Sensex today: TCS tanks; index pares intraday gains to end lower, down 61 points
Sensex today: TCS tanks; index pares intraday gains to end lower, down 61 points
Sensex today: In a volatile trading session, the benchmark Sensex settled lower after strong gains during the day. Sentiment turned negative after a rally in Asian markets stalled as Wall Street shares lost steam. However, back home, positive macroeconomic data released on Tuesday provided support to the markets. The Sensex settled at 33,856, down 61.16 points, while the Nifty50 closed at 10,426, up 5.45 points. In the broader market, the BSE Midcap and the BSE Smallcap indices outperformed to gain over 1 per cent.
On the macro front, the consumer price index (CPI) or retail inflation eased to 4.44 per cent in the month of February 2018, from 5.05 per cent in January 2018, slightly in line with analysts expectations. However, the numbers were higher compared to 3.65 per cent in the corresponding month of the previous year. Industrial output, meanwhile, expanded 7.5 per cent in January, up from 7.1 per cent in December. This is the third straight month that the index of industrial production (IIP) expanded by more than 7 per cent, suggesting economic activity is gaining as the effects of demonetisation and the goods and services tax (GST) fizzle out.
On Monday, investor wealth rose by Rs 1.78 lakh crore, helped by a smart rally in the stock market, where the benchmark Sensex spurted by 611 points -- its biggest single-day gain in two years. Led by the robust surge in stocks, the total market capitalisation of BSE-listed companies went up by Rs 1,78,393.67 crore to Rs 1,44,52,009 crore. The Sensex surged 610.80 points to end at 33,917.94, while Nifty quoted 10,421.40, up 194.55 points or 1.90 per cent at close.
Overseas, a mixed performance by US shares overnight cooled investor risk appetite in Asia. Investors were also focused on US inflation data due later in the day for clues on the pace of Federal Reserve interest rate rises this year. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed by mid-morning. Japan’s Nikkei shed 0.2 per cent, with shares in steelmakers and automakers still battered by concerns about US tariffs on imported steel and aluminium. Australian shares lost 0.7 per cent , while Shanghai dipped 0.1 per cent. South Korea’s KOSPI was effectively flat.
The S&P 500 and the Dow slipped on Monday as the US tariffs signed into law last week weighed on industrials, while gains in tech stocks boosted the Nasdaq to a new record high.
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Vinod Nair, Head of Research, Geojit Financial Services
Market gained a positive momentum on account of easing inflation and better than expected IIP data. However, selling in IT & profit-booking in banks failed to keep positivity throughout the day. Benign inflation will provide more room to RBI to maintain the current stance rather to consider a rate hike in the near term. Bold yield may ease due to improving economic data and liquidity on account of RBI’s open market intervention.
Sensex heatmap at close
Source: BSE
Buzzing stocks
Financial stocks led the gains, with the Nifty PSU bank index rising as much as 3.8 percent. Punjab National Bank rose 4.2 per cent and Andhra Bank gained 5.9 per cent.
IndiGo share price falls 3% over DGCA's strict order against Airbus A320neo Planes
IndiGo share price: Shares of InterGlobe Aviation, parent firm of low-cost airline IndiGo, slipped 3 per cent on Tuesday after aviation regulator Directorate General of Civil Aviation (DGCA) grounded its eight Airbus A320neo Planes with faulty Pratt & Whitney engines, along with three such aircraft of GoAir.
The IndiGo stock tanked 3 per cent to Rs 1,238 in intraday trade on the BSE. It pared most of its losses to turn flat later in the session.
Stocks in focus
- Bharti Airtel : Tanzania begins talks with Bharti on local unit stake row
- Tata Consultancy : Tata Sons to sell $1.25b of TCS shares: Terms
- Bharat Dynamics IPO to open today
- Sun TV declares fourth interim dividend of Rs 2.50 per equity share for FY2017-18
- NCLT extends stay on RCOM's arm asset sale till further orders
Markets at open
At 9:26 am, the Sensex was trading at 33,975, up 57.55 points, while the broader Nifty50 was ruling at 10,438, up 17.40 points.
Rupee at open
Rupee opens at 64.95 per dollar against Monday’s close of 65.04 per dollar
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1 - (SELL) UNION BANK
Target: Rs 89
Stoploss: Rs 94
CMP: Rs 91.25- Weak on technical chart
- Selling witnessed in futures trade
Pre-open trade
The Sensex was trading at 33,818, down 99.72 points, while the broader Nifty was ruling at 10,389, down 31.90 points.
Asian markets today
Asian stocks stalled on Tuesday as Wall Street shares lost steam, while the dollar sagged on the back of declining US yields. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed by mid-morning. The index had surged 1.5 percent on Monday following firm U.S. jobs numbers on Friday, while low wage growth eased concerns about inflation and faster central bank rate hikes. But a mixed performance by US shares overnight cooled investor risk appetite in Asia.
Japan’s Nikkei shed 0.2 percent, with shares in steelmakers and automakers still battered by concerns about US tariffs on imported steel and aluminium. Some market participants say a political scandal engulfing Japanese Prime Minister Shinzo Abe’s government is raising doubts about his ability to pursue economic reform, undermining stock market sentiment. Australian shares lost 0.7 percent , while Shanghai dipped 0.1 percent. South Korea’s KOSPI was effectively flat, faring better as major tech shares such as SK Hynix and Samsung Electronics rose following gains by their US peers.
Wall Street on Monday
The S&P 500 and the Dow Jones Industrial Average slumped on Monday as the U.S. tariffs signed into law last week by President Donald Trump weighed on industrials, though gains in tech stocks boosted the Nasdaq.
The Dow Jones Industrial Average fell 157.13 points, or 0.62 per cent, to 25,178.61, the S&P 500 lost 3.55 points, or 0.13 per cent, to 2,783.02 and the Nasdaq Composite added 27.52 points, or 0.36 per cent, to 7,588.33.
Markets on Monday
The benchmark indices had a marvellous Monday with the Nifty50 reclaiming its crucial 10,600 mark, logging best gains in last one year ahead of consumer price index (CPI)-based inflation data due later in the day. A rally in global markets after a US jobs report assuaged fears around inflation and faster rate hikes, also contributed to the gains. The Sensex settled the day at 33,917, up 610.80 points, while the broader Nifty50 ended at 10,421, up 194.55 points. In the broader market, the BSE Midcap and the BSE Smallcap indices 0.7 per cent, and 0.6 per cent, respectively. Market breadth, indicating the overall health of the market, remained marginally positive. On the BSE, 1,364 stocks gained, 1,344 stocks slipped, while 192 stocks remained unchanged.
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