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Equity indices end flat on weak global cues, trade tensions

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SENSEX NIFTY MARKET

Mumbai, July 11: Amid volatility, the key Indian equity indices settled flat on Wednesday tracking weak global cues.

Globally, investor sentiments were weighed down by the ongoing trade tensions between the US and China, analysts said.

The US on Wednesday ramped up its trade war with China, listing $200 billion worth of additional products it plans to place under additional tariffs as soon as September.

According to market observers, heavy selling pressure was witnessed in metal, auto and banking stocks.

At 3.30 p.m., the broader Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,948.30 points — up by just 1.05 points or 0.01 per cent — from its previous close of 10,947.25 points.

The barometer 30-scrip Sensex on the BSE, which had opened at 36,299.26 points, closed at 36,265.93 points (3.30 p.m.) — up by 26.31 points or 0.07 per cent — from its previous session’s close of 36,239.62 points.

The Sensex touched a high of 36,362.30 points and a low of 36,169.70 points during the intra-day trade. The BSE market breadth, however, was bearish with 1,558 declines against 1,063 advances.

The top gainers on the Sensex were Tata Consultancy Serices (TCS), Bajaj Auto, Hindustan Unilever, Infosys and Reliance Industries whereas Coal India, Vedanta, Tata Motors, Tata Steel and Tata Motors (DVR) were the losers.

On the NSE, TCS, Bharti Infratel and Bajaj Auto were the highest gainers while UPL, Coal India and Hindalco Industries lost the most.

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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Business

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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Slide in crude prices lift indices; Nifty regains 11k-mark

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Mumbai, July 17: Slide in global crude oil prices along with expectations of fund infusion into public sector banks and value buying lifted the key domestic equity indices higher on Tuesday.

However, broadly negative Asian and European indices capped gains.

According to market observers, healthy buying was witnessed in banking, oil and gas, automobile and consumer durables stocks.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 11,008.05 points — higher by 71.20 points or 0.65 per cent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,390.99 points, closed at 36,519.96 points — higher by 196.19 points or 0.54 per cent — from its previous session’s close of 36,323.77 points.

Sensex touched a high of 36,549.55 points and a low of 36,261.78 during the intra-day trade.

On Monday — the previous trade session — both the indices closed in the red due to a rise in wholesale inflation rate and broadly weak global cues.

IANS

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