Fresh selling at higher levels once again pulled the key benchmark indices in negative zone in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 23.51 points or 0.06% at 36,216.11. The Nifty 50 index was down 7.50 points or 0.07% at 10,939.75. IT stocks saw mixed trend. Cement stocks declined.
Volatility struck bourses in early trade as the key benchmark indices reversed initial losses triggered by negative Asian stocks. Indices extended gains and hit intraday high in morning trade.
The market breadth, indicating the overall health of the market, turned negative from positive in mid-morning trade. On the BSE, 991 shares rose and 1199 shares fell. A total of 126 shares were unchanged.
IT stocks saw mixed trend. Tech Mahindra (up 1.41%), L&T Infotech (up 3.94%), MindTree (up 0.02%), HCL Technologies (up 0.8%) and Mphasis (up 1.21%) gained. Infosys (down 0.18%), Wipro (down 0.15%), Oracle Financial Services Software (down 0.16%) and Hexaware Technologies (down 0.57%) fell.
TCS gained 2.63% after consolidated net income rose 6.3% to Rs 7340 crore on 6.8% increase in revenue to Rs 34261 crore in Q1 June 2018 over Q4 March 2018. The result was announced after market hours yesterday, 10 July 2018.
Commenting on the Q1 performance, CEO and MD, Rajesh Gopinathan said the company is starting the new fiscal year on a strong note, with the growth engine firing on all cylinders. The firm's banking vertical recovered very nicely this quarter, while other industry verticals maintained their momentum. With a good set of wins during the quarter, a robust deal pipeline and accelerating digital demand, TCS is positioned well for the future.
Overseas, Asian stock markets fell after the Trump administration announced it plans to slap tariffs on a further $200 billion of Chinese imports. US stocks had climbed in the regular trading session yesterday, 10 July 2018 as investors focused on the start of earnings season.
The Trump administration pushed ahead with plans to impose tariffs on an additional $200 billion in Chinese goods by releasing a list of targeted products. The 10% tariffs could take effect after public consultations end on Aug. 30. The proposed list of goods includes consumer items such as clothing, television components and refrigerators as well as other technology products, though it omitted some high-profile items like mobile phones.
Earlier, the Trump administration on July 6 imposed 25% duties on $34 billion in Chinese imports. The first round of tariffs covered Chinese products ranging from farming plows to machine tools and communications satellites. China immediately retaliated with duties on the same value of US goods, including soybeans and cars and has promised further retaliation too.
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