Business Highlights: Sensex Ends Flat, Tech Stocks Surge

by April 21, 2018 0 comments

Business HighlightsOn April 20 Friday, the stock market ends marginally lower as investors flinched at the prospect so higher rate of interest after RBI’s last policy meeting. This is indicating a combative shift towards a belligerent stance in June.

However, tech shares zoomed after the country’s largest software exporter TCS yesterday reported a 4.4 per cent growth in its consolidated net profit at Rs 6,904 crore for the March 2018 quarter and guided towards a better show in fiscal 2019.

TCS was the top performer in the Sensex pack with a gain of 6.76 per cent, followed by Infosys at 4.02 per cent.

The 30-share Sensex, after moving between 34,311.29 and 34,487.33, finally settled 11.71 points, or 0.03 per cent, lower at 34,415.58. The broader NSE Nifty closed 1.25 points, or 0.01 percent down at 10,564.05. Intra-day, it shuttled between 10,527.45 and 10,582.35. Both the key indices ended higher for the fourth straight week.

The Sensex rose by 222.93 points, or 0.65 per cent while the NSE Nifty gained 83.45 points, or 0.80 percent, during the period.

Release of the minutes of the Monetary Policy Committee (MPC) meeting after market hours yesterday indicated that the Reserve Bank may shift to a hawkish monetary stance in June, which dented investor sentiment.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 624.99 crore on net basis, while domestic institutional investors (DIIs) bought equities to the tune of Rs 448.61 crore yesterday, as per provisional data.

Writer: Pioneer

Courtesy: The Pioneer

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