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MARKET WRAP: TCS up 5% in a flat market, HUL hits record, metal stocks slip

SI Reporter/New Delhi 11 Jul 18 | 08:25 AM

Stock brokers reacts as they watch the share prices of BSE sensex in Mumbai. Photo: Kamlesh Pednekar

The markets ended flat on Wednesday amid weakness in their key Asian peers. The S&P BSE Sensex ended at 36,266, up 26 points while the broader Nifty50 index settled at 10,948, up 1 point.

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Among sectors, the Nifty Metal index was the worst hit following concerns of escalation in global trade war fears. The index ended nearly 3% lower with Jindal Steel, Coal India, Vedanta and SAIL each ending over 4% lower.

TCS rallies 5 per cent

Among sectoral indices, the Nifty IT index ended around 2 per cent higher led by a sharp rise in the shares of Tata Consultancy Services (TCS), which settled nearly 5 per cent higher after the company posted a better-than-expected rise of about 23.5% year on year (YoY) and 6.3% quarter on quarter (QoQ) in first-quarter (Q1) net profit, helped by strong growth in its banking, financial services and insurance division (BFSI).

FMCG stocks on a roll

Shares of fast moving consumer goods (FMCG) companies continued their upward march on Wednesday with the Nifty FMCG index hitting a new high of 29,958 in intra-day on the National Stock Exchange (NSE), fuelled by expectations of a healthy performance in June quarter, aided by a low base and a healthy underlying demand scenario.

Hindustan Unilever (HUL), Godrej Consumer Products (GCPL), Jubilant FoodWorks and Marico from the Nifty FMCG index hit their respective record highs on the NSE in intra-day trade today.

Global Markets

A sell-off in Chinese markets knocked Asian stocks on Wednesday as US threats of tariffs on an additional $200 billion worth of Chinese goods pushed the world’s two biggest economies ever closer to a full-scale trade war.

Washington proposed the extra tariffs after efforts to negotiate a solution to the dispute failed to reach an agreement, senior administration officials said on Tuesday.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.1 per cent. The index had gained for the past two sessions, having enjoyed a lull from the trade war fears that lashed global markets last week.

Hong Kong’s Hang Seng slid 1.5 per cent and the Shanghai Composite Index dropped 1.8 per cent. South Korea’s KOSPI lost 0.55 per cent and Japan’s Nikkei fell 1 per cent.

Oil Prices

Oil prices declined after the United States said it would consider requests from some countries to be exempted from sanctions it will put into effect in November that prevents Iran from exporting oil.

Brent crude futures lost 0.8 per cent to $78.22 a barrel. Oil had risen the previous day, supported by a larger-than expected US stock draw and supply concerns in Norway and Libya.

(with Reuters inputs)

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Sensex

Company Price Gain (%)
Sun Pharma.Inds.559.902.72
Infosys1,348.352.42
Reliance Inds.1,128.552.23
ICICI Bank266.001.84
Axis Bank534.451.36

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