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Equities close higher on supportive IT, Teck stocks

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SENSEX NIFTY MARKET

Mumbai, April 12: The key Indian equity indices provisionally closed in the green on Thursday supported by healthy buying in IT, Teck (technology, media and entertainment) and banking stocks.

However, selling pressure in metal, healthcare and realty stocks limited the gains.

According to market observers, gains were further trimmed as caution prevailed ahead of the release of macro economic data such as the Index of Industrial Production and the Consumer Price Index later in the evening.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed higher by 41.50 points or 0.40 per cent at 10,458.65 points.

The barometer 30-scrip Sensex of the BSE, which opened at 33,987.55 points, closed at 34,101.13 points — up 160.69 points or 0.47 per cent from its previous session’s close.

The Sensex touched a high of 34,177.44 points and a low of 33,924.88 during the intra-day trade.

The BSE market breadth was, however, bearish with 1,519 declines and 1,142 advances.

TCS, Infosys, Axis Bank, Tata Motors (DVR) and Asian Paints were the top gainers on the BSE. Top losers were Dr Reddy’s Lab, Tata Steel, Sun Pharma, State Bank of India and Adani Ports.

On the NSE, HCL, Tata Consultancy Services and Infosys led the gainers while Vedanta, Lupin and Dr Reddy’s Lab were among the top losers.

On Wednesday, the indices settled on a flat-to-positive note after tepid trade throughout the session.

The Nifty50 rose 14.90 points or 0.14 per cent to close at 10,417.15 points, while the Sensex closed at 33,940.44 points — up 60.19 points or 0.18 per cent.

IANS

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Weak rupee, global cues depress equity indices; capital goods stocks fall

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SENSEX-

Mumbai, July 19: Depreciation in the Indian rupee coupled with decline in the global markets subdued the key Indian equity indices on Thursday.

According to market observers, heavy selling pressure was witnessed in capital goods, healthcare and IT stocks.

At 3.30 p.m., the wider Nifty50 on the National Stock Exchange provisionally closed at 10,957.10 points, lower by 23.35 points and 0.21 per cent from the previous close of 10,980.45 points.

The barometer 30-scrip BSE Sensex, which had opened at 36,509.08 points, closed at 36,351.23 points — lower by 22.21 points or 0.06 per cent — from its previous session’s close of 36,373.44 points.

It touched an intra-day high of 36,515.58 points and a low of 36,279.33 points. The BSE market breadth was bearish with 1,738 declines against 831 advances.

The top gainers on the Sensex were Vedanta, Yes Bank, ITC, Bharti Airtel and Adani Ports whereas Kotak Mahindra bank, Larsen and Toubro, Hero MotoCorp, Tata Steel, Coal India were the top losers.

IANS

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Domestic political uncertainty subdues equity indices

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Mumbai, July 18: Domestic political uncertainty in the wake of a no-confidence motion against the central government dragged the equity indices lower on Wednesday.

According to market observers, profit booking in mid-and-small-cap stocks also subdued the equity indices.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,980.45 points — lower by 27.60 points or 0.25 per cent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,722.41 points, closed at 36,373.44 points — lower by 146.52 points or 0.40 per cent — from its previous session’s close of 36,519.96 points.

The barometer index fell after it touched a fresh all-time high of 36,747.87 points. The index had dipped to a low of 36,320.92 points during the intra-day trade.

On Tuesday — the previous trade session — both the indices had made gains on the back of a slide in global crude oil prices along with expectations of fund infusion into public sector banks.

IANS

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Government increases sugarcane FRP to Rs 275

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Sugarcane

New Delhi, July 18: The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a Rs 20 per quintal increase in the Fair and Remunerative Price (FRP) for sugarcane to Rs 275 for the 2018-19 season starting October.

“The cost of sugar production is estimated to be only Rs 155 per quintal against which we have decided to give FRP of Rs 275 per quintal. This is 77.42 per cent higher than the cost of production,” Law Minister Ravi Shankar Prasad told reporters here after the cabinet meeting.

The FRP is the minimum price legally guaranteed to farmers for sugarcane.

As per the estimates issued by industry body Indian Sugar Mills Association (ISMA), total sugar production in season 2018-19 starting October is expected to be 35-35.5 million tonnes.

Prasad said that the total remuneration for sugarcane to farmers for the year 2018-19 is estimated to be Rs 83,000 crore.

IANS

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