Sensex cautious on weak global cues, TCS cracks 5 per cent

Mar 13, 2018, 12:42 IST | PTI

The benchmark BSE Sensex turned choppy on tepid cues from overseas market, despite positive macroeconomic data and appreciating rupee

Representation pic
Representation pic

The benchmark BSE Sensex turned choppy on tepid cues from overseas market, despite positive macroeconomic data and appreciating rupee. The 30-share barometer rose 44.58 points, or 0.13 percent, to 33,962.52 in early session. However, a weak trend in other Asian markets following negative lead from Wall Street, restricted the gains.

The gauge rallied 610.80 points in the previous session, logging its biggest single-day gain in two years. Sectoral indices led by consumer durables, capital goods, realty, bankex, oil & gas, PSU, FMCG, healthcare and auto were trading in the green, rising up to 0.66 per cent.

The NSE index Nifty climbed 19.65 points, or 0.18 percent, to 10,441.05. Major gainers were Wipro, Bharti Airtel, SBI, Sun Pharma, rising up to 2.15 per cent. While, TCS, Coal India and NTPC were the top losers. Shares of Tata Consultancy Services (TCS) cracked nearly 5 per cent after Tata Sons yesterday sold a 1.48 per cent stake in its flagship IT services firm to raise Rs 8,127 crore (USD 1.25 billion).

Brokers said buying picked up on select counters on positive economic data. Industrial production expanded to 7.5 per cent in January while retail inflation eased to 4.4 per cent in February, raising industry clamour for a rate cut by the RBI next month to maintain growth momentum.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 374.65 crore while domestic institutional investors (DIIs) sold shares worth Rs 464.59 crore yesterday, provisional data showed. Overseas, most Asian stocks were trading lower following a fall in US stocks as focus turned to a US inflation report due today for clues on the pace of US Fed policy tightening.

In Asia, Hong Kong's Hang Seng was down 0.16 per cent, Japan's Nikkei fell 0.16 per cent and China's Shanghai Composite index slipped 0.17 per cent in early trade. The US Dow Jones Industrial Average closed 0.62 per cent lower in yesterday's trade.

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