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  • Mid-Session - Detailed News

Sensex, Nifty hover near flat line
28-Feb-19   13:38 Hrs IST

Key equity indices were almost flat in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 10.51 points or 0.03% at 35,894.92. The Nifty 50 index was down 2.40 points or 0.02% at 10,804.25.

Stocks saw high intraday volatility. The Sensex was currently trading below the psychological 36,000 level after regaining that level in opening trade. Trading for the day began on positive note as the key benchmark indices drifted higher in early trade on buying demand in index pivotals. Stocks trimmed gains in morning trade. Key indices hovered in a small range in positive zone in mid-morning trade.

Market may remain volatile as traders roll over positions in the F&O segment from the near month February 2019 series to March 2019 series. The February 2019 F&O contracts expire today, 28 February 2019.

The S&P BSE Mid-Cap index was up 0.29%. The S&P BSE Small-Cap index was up 0.60%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1324 shares rose and 934 shares fell. A total of 149 shares were unchanged.

ONGC (up 2.87%), Coal India (up 1.78%) and Vedanta (up 1.70%), edged higher from the Sensex pack.

HeroMoto Corp (down 1.41%), Axis bank (down 1.22%) and Bajaj Auto (down 0.78%), edged lower from the Sensex pack.

TCS dropped 2.52%. TCS during market hours today announced that Sapix Yozemi Group (Yoyogi Seminar), a Japanese cram school chain, has selected TCS iON PAPER to transform the conduct of its spoken English tests and evaluation of candidate responses. Spoken English tests are increasingly becoming part of entrance exams for many universities and high schools in Japan.

The TCS iON PAPER device will equip the preparatory school operator with the capabilities necessary to conduct these tests, including the test environment, test data delivery, and scoring environment. In addition, it will enable location-independent assessment with the help of experienced English teachers based in India. TCS will on-board qualified and certified English teachers, who will be rigorously trained on evaluating the audio responses, in a proctored environment.

IndusInd Bank rose 0.29%. IndusInd Bank during market hours today said that credit ratings for debt securities issued by the bank have been reaffirmed by CRISIL.

On the economic front, the government will announce data on infrastructure output for January today, 28 February 2019. The government will also announce data on fourth quarter gross domestic product (GDP) today, 28 February 2019. The Indian economy advanced 7.1% year-on-year in the third quarter of 2018, well below 8.2% in the previous period.

Overseas, European stocks declined Thursday, as investors keep abreast of geopolitical news taking place across the globe. Investors have been keeping tabs on Britain's tumultuous exit from the European Union with a March 29 deadline looming. British Prime Minister Theresa May on Tuesday said she would look to delay Brexit if a departure deal isn't agreed upon.

Asian stocks were trading lower on Thursday after cautious comments from US Trade Representative Robert Lighthizer dented some of the recent optimism towards China-US trade relations. US President Donald Trump and North Korean leader Kim Jong Un are beginning the second day of their high-stakes nuclear summit with a one-on-one discussion in the Vietnamese capital of Hanoi.

U.S. stocks bounced off intraday lows but still closed mostly lower Wednesday as investors focused on separate congressional testimonies from U.S. Trade Representative Robert Lighthizer on U.S.-China trade negotiations and a second day of Congressional hearings featuring Federal Reserve Chair Jay Powell.

Powell testified in front of the House, a day after he affirmed the central bank's wait-and-see approach to rate increases, citing slower global growth and its effect on the U.S. Lighthizer appeared before the House Ways and Means Committee on U.S.-China trade to provide more insight into the progress of negotiations between the world's two largest economies. He also said the U.S. plans to officially abandon an increase in tariffs on $200 billion of Chinese goods to 25%, from 10% currently.

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