ibusinesslines.com July 23, 2018

Sensex, Nifty trade lower, Infosys shares fall 3%

16 April 2018, 10:44 | Justin Tyler

The BSE Senex had gained 1,173.88 points in the previous seven sessions

The BSE Senex had gained 1,173.88 points in the previous seven sessions

Meanwhile, IMD predicted that monsoon will be 97 per cent of long period average, which is normal for the season. The Sensex ended 112.78 points, or 0.33 per cent, higher to settle at 34,305.43 while the Nifty-50 rose 47.75 points, or 0.46 per cent to close at 10,528.35.

Market breadth was negative with 628 advances against 849 declines.

The market shed initial jitters over air strikes against Syria over the weekend and closed with gains. Midcaps have fared better than benchmark indices, hinting at revival in risk appetite. IMD's monsoon forecast will further boost overall market sentiment.

Among individual stocks, Tata Motors and Infosys contributed most to the losses.

On the other hand, stocks of Tata Motors suffered the most by crashing 4.96 per cent after Jaguar Land Rover said it is planning to cut jobs to scale back production at some of its United Kingdom sites. JLR has scaled back production at some of its United Kingdom sites amid what it termed as "headwinds" impacting the automotive industry. It was the top loser in the Nifty50 pack of stocks. The stock settled at Rs 340, down 4.67 per cent on the BSE.

Other major losers in the Nifty50 pack were Tata Motors, Wipro, Axis Bank, ONGC, NTPC, RIL, Dr Reddy's SBI, Bharti Airtel, ICICI Bank, Maruti Suzuki, Asian Paint and Tata Steel, falling by up to 1.54 per cent. Cement stocks such as ACC and Ambuja Cements also incurred smart gains.

The benchmark BSE Sensex fell almost 300 points as it went below 34000-mark in early trade amid weak Asian Cues after a US-led strike on Syrian targets fuelled fresh geopolitical concerns.

Key indices on Monday opened lower tracking mixed Asian cues. U.S. stock futures were pointing to a higher opening on Wall Street.

Rising for the 8th straight session the Sensex zoomed over 100 points at while the Nifty reclaimed 10,500 level on Monday as the wholesale price-indexed (WPI) inflation softened in March. Both these indices outperformed the Sensex.

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