The Nifty reclaimed 10,650 but could not hold on to gains.
The Nifty reclaimed 10,650 but could not hold on to gains.

Sensex, Nifty end flat, IT stocks weigh

Falling crude prices also helped the rupee to jump to near 72 a dollar, as compared to Tuesday’s close of 72.67

OTHERS : Sensex and Nifty gave up most of the early gains to end flat. A fall in IT counters due to a firmer rupee capped the gains while a slump in oil prices lifted stocks of oil marketers. The rupee was at trading higher at 72.29 against the dollar, compared with previous close of 72.67, supported by a fall in global oil prices and RBI’s announcement that it would buy bonds via open market operations.“The way crude has broken structurally, it might lie in a low range - the moment it’s below $70, its very good for us,” said Rusmik Oza, senior vice-president and head of fundamental research at Kotak Securities. “This should have a soothing effect on the currency going forward.”The Sensex ended 2 points lower at 35,141 while Nifty settled at 10,576, down 6 points. Oil marketing companies (OMCs) surged as crude prices receded, while IT and pharmaceutical stocks weakened due to the stronger rupee.“The market might be seeing a rotation from IT and pharma stocks to oil marketing companies,” Oza said, adding that the fear than NSE might break 10,000 might recede now, given the softening of oil prices.OMCs such as Hindustan Petroleum Corp Ltd, Bharat Petroleum Corp Ltd and Indian Oil Corp Ltd were among top percentage gainers on the Nifty50 index, with shares rising in a range of 3-4%.Aviation stocks also climbed, with Interglobe Aviation Ltd rising 7.5%.SpiceJet shares ended 3% higher at Rs 83.70. SpiceJet posted Rs 389 crore loss in Q2 on higher fuel costs and weak rupee.The stronger rupee pushed the Nifty IT index 2.5% lower, as shares in software services exporters such as Infosys Ltd and Tata Consultancy Services Ltd declined 2% and 3%, respectively.Pharmaceutical stocks were also under pressure, with the Nifty Pharma index slipping 2%.Sun Pharmaceutical Industries Ltd, India’s largest drugmaker by market capitalisation, fell 7% after reporting a surprise quarterly loss.

14 Nov 2018, 11:50:00 AM IST

Indian markets to be volatile until general elections: CLSA

Indian markets are likely to remain volatile in the run-up to general elections, Christopher Wood, managing director and equity strategist at CLSA, said today. The Sensex is down 10.1% from its record high of 38,989.65 on 29 August.

14 Nov 2018, 10:16:00 AM IST

TCS, Infosys down 3%

IT stocks were under pressure amid a rebound in the rupee. TCS, Infosys and Tech Mahindra were down around 3%

14 Nov 2018, 10:14:00 AM IST

OMCs surge on sharp fall in crude price

Oil marketing companies HPCL, Indian Oil and BPCL extended their recent gains on the back of easing oil prices. The stocks were up between 7% and 8%.

14 Nov 2018, 10:00:00 AM IST

Dilip Buildcon Ltd shares down 6%

Dilip Buildcon Ltd shares were down 6% to Rs 403.40 after the company reported 28% decline in its net profit to Rs 83.20 crore.

14 Nov 2018, 09:40:00 AM IST

Ashok Leyland Ltd shares fell 7%

Ashok Leyland Ltd sharesfell 7% to Rs 111 after the company said its MD & CEO Vinod K.Dasari to resign from company effective March 31 2019. Dheeraj Hinduja will step in as executive chairman with immediate effect. The company’s Nominations and Remuneration Committee of the Board will meet shortly to decide the future course of action in identifying the next CEO and MD for the company.

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