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Benchmark indices erased early gains on Wednesday as the opposition parties tabled a no-confidence motion against govt

Markets, Stocks, BSE, NSE, Trade

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		Benchmark indices erased early gains to end lower on Wednesday, with the benchmark BSE index falling from a record high, as the opposition parties tabled a no-confidence motion against Prime Minister Narendra Modi&rsquo;s government.</div>
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		For the first time in 15 years, a no-confidence motion against the government was moved and accepted in Lok Sabha today. Speaker Sumitra Mahajan said the notice, moved by the Congress, Telugu Desam Party and Sharad Pawar&#39;s Nationalist Congress Party, will be taken up on Friday.<br />
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		The S&P BSE Sensex ended at 36,373, down 147 points while the broader Nifty50 index settled at 10,980, down 28 points.</div>
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	The S&P BSE Sensex earlier today hit a fresh record high of&nbsp;36,747.87 in intra-day deals, surpassing its previous high of&nbsp;36,740.07 touched on Friday, July 13, 2018.<br />
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	Among sectoral indices, Nifty Realty and the Nifty Metal indices&nbsp;were the worst hit in trade today. Jindal Steel, Tata Steel, Hindustan Copper, Hindalco and Vedanta from the metal pack slipped 3 per cent to 6.8 per cent.<br />
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	Among gainers, shares of state-owned Oil and Natural Gas Corp rose 2.8 per&nbsp;cent on reports that ONGC has authorised the government to sell its 49 per cent stake in helicopter service provider Pawan Hans.<br />
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		<strong>IPO WATCH</strong></div>
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		The initial public offer of TCNS Clothing Company opened for subscription today, involving an offer for sale of 15.71 million shares. Its business prospects look good, with healthy past performance and experienced management; however, the stock valuation suggests investors looking for immediate gains might get disappointed. Analysts, thus, suggest only long-term investors should subscribe.</div>
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		TCNS is a leading women&rsquo;s branded apparel company, the target customers being those with jobs. Set up in December 1997, it had cumulative annual sales growth of 32 per cent during FY16-18. <a href="https://www.business-standard.com/article/markets/tcns-ipo-prospects-good-but-there-s-little-room-for-near-term-growth-118071700041_1.html" target="_blank"><strong>READ MORE HERE</strong></a></div>
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	<strong>GLOBAL MARKETS</strong><br />
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	Asian shares followed Wall Street higher on Wednesday as a bullish outlook from the head of the US central bank buoyed the dollar, lifted Tokyo shares to a one-month top and sent gold to a one-year trough.</div>
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	Japan&#39;s Nikkei leapt out of the blocks with a 1 per cent gain as a weakening yen promised to fatten exporters&#39; profits. MSCI&#39;s broadest index of Asia-Pacific shares outside Japan added 0.16 per cent and South Korea&#39;s market 0.85 per cent.</div>
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		In commodities, oil prices also eased early on Wednesday, with Brent off 53 cents at $71.63 a barrel. US crude was quoted down 31 cents at $67.77 a barrel.</div>
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	<em>(with Reuters inputs)</em></div>
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MARKET WRAP: Indices end lower as govt faces no-confidence motion

Business Standard

MARKET WRAP: Indices end lower as govt faces no-confidence motion | News on Markets - Business Standard

<strong>Oil prices</strong><br />
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Oil prices also eased early on Wednesday, with Brent off 53 cents at $71.63 a barrel. US crude was quoted down 31 cents at $67.77 a barrel.

<strong>SGX Nifty</strong><br />
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The SGX Nifty was at&nbsp;11,063.50, up&nbsp;0.35 per cent from the previous close.

<strong>Asian Markets</strong><br />
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	Asian shares followed Wall Street higher on Wednesday as a bullish outlook from the head of the US central bank buoyed the dollar, lifted Tokyo shares to a one-month top and sent gold to a one-year trough.</div>
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	Japan&#39;s Nikkei leapt out of the blocks with a 1 per cent gain as a weakening yen promised to fatten exporters&#39; profits. MSCI&#39;s broadest index of Asia-Pacific shares outside Japan added 0.16 per cent and South Korea&#39;s market 0.85 per cent.</div>

<strong>Wall Street</strong><br />
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	Wall Street stocks rose on Tuesday, with the Dow Jones Industrial Average posting its fourth consecutive session of gains after Federal Reserve Chairman Jerome Powell expressed an optimistic US economic view and solid earnings bolstered the outlook for a robust reporting period.</div>
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	The Dow Jones Industrial Average rose 55.53 points (0.22 per cent) to end at 25,119.89, the S&amp;P 500 gained 11.12 points (0.40 per cent) to 2,809.55 and the Nasdaq Composite added 49.40 points (0.63 per cent) to 7,855.12.</div>
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