World

Sensex drops 61 pts, Nifty ends flat as TCS falls over 5pc

Sensex drops 61 pts, Nifty ends flat as TCS falls over 5pc

Back home, the BSE metal index took the pole position among sectoral indices, rising 2.32 per cent as trade war fears ease and strength in equity market is also supporting metals prices and the long term outlook on demand growth is positive. Yes Bank rose 1.85% to emerge as the biggest gainer among Sensex scrips.

The broader NSE Nifty managed to end higher for the second day at 10,426.85, up by 5.45 points or 0.05 per cent as losses in TCS and ITC were offset by gains in HPCL, Axis Bank and Gail. Strong economic indicators have bolstered the US Federal Reserve's case for higher interest rates and have given fresh impetus to the bull market in global equities.

MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.05 percent during early trade. Market participants are cautiously awaiting Consumer Price Index (CPI) and Index of Industrial Production (IIP) data. All PSU Banks are in the green except PNB which is trading at 97.50 (-0.5%).

The RBI on Tuesday barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used by fugitive jeweller Nirav Modi and his uncle Mehul Choksi for allegedly committing India's biggest bank fraud.

Major losers in the 30-share index were Hero Motocorp (1.78%), Oil & Natural Gas Corporation (1.53%), Tata Steel (1.25%), Tata Power Company (1.17%), Bharti Airtel (1.06%), and Housing Development Finance Corporation (0.91%).

However, oil major ONGC dropped by 1.53 per cent after crude prices surged.

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Coal India: Coal India shares slipped by almost 1 percent towards the closing of trade after brokerage firm Citi downgraded the stock to Neutral from Buy and lowered its target price to Rs320 a share from Rs365 earlier.

Bucking the trend BSE small-cap index rose by 1.14 per cent and mid-caps gained 1 per cent as retail investors raised their bets.

Elsewhere in Asia, Hang Seng gained nearly 600 points while Nikkei rose more than 350 points.

In the Eurozone, Paris CAC 40 rose 0.32% while Frankfurt's DAX up 0.36% in early deals.

FTSE was higher 0.24 per cent.


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