1. Sensex, Nifty shrug off TCS gloom, end at 18-month high

Sensex, Nifty shrug off TCS gloom, end at 18-month high

Benchmark indices BSE Sensex and NSE Nifty shrugged off the cautious commentary given by the IT major Tata Consultancy Services (TCS) and closed the session at 18-month high on Thursday

By: | New Delhi | Published: September 8, 2016 5:15 PM
BSE Sensex NSE Nifty Benchmark indices BSE Sensex and NSE Nifty shrugged off the cautious commentary given by the IT major Tata Consultancy Services (TCS) and closed the session at 18-month high on Thursday

Benchmark indices BSE Sensex and NSE Nifty shrugged off the cautious commentary given by the IT major Tata Consultancy Services (TCS) and closed the session at 18-month high on Thursday on account of renewed buying interest in select blue chip counters. Sensex closed 118.92 points up at 29,045.28, while Nifty 50 index settled 34.55 points up at 8952.50. Market sentiment got a push after finance minister Arun Jaitley said the government is ‘running against time’ for the implementation of GST, but added that he would certainly like to give it a try.

Among the 51-components in Nifty index, Sun Pharma gained the most — 3.81 per cent, followed by Aurobindo Pharma (up 3.35 per cent), Bajaj Auto (up 3.29 per cent), Tata Steel (up 3.17 per cent) and Grasim (up 2.89 per cent). On the other hand, YES Bank, TCS, Tech Mahindra, BHEL and HCL Technologies slid 5.57 per cent, 4.62 per cent, 2.66 per cent, 2.16 per cent and 1.92 per cent, respectively. In the morning deals, TCS warned that its financial sector clients in the United States are holding back on discretionary spends, leading to a ‘sequential loss of momentum’.

Sectorwise, the BSE IT index, TECk and Bankex slipped 2.49 per cent, 1.81 per cent and 0.04 per cent, respectively. However, the BSE Realty index, Healthcare, Consumer Durables and Telecom index gained 3.03 per cent, 2.20 per cent, 1.19 per cent and 1.13 per cent, respectively.

Jayant Manglik, president, retail distribution, Religare Securities said, “Nifty upheld its consolidation bias on Thursday as well and settled higher, thanks to renewed buying interest in select index majors. Importantly, participants never fell short of trading opportunities on stock specific front, indicates prevailing buoyancy. Buying was witnessed across the board barring IT pack and the market breadth too was inclined strongly on the advancing side, due to noticeable buying in midcap and smallcap space.”

Other Asian markets ended mostly higher on Thursday. Shanghai and Hang Seng closed higher by 0.13 per cent and 0.75 per cent, respectively, on Thursday. Nikkei settled 0.32 per cent down at 16,958.77.

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