Key benchmark indices logged modest gains after a volatile session of trade. The barometer index, the S&P BSE Sensex, gained 257.21 points or 0.73% at 35,689.60, as per the provisional closing data. The Nifty 50 index gained 80.75 points or 0.75% at 10,821.85, as per the provisional closing data. Index heavyweights HDFC, HDFC Bank and ITC gained. Index heavyweight Reliance Industries dropped.
Domestic stocks edged lower in early trade on negative Asian stocks. Volatility struck bourses in morning trade as the key benchmark once again dipped in negative zone after staging an intraday recovery. Stocks traded with small losses in mid-morning trade after alternately swinging between positive and negative zone. Key benchmark indices once regained positive zone in early afternoon trade. Stocks extended gains in afternoon trade. Key benchmark indices hovered in positive zone in mid-afternoon trade. Indices rallied in late trade to hit hit fresh intrday high.
The S&P BSE Mid-Cap index rose 0.46%. The S&P BSE Small-Cap index rose 0.07%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,169 shares rose and 1,408 shares fell. A total of 132 shares were unchanged.
Index heavyweight Reliance Industries lost 1.94% to Rs 1,012.30.
Index heavyweight and housing finance major HDFC advanced 2.54% to Rs 1,902.40.
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Index heavyweight and cigarette major ITC gained 1.67% to Rs 265.15.
Tata Consultancy Services (TCS) shed 0.44%. TCS announced it has been selected as the strategic partner for digital re-imagination and transformation program by Saipem, leader in services for the energy industry and infrastructure. The announcement was made during market hours today, 22 June 2018.
TCS will be supporting Saipem's digital transformation as the company faces a constantly evolving and increasingly competitive market. TCS will be managing cyber security for the Saipem, while also improving user experience through cloud and automation, leveraging machine learning and cognitive automation through ignio, and managing Saipem's ecosystem of IT suppliers through Digital Service Management.
HCL Technologies gained 0.28% after the company announced that it has been selected by Nokia, as part of an important effort of streamlining Nokia's outsourced IT management services. Nokia will partner with HCL for transforming and modernizing its IT infrastructure & applications landscape. HCL will transition services from four incumbent vendors to establish an integrated IT services delivery & design framework and will implement a transformation roadmap. The deal is intended to help Nokia drive operational efficiencies in line with previously announced targets. The announcement was made after market hours yesterday, 21 June 2018.
The India Meteorological Department (IMD) in its weather report yesterday, 21 June 2018 said that for the country as a whole, cumulative rainfall during this year's monsoon from 1 to 20 June been 7% below the Long Period Average (LPA). The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Overseas, European markets are trading higher, with Greece's major index leading the way higher after the eurozone agreed a debt-relief plan for after the country's bailout ends. Early Friday, eurozone finance ministers agreed to ease Greece's debt burden when the country's bailout ends in August. Greece now has another 10 years to pay back almost 100 billion ($116 billion) of loans, about half the bailout total since 2010, and to lend another 15 billion, in part to help build a cash buffer.
In Europe, the Bank of England (BOE) left its key interest rate at 0.5% in an announcement Thursday following a regular meeting, as British inflation holds at a 14-month low. BOE policymakers voted 6-3 to keep the rate on hold. The bank also voted unanimously to maintain its quantitative easing stimulus policy, under which it has pumped 445 billion ($586 billion, 506 billion euros) around the UK economy.
Most Asian stocks rose. US stocks fell yesterday, 21 June 2018 as fears of a potential global trade war continued to weigh on investor sentiment. Investors are worried the tensions and recent tariffs could develop into a headwind for the global economy. In US economic data, the Philadelphia Fed's manufacturing index slowed sharply to a reading of 19.9 in June from 34.4 in May.
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