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Business News/ Markets / Live Blog/ Sensex ends flat, midcaps outperform; TCS falls 3.5%

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Sensex ends flat, midcaps outperform; TCS falls 3.5%

4 min read . Updated: 28 Feb 2019, 04:23 PM IST

Staff Writer

Selling pressure in IT and auto stocks led Sensex lower
Broader markets showed some momentum, BSE midcap index rose 0.50%

Indian markets ended on a flat note today as investors awaited the release of GDP data later in the day. The Sensex ended 38 points lower at 35,867 while Nifty settled at 10,792, down 0.13%. A Reuters poll showed that India's economic growth slipping to 6.9% annually in the October-December quarter.

Among the Sensex stocks, TCS fell 3.5%, Maruti 2%, M&M 1.5%, Hero MotoCorp 1.3%, Axis Bank 1.3% and Tata Steel 1.06%. Among the gainers, ONGC surged 4%, Coal India 3%, Vedanta 3%, NTPC 2% and Yes Bank 1.4%.

The broader market showed some momentum with BSE midcap index rising 0.49% and smallcap index 0.86%.

Apart from Indo-Pak tensions, negative global cues also dented the sentiment, says Umesh Mehta, Head of Research, Samco Securities Ltd. “Negative global cues such as dent in the recent optimism between US-Sino relations, no agreement between Trump-Kim at the Vietnam summit along with tensions with Pakistan kept pressure on Indian bourses. Participants are shying away due to the indecisiveness nature of Nifty which continues to remain range-bound. IT index was the biggest laggard for the day as profit booking was encountered among the tech biggies," he said.

Jayant Manglik, president of retail distribution at Religare Broking, said: "We expect markets to remain volatile in the near term. On the domestic front, any escalation of tensions between India and Pakistan would keep the markets volatile. Further, India’s Q3FY19 GDP numbers on today would be keenly watched."

28 Feb 2019, 02:58:34 PM IST

Reliance Securities initiates coverage on GAIL, with Buy

Reliance Securities has initiated coverage on GAIL with Buy and target price of ₹382, citing favorable risk/reward. Currently, GAIL India shares trading 2% higher at ₹341.90.

28 Feb 2019, 01:19:43 PM IST

Future Retail shares surge, announces pact with 7-Eleven Inc

7-Eleven, Inc, the world's largest convenience retailer with more than 67,000 stores worldwide, has signed a franchise agreement with a subsidiary of Future Retail Ltd to develop and operate 7-Eleven stores within India. The expansion marks the company's first entry into India. Shares of Future Retail surged 6% to ₹432.90.

28 Feb 2019, 12:53:28 PM IST

Dow futures down over 100 points

Dow futures were down over 100 points or 0.40% at 25,904 while most Asian markets were lower today. The US said President Donald Trump and North Korean leader Kim Jong Un did not reach an agreement at the end of two days of meetings on Thursday but had constructive discussions on denuclearisation of the North and its economy.

28 Feb 2019, 12:51:28 PM IST

No agreement at Trump, Kim summit in Vietnam - White House

US Donald Trump and North Korean leader Kim Jong Un did not reach an agreement at the end of two days of meetings on Thursday but had constructive discussions on denuclearisation of the North and its economy, the White House said. (Reuters)

28 Feb 2019, 12:09:44 PM IST

Religare maintains Buy on Century Plyboards

In a note, Religare Broking said: “We expect Century Plyboards revenue growth to remain healthy on the back of buoyant demand environment and steady capacity addition. However, margins could remain under pressure over the next 1-2 quarters and revive gradually thereafter. We maintain a Buy on the stock with target price of ₹224." Century Plyboards shares were trading 1.5% higher at ₹166. In the December quarter, net revenue from operations of the companyincreased by 14% from ₹509.93 crore to Rs.578.89 crore but EBITDA reduced to Rs. 77.50 crore. Net profit decreased from ₹46.66 crores to ₹41.41 crore, showing a decrease of 11%.

28 Feb 2019, 11:14:46 AM IST

Quess Corp shares jump after rating upgrade

Shares of Quess Corp rose 1.5% to ₹713 after rating agency ICRA upgraded the company’s non-convertible debentures to AA with stable outlook from AA- with a positive outlook.

28 Feb 2019, 10:28:37 AM IST

Odisha Cement shares fall, company says MF units worth ₹344 crore illegally transferred by DP

Shares of Odisha Cement fell 2.5% to ₹1180 after the company in a communication to the exchanges informed that “certain mutual fund units, valued at approx. Rs. 344 crores have been illegally and unauthorisedly transferred by the Depository Participant ('DP') from the demat account(s) held by our erstwhile subsidiaries, OCL India Limited ('OCL') and Dalmia Cement East Limited ('DCEL')."

Odisha Cement also said that it has already reported the matter to National Securities Depository Limited ('NSDL') National Stock Exchange ('NSE') and other appropriate authorities including SEBI. “The investigation has already been initiated by SEBI and we understand that appropriate actions are being taken including keeping the transfer / redemption of the said units on hold. We have also filed a criminal complaint with the Economic Offences Wing, New Delhi," the company said on Wednesday.

28 Feb 2019, 09:56:45 AM IST

Bharat Dynamics shares surge

Shares of Bharat Dynamics Limited (BDL), a government of India enterprise and which manufactures guided weapon systems, rose 7.5% to ₹312.75 amid a spurt in volumes.

28 Feb 2019, 09:35:15 AM IST

China February factory activity shrinks to three-year low

Factory activity in China contracted to a three-year low in February as export orders fell at the fastest pace since the global financial crisis. The gloomy findings are likely to reinforce views that the world's second-largest economy is still losing steam, after growth last year cooled to a near 30-year low.

The official Purchasing Managers' Index (PMI) fell for the third straight month, dropping to 49.2 in February from 49.5 in January, according to data released by the National Bureau of Statistics (NBS) on Thursday. The 50-mark separates growth from contraction on a monthly basis. (Reuters)

28 Feb 2019, 09:32:15 AM IST

Wipro shares down nearly 1%

Shares of Wipro were down 1% at ₹370. The IT major on Wednesday said that it would sell its Workday and Cornerstone On Demand business to Illinois-based Alight for cash consideration of up to $110 million.

28 Feb 2019, 09:18:20 AM IST

Rupee edges higher against US dollar after flat start

The rupee today edged higher against US dollar, rising to 71.15 a dollar, as compared to its Wednesday's close of 71.24. The rupee had opened at 71.26 a dollar.

28 Feb 2019, 08:32:07 AM IST

Oil slips on record US crude output, China's weakening economy

Oil prices dipped on Thursday, dragged down by China's weakening economy and record US crude output, although markets remained relatively well supported by supply cuts led by producer club OPEC. International Brent crude futures were at $66.23 per barrel. Prices were dragged down by surging American crude oil production, which has risen by more than 2 million barrels per day (bpd) over the last year, to an unprecedented 12.1 million bpd.

28 Feb 2019, 08:30:39 AM IST

Australian dollar pare gains, yen higher

The Australian dollar pared gains and the yen ticked higher as the latest reading on China’s economy showed a series of domestic holidays, the global slowdown and uncertainty from the trade war conspired to deepen a manufacturing downturn. The greenback steadied.

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