MARKET WRAP: TCS up 5% in a flat market, HUL hits record, metal stocks slip
After a muted session, investors will now look out for inflation data on Thursday and Infosys results on Friday to fine-tune their trading strategy. Global developments, too, will impact sentiment
 "Markets, Stocks, Shares")
A share broker monitors market fluctuation
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.
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
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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MARKET COMMENT Jayant Manglik, President, Religare Broking
After a smart upmove over the past few sessions, some consolidation cannot be ruled out in the coming sessions. Key domestic macro events like May IIP, June CPI inflation data and corporate earnings season will provide further direction to the markets in the near term. Stock / sector specific volatility will remain high.
The progress of monsoon, movement of crude oil prices and global developments will continue to be monitored by the market participants. The rising trade tensions between US & China could induce high volatility across the indices globally. Traders should avoid risky leveraged positions
After a smart upmove over the past few sessions, some consolidation cannot be ruled out in the coming sessions. Key domestic macro events like May IIP, June CPI inflation data and corporate earnings season will provide further direction to the markets in the near term. Stock / sector specific volatility will remain high.
The progress of monsoon, movement of crude oil prices and global developments will continue to be monitored by the market participants. The rising trade tensions between US & China could induce high volatility across the indices globally. Traders should avoid risky leveraged positions
3:47 PM![]()
Nifty IT index settled 2.21% higher today. Top gainers:
| COMPANY | LATEST | PREV CLOSE |
GAIN( ) | GAIN(%) |
| TCS | 1979.90 | 1875.10 | 104.80 | 5.59 |
| TATA ELXSI | 1445.00 | 1392.45 | 52.55 | 3.77 |
| KPIT TECH. | 291.30 | 286.80 | 4.50 | 1.57 |
| INFOSYS | 1320.45 | 1301.40 | 19.05 | 1.46 |
| HCL TECHNOLOGIES | 993.45 | 979.55 | 13.90 | 1.42 |
3:44 PM
Nifty sectoral performers
3:43 PM
BSE Sensex: TCS, Bajaj Auto among top gainers of the day, Coal India top loser
3:32 PM
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Market at close
The S&P BSE Sensex ended at 36,266, up 26 points while the broader Nifty50 index settled at 10,948, up 1 point.
3:14 PM
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Metal shares witness selling pressure
Shares of 10 metal and mining companies fell by 1.58% to 4.04% on BSE after copper price edged lower in the global commodities markets. Jindal Steel & Power (down 4.04%), Hindalco Industries (down 3.84%), Vedanta (down 3.7%), Steel Authority of India (down 3.69%), Hindustan Zinc (down 3.29%), National Aluminium Company (down 2.69%), Tata Steel (down 2.08%), JSW Steel (down 1.78%), Hindustan Copper (down 1.77%) and NMDC (down 1.58%), edged lower. READ MORE
3:02 PM
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Gold remains weak on global cues, muted demand
Gold prices fell further by Rs 30 to Rs 31,350 per 10 grams at the bullion market today largely due to a weak trend overseas amid tepid demand from local jewellers. Silver followed suit and lost another Rs 150 at Rs 40,500 per kg owing to reduced offtake by industrial units and coin makers. READ MORE
2:45 PM
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Murdoch's Fox agrees $32.5 billion bid for Sky
Rupert Murdoch's 21st Century Fox said it had agreed a deal to buy Britain's Sky with an offer valuing the pay-TV group at $32.5 billion, trumping rival bidder Comcast.
Fox, which is expecting to get regulatory approval from Britain this week after striking an initial deal with Sky in December 2016, upped its offer to 14 pounds per share, from its earlier 10.75 pounds per share. READ MORE
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BS SPECIAL Consumer business to drive doubling of Reliance's size in the next 7 years, writes Ambareesh Baliga
Reliance Industries’ annual general meetings (AGMs) are the most awaited investors’ event in the Indian stock market calendar. Like last year, the focus this time was on the businesses headed by Ambani gen-next and it was also an indication that they were settling down well in the saddle.
