Indian Market Ends Flat

Indian Market Ends Flat

Despite strong gains in the IT space on good results and bonus announcement from Tata Conultancy Services, the Indian stock market ended flat on Friday, with a largely negative trend in global markets and speculation about a rate hike by RBI prompting investors to tread cautiously.

The minutes of the central bank’s recent monetary policy meeting hint at a possible repo rate hike as early as June and this weighed on investor sentiment today. The rupee’s fall to a 13-month low against the U.S. dollar and high crude oil prices too deterred investors from building up positions.

The BSE benchmark Sensex ended down 11.71 points or 0.03 percent at 34,415.58, well off the day’s low of 34,311.29. The National Stock Exchange’s Nifty50 ended at 10,564.05, recording a loss of 1.25 points or 0.01 percent.

Tata Consultancy Services ended nearly 7 percent up. Tata Consultancy Services announced after trading hours on Thursday that its consolidated net profit rose 5.81% to Rs 6925 crore on 3.79% increase in net sales to Rs 32075 crore in the fourth quarter ended March 2018, over the corresponding quarter of the previous financial year.

The IT major said that digital business contributed nearly 24% of its revenue in the March quarter, up almost 43% from the year-ago quarter. The board of directors of the company announced a dividend of Rs 29 per share and a 1:1 bonus issue.

Tech Mahindra, Infosys and HCL Technologies gained 3.7 – 5 percent, while Wipro ended 1.8% up. Cyient ended stronger by about 8.5 percent, after the company reported a more than 16 percent jump in fourth quarter net profit.

Coal India, Bharti Airtel, Indian Oil Corporation, Hindustan Unilever, HDFC Bank and Lupin were among the other notable gainers.

Yes Bank, ICICI Bank, State Bank of India, Bajaj Finance, Bajaj Financial Services, Tata Steel, BPCL and NTPC ended notably lower.

by RTTNews Staff Writer

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