MARKETS ON FRIDAY: Indices end flat, Nifty holds 10,550; TCS gains 7%

Markets ended flat on Friday with losses in financials and metals overshadowing gains in information technology stock

(with Reuters inputs)

3:39 PM

Nifty IT index surged 4.80% on Friday. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
MINDTREE	987.95	897.60	90.35	10.07
TCS	3414.00	3191.15	222.85	6.98
TECH MAHINDRA	696.10	665.20	30.90	4.65
INFOSYS	1179.65	1132.85	46.80	4.13
HCL TECHNOLOGIES	1057.00	1018.55	38.45	3.77

3:35 PM

Sectoral Trend

3:34 PM

BSE Sensex: Gainers and losers

3:31 PM

Market at close

 

The S&P BSE Sensex ended at 34,416, down 12 points while the broader Nifty50 index settled at 10,564, down 1 points.

3:17 PM

Analysis: Asian oil demand to hit record, but industry can't take eyes off Middle East

Asian oil demand will hit a record in April just as global crude values are lifted to levels not seen in three years by Middle East supply risks and top exporter Saudi Arabia withholding output and noisily pushing for prices at $80 to $100 per barrel.

 

Most analysts have pointed to escalating Middle East conflicts, a crisis in Venezuela, and the supply cuts of Saudi Arabia and other producers as the main drivers taking global benchmark Brent and U.S. West Texas Intermediate crude futures this week to their highest since late 2014 at almost $75 and $70 a barrel, respectively. READ MORE

3:00 PM

Ashok Leyland expects 20% growth in bus business this year

Commercial Vehicle major Ashok Leyland is expecting a 20 per cent growth in its bus business, as the segment is picking up growth from a slow pace last year. In the previous year, the industry and the company had seen a decline of around 23 per cent owing to various reasons including confusion among customers regarding the delayed Bus Body Code. However, the company managed to increase its market share by 0.3 per cent. READ MORE

2:45 PM

Global Check

European markets were lower, as investors monitored a fresh batch of corporate earnings and economic data.

 

In Asia, equities were dragged lower after the world's largest chipmaker delivered a disappointing forecast late Thursday. Taiwan Semiconductor Manufacturing slashed its revenue target to the lower end of forecast, citing weaker-than-expected demand for smartphones. MSCI's broadest index of Asia-Pacific shares, excluding Japan, was off almost 1 percent on Friday.

2:30 PM

Buzzing Stock

Prakash Constrowell share price rallied 10% after the company has been declared L-1 bidder by the MCGM (Municipal Corporation of Greater Mumbai) for the new project Dumpsite Reclamation at Mulund Dumping Ground (MDG) in Mumbai by adopting suitable technology for existing garbage dump.

2:16 PM

JB Chemicals slips on receiving closure order for Daman plant

 

J B Chemicals & Pharmaceuticals fell 2.33% to Rs 312.65 on BSE after the company said it received an order from Pollution Control Committee, Daman for closure of its formulation manufacturing facility at Daman.

2:00 PM

Market Check

 

S&P BSE Sensex	34,381.72		-0.13%
Nifty 50	10,551.10		-0.13%
S&P BSE 200	4,638.44		-0.27%
Nifty 500	9,334.10		-0.24%
S&P BSE Mid-Cap	16,770.44		-0.61%
S&P BSE Small-Cap	18,145.78		-0.16%

1:46 PM

India's oil imports from Inran fell 15.7 per cent in fiscal year 2017-18

India's oil imports from Iran during the 2017-18 fiscal year fell by 15.7 per cent from a year ago as state refiners reduced purchases after a row over development rights for an Iranian natural gas field, according to data from shipping and industry sources.

India, the world's third-biggest oil importer, shipped in a record 4.46 million barrels per day (bpd) oil in the fiscal year that ended in March to feed its expanded refining capacity. During the period, Indian refiners received about 458,000 bpd of oil from Iran, compared to about 543,500 bpd during the prior year period, the data showed. READ MORE

1:31 PM

Alrosa plans rough diamond trading in India, seeks reduction in 40% tax

Russian diamond-mining major Alrosa will start rough diamond trading in India once the government brings the tax on it down to 0.56 per cent from 40 per cent now — to match the rates in other major trading hubs of the world. The 40 per cent rate is applicable in special notified zones (SNZ), including the Bharat Diamond Bourse (BDB), where Alrosa opened its first office in India on Thursday. READ MORE

1:19 PM

Sebi scans Facebook 'likes'; finds evidence in insider trading case

To catch manipulators, markets regulator Sebi has started looking at Facebook accounts of suspected persons, with 'friends' and 'likes' for posts being scanned in insider trading cases. The watchdog checked the Facebook profiles of suspected persons to ascertain whether they were 'connected' in a case related to violation of insider trading norms. READ MORE

1:05 PM

Metal and mining stocks decline as copper prices fall

Key indices moved in a small range in negative zone in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was down 48.83 points or 0.14% at 34,378.46. The Nifty 50 index was down 23.45 points or 0.22% at 10,541.85. Shares of index heavyweight Reliance Industries dropped. Metal and mining stocks declined as copper prices fell in global commodity markets. Telecom stocks saw mixed trend. Negative Asian stocks weighed on the domestic bourses. READ MORE

12:47 PM

Goldman sees strong oil demand through 2018

Goldman Sachs said it expects global oil demand growth to remain strong this year and contribute to further declines in oil inventories.

"We believe that the combination of strong developed markets momentum and accelerating emerging markets growth will combine to keep oil demand growth above consensus expectations, with our 2018 year on year forecast at 1.85 million barrels per day (mb/d)," Goldman said in a note dated Thursday.