The group has been the harbinger of equity culture in India, creating wealth for millions of its investors. The importance of Reliance can be gauged from the data on the group’s consolidated tax payment for 2017-18 which exceeds the GDP of about 11 Indian states READ MORE HERE
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UBS on rupee outlook
The worsening of India's external position amidst tightening global financial conditions and USD strength has resulted in the INR weakening to an all-time low of 69 against the USD recently. Looking at the INR on a Real Effective Exchange Rate (REER) basis and using the Harrod-Balassa-Samuelson (HBS) theorem to adjust for the productivity differential with trading partners, our model indicates the INR has overshot its equilibrium value and is undervalued at its current level. Our analysis suggests the fair value of the INR based on productivity-adjusted REER is in the 64-66 range.
Photo: Shutterstock
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COMMENT Kotak Securities on rupee
Fragile global risk sentiments and increasing domestic vulnerabilities have continued to weigh on INR in CY2018 after a stellar performance in CY2017. The unrelenting capital outflow from EMs is a reflection of the increasing global risks as DM monetary policies normalize and trade war threatens to derail the global economic recovery. Adverse global backdrop, deteriorating domestic macro scenario and domestic political uncertainty could continue to keep the INR under pressure. We expect USD-INR to range 67.5-71.0 for the rest of FY201
Fragile global risk sentiments and increasing domestic vulnerabilities have continued to weigh on INR in CY2018 after a stellar performance in CY2017. The unrelenting capital outflow from EMs is a reflection of the increasing global risks as DM monetary policies normalize and trade war threatens to derail the global economic recovery. Adverse global backdrop, deteriorating domestic macro scenario and domestic political uncertainty could continue to keep the INR under pressure. We expect USD-INR to range 67.5-71.0 for the rest of FY201
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Market Check
| S&P BSE Sensex | 36,290.81 |
 | 0.14% |
| Nifty 50 | 10,953.60 |
| 0.06% |
| S&P BSE 200 | 4,702.05 |
 | -0.11% |
| Nifty 500 | 9,349.10 |
| -0.11% |
| S&P BSE Mid-Cap | 15,633.83 |
| -0.66% |
| S&P BSE Small-Cap | 16,433.48 |
| -0.30% |
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Top gainers in BSE500:
See more
| COMPANY | LATEST | PREV CLOSE |
GAIN() | GAIN(%) |
| ADANI POWER | 20.05 | 17.35 | 2.70 | 15.56 |
| SHILPA MEDICARE | 423.80 | 383.50 | 40.30 | 10.51 |
| BLUE STAR | 701.85 | 657.45 | 44.40 | 6.75 |
| IDBI BANK | 56.70 | 53.20 | 3.50 | 6.58 |
| TCS | 1982.95 | 1877.00 | 105.95 | 5.64 |
See more
1:44 PM
Shares of Tata Consultancy Services (TCS) rose by 6% at Rs 1,990 per share, also their new high on the BSE in noon trade after the country’s biggest software services exporter 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). READ MORE![]()
TCS hits new high as Q1 profit beats Street estimate; stock surges 6%
Shares of Tata Consultancy Services (TCS) rose by 6% at Rs 1,990 per share, also their new high on the BSE in noon trade after the country’s biggest software services exporter 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). READ MORE
1:38 PM
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Adani Group shares in focus; Adani Power, Adani Enterprises up over 8%
Shares of the Gautam Adani-led Adani Group companies have rallied by up to 16% on the BSE in intra-day trade in an otherwise subdued market. Adani Power (up 16% at Rs 20.15), Adani Enterprises (10% at Rs 125), Adani Green Energy (7% at Rs 33.20), Adani Transmission (5% at Rs 167) and Adani Ports and Special Economic Zone (2% at Rs 378) have surged up to 16% on Wednesday. READ MORE
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First Published: Jul 11 2018 | 8:25 AM IST
