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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 

Photo: Shutterstock.com
Photo: Shutterstock.com

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

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 (down 4.4 per cent) and KPIT Technologies.

On S&P BSE Sensex, market heavyweight Reliance Industries (RIL) slipped 2.5% to end at Rs 965. Infosys was the top loser of the day on the 30-share index, falling 4.5% to end at Rs 1284.50.

RIL's 41st AGM

Reliance Industries Limited announced on Thursday the launch of high-speed Jio GigaFiber broadband, which aims to boost fixed-line connectivity in India, and an upgraded version of its Jio Phone with popular social media apps such as Facebook.

At its 41st Annual General Meeting in Mumbai, RIL Chairman Mukesh Ambani announced the broadband for homes and enterprises across 1,100 cities and an e-commerce platform that may rival the likes of Amazon. He also spelt out the milestones achieved by Jio, which has disrupted the telecom industry and triggered a price war. READ MORE HERE
 
GLOBAL MARKETS

Asian stocks fell for the fourth day and major currencies traded in tight ranges on Thursday, with financial markets jittery before a US deadline to impose tariffs on Chinese imports just a day away.

MSCI's broadest index of Asia-Pacific shares outside Japan, which has been drifting lower since Monday, was down 0.5 per cent. The index has lost about 2 per cent this week, during which it plumbed a nine-month low.

Japan's Nikkei lost 1 per cent, South Korea's KOSPI slipped 0.75 per cent, Hong Kong's Hang Seng was off 0.9 per cent and the Shanghai Composite Index fell 0.9 per cent.
 
The United States plans to implement tariffs on $50 billion worth of imports from China as both nations remained locked in a bitter trade dispute that has convulsed global financial markets in recent weeks. On July 6, tariffs on $34 billion worth of imports will take effect, and Beijing has promised to retaliate in kind.

(with Reuters inputs)

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 (down 4.4 per cent) and KPIT Technologies.

On S&P BSE Sensex, market heavyweight Reliance Industries (RIL) slipped 2.5% to end at Rs 965. Infosys was the top loser of the day on the 30-share index, falling 4.5% to end at Rs 1284.50.

RIL's 41st AGM

Reliance Industries Limited announced on Thursday the launch of high-speed Jio GigaFiber broadband, which aims to boost fixed-line connectivity in India, and an upgraded version of its Jio Phone with popular social media apps such as Facebook.

At its 41st Annual General Meeting in Mumbai, RIL Chairman Mukesh Ambani announced the broadband for homes and enterprises across 1,100 cities and an e-commerce platform that may rival the likes of Amazon. He also spelt out the milestones achieved by Jio, which has disrupted the telecom industry and triggered a price war. READ MORE HERE
 
GLOBAL MARKETS

Asian stocks fell for the fourth day and major currencies traded in tight ranges on Thursday, with financial markets jittery before a US deadline to impose tariffs on Chinese imports just a day away.

MSCI's broadest index of Asia-Pacific shares outside Japan, which has been drifting lower since Monday, was down 0.5 per cent. The index has lost about 2 per cent this week, during which it plumbed a nine-month low.

Japan's Nikkei lost 1 per cent, South Korea's KOSPI slipped 0.75 per cent, Hong Kong's Hang Seng was off 0.9 per cent and the Shanghai Composite Index fell 0.9 per cent.
 
The United States plans to implement tariffs on $50 billion worth of imports from China as both nations remained locked in a bitter trade dispute that has convulsed global financial markets in recent weeks. On July 6, tariffs on $34 billion worth of imports will take effect, and Beijing has promised to retaliate in kind.

(with Reuters inputs)

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