Stock Market Snaps 2-Day Run: Sensex, Nifty End Flat. IT Stocks Dip Following Weak TCS Earnings
Stock update: On the 30-share Sensex platform, TechM, Infosys, TCS, HCL, Bajaj Finance, Wipro were among notable losers. Maruti, NTPC, PowerGrid, M&M, JSW Steel, HDFC Bank emerged losers
The two key equity benchmarks, Sensex and Nifty, on Thursday snapped their two-day winning run and closed flat as investors shun funding in IT stocks following weak quarterly result by TCS in Q2. The S&P BSE Sensex closed the session at 66,408, down 65 points. On the other hand, the NSE Nifty50 shut shop at 19,794, down 17 points.
On the 30-share Sensex platform, TechM, Infosys, TCS, HCL, Bajaj Finance, Wipro were among notable losers. On the flip side, Maruti, NTPC, PowerGrid, M&M, JSW Steel, HDFC Bank emerged losers.
In the broader markets, the BSE Midcap and Smallcap indices rose 0.3 per cent and 0.6 per cent higher, respectively.
Sectorwise, Information Technology index shed 1.5 per cent, while auto, metal, power, oil & gas added 0.5-1 per cent.
In the previous session on Wednesday, the BSE Sensex closed 394 points higher at 66,473, while the NSE Nifty settled at 19,811, up 122 points.
Asian markets, including Japan, China, and Hong Kong gained. Hong Kong's Hang Seng index closed 1.9 per cent higher, Japan's Nikkei 225 gained 1.8 per cent and South Korea's Kospi was up 1.2 per cent. China's key Shanghai Composite rose 0.9 per cent. Stock markets in France, Germany and the UK were also up ahead of the release of US inflation data.
Foreign Institutional Investors (FIIs) continued to be net sellers as they offloaded shares worth Rs 421.77 crore on Wednesday, according to data available with BSE.
Meanwhile, the rupee paused its two days of gains and settled 6 paise lower at 83.24 (provisional) against the US dollar on Thursday as rising crude oil prices dented the investor sentiment. Forex analysts said early gains in the domestic currency on the back of the weak dollar were reversed by the subdued domestic equity markets and concerns over foreign funds withdrawal.
At the interbank foreign exchange, the rupee opened at 83.17 and then traded between the intra-day peak of 83.12 and the lowest level of 83.25 against the greenback. The local unit finally settled at 83.24 (provisional), registering a loss of 6 paise from its previous close. The rupee had settled 7 paise higher on Wednesday, a day after gaining 3 paise against the American currency.
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