BSE Sensex, Nifty flat; SBI drags, Infosys TCS gain

Written By Unknown on Kamis, 17 Juli 2014 | 10.54

09:19

Moneycontrol Bureau
Live Market Commentary After the rush seen in market on Wednesday, investors seem to go slow today. The Sensex is down 10.40 points at 25539.32 and the Nifty is down 11.70 points at 7612.70. About 403 shares have advanced, 196 shares declined, and 21 shares are unchanged.

Infosys, Hindalco, TCS, Wipro and Sesa Sterlite are top gainers in the Sensex. Among the losers are M&M, SBI, Tata Motors, ONGC and NTPC.

The Indian rupee opened flat at 60.15 per dollar versus 60.12. The euro wallowed at five-month lows against the yen and held near a two-year trough on sterling, having weakened broadly overnight in a move that should provide some comfort to the European Central Bank.

Tirthankar Patnaik of Religare Capital Markets said, "I expect the rupee to be in a reasonably tight range as global cues could see a marginal risk off going forward. However, fresh initiatives by the government and RBI should help resume capital flows into equity market. Range for the rupee is seen between 59.7-60.5 for the next 2 weeks," he added.

Wall Street ended higher, the Dow index posted its 15th record-high close of the year led by a rally in tech shares.

In Asia, equities are higher this morning following a record close in the US markets. Kospi is sitting close to a two-month peak as sentiment got a boost after June producer prices rose for the first time in 20 months. Nikkei is also at a two week high and is higher by 2 percent for the week.

European shares extended gains to close higher with over 1 percent gains as investors reacted to fresh growth data from China. Across Europe, the basic resources sector saw heavy buying, after strong data from china buoyed those stocks that are heavily exposed to the country. Shares of Portugal's troubled Banco Espirito Santo surged to close over 18 percent higher, after a ban on short-selling its stock was extended.

The Brent contract for September, which became the front-month contract, rose to USD 107 a barrel. From precious metals space, gold stabilised around USD 1300 an ounce.


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