also  played on investors’ minds. The S&P BSE Sensex ended at 35,575, down 71 points. The broader Nifty50 index settled at 10,750, down 20 points. Among sectoral indices, the Nifty Metal index settled 1.4% lower led by a fall in shares of National Aluminium Company and Vedanta. The Nifty IT index, too, ended 1.1% lower led by a fall in the shares of Infosys ...

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MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

MARKET COMMENT Jayant Manglik, President, Religare Broking Nifty traded range bound and settled almost unchanged in absence of any fresh trigger. Participants were in the profit taking mood at the start of trade. However, an up move in select index majors, mainly from FMCG and banking, capped downside as trade progressed.    Participants, mainly traders, are in the fix due to excessive volatility and selling pressure in broader market while Nifty has been showing resilience. Trade selection becomes difficult in such scenario. We feel the upcoming earnings season would ease the pressure and also provide the needed trigger for next directional move. Meanwhile, we advise keeping limited exposure mainly in index majors and quality midcap stocks

MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

Nifty Metal index ended 1.42% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) NATL. ALUMINIUM 59.75 62.10 -2.35 -3.78 TATA STEEL 553.30 571.10 -17.80 -3.12 VEDANTA 221.30 228.05 -6.75 -2.96 JINDAL STEEL 211.85 216.45 -4.60 -2.13 S A I L 78.60 80.30 -1.70 -2.12

MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

Nifty sectoral performers of the day

MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

BSE Sensex: Infosys, Tata Steel, RIL among top losers of the day, Yes Bank top gainer

MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

Market at close   The S&P BSE Sensex ended at 35,575, down 71 points while the broader Nifty50 index settled at 10,750, down 20 points.

MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

Analysts bet on rural economy theme; Nifty FMCG index hits new high Shares of fast moving consumer goods (FMCG) are trading higher for the second straight day on expectation of a rise in rural consumption, after the Union Cabinet approved a hike in minimum support prices (MSP) for Kharif crops by 1.5 times of the input cost for the 2018-19 season on Wednesday. READ MORE

MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

Q1FY19 results preview by Kotak Securities We expect 1QFY19 net income of the KIE coverage universe to be flat yoy. We expect strong growth in the net income of (1) automobiles (strong volume growth on low base and operating leverage-led margin expansion), (2) consumers (continued volume-led sales growth and margin expansion due to operating leverage), (3) metals & mining (higher domestic realizations for ferrous although global prices of base metals were mixed) and (4) pharmaceuticals (led by domestic formulations and stabilization of US businesses) sectors. We model net loss for (1) banks under coverage (high loan-loss provisions as well as MTM losses on investment portfolio) and (2) telecom (ARPU dilution due to intense competition). We expect net income of the BSE-30 Index to increase 6% yoy and that of Nifty-50 Index to increase 12% yoy. We estimate ‘EPS’ of the BSE-30 Index at Rs1,755 for FY2019E and Rs2,180 for FY2020E. Our ‘EPS’ estimates for Nifty-50 Index for FY2019E and FY2020E are Rs545 and Rs670.

MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

Lenders may invoke guarantees of Shriram Transport Finance on SVL Ltd Lenders of SVL Ltd, an unlisted holding company of the Shriram group, are planning to invoke the guarantees of Shriram Transport Finance Company (STFC) after a majority of the SVL's investments turned bad. SVL's subsidiaries like Shriram EPC, Orient Green Power and Haldia Coke are facing insolvency proceedings in the National Company Law Tribunal after a loan default. READ MORE

MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

Gold firms up for 2nd session on sustained buying Strengthening gains for the second straight session, gold prices today edged up by Rs 10 to Rs 31,580 per 10 grams at the bullion market on persistent buying by local jewellers amid a firm trend overseas.   Silver prices too surged by Rs 690 to Rs 40,600 per kg backed by increased offtake by industrial units and coin makers. READ MORE

MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

Glencore gives shares $1 billion buyback lift after US subpoena Commodities trader and miner Glencore will buy back shares worth $1 billion in a move analysts said looked timed to soothe investor nerves just two days after a subpoena from US authorities rattled the stock. READ MORE

MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

MFs dangle ESOPs carrot to retain top talent ahead of stock market listings Asset management companies (AMCs) are dangling employee stock option plans (ESOP) in a bid to hold on to key talent as the industry gears up for the next phase of growth and large players look to list on the bourses. READ MORE

First Published: Thu, July 05 2018. 08:15 IST
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MARKET WRAP: Sensex sheds 71 pts; Infy slips 4.4%, RIL falls 2.5% post AGM

Among sectoral indices, the Nifty Metal index settled 1.4% lower led by a fall in shares of National Aluminium Company and Vedanta.

Benchmark indices ended slightly lower on Thursday with index heavyweights such as Infosys and Tata Steel losing ground, while a looming deadline for imposition of US tariffs on China also  played on investors’ minds. The S&P BSE Sensex ended at 35,575, down 71 points. The broader Nifty50 index settled at 10,750, down 20 points. Among sectoral indices, the Nifty Metal index settled 1.4% lower led by a fall in shares of National Aluminium Company and Vedanta. The Nifty IT index, too, ended 1.1% lower led by a fall in the shares of Infosys ...

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