Wednesday, 25 April, 2018

Indian shares pause after record rally; TCS slides

Price-to-earnings ratio of Sensex and Nifty is at 18.3 and 17.7 respectively while MSCI Emerging Markets is at 12 and MSCI World is at 16 Sensex breaches 32000 mark for first time
Marlene Weaver | 15 July, 2017, 01:44

The Sensex ended in red, down 0.05% at 32,020.75 points and the broader Nifty 50 too closed down 0.05% at 9,886.35 points.

The benchmark equity indices rose by around 2 per cent for the week, their biggest weekly gain since mid-March, Reuters reported. On Thursday, the index breached the 32,000-point-mark for the first time.

The Sensex slipped under the crucial 32,000-mark by losing 40 points while the Nifty cracked below 9,900 after hitting the threshold for the first time ever.

Markets recovered from the day's low on Friday post the announcement of WPI inflation data. Bank Nifty turned positive after the release of data and ended 0.21 per cent higher at 23,937.70. The IT stocks dragged the indices throughout the day's trade, with Wipro (down 1.97%), TCS (down 1.76%), Infosys (0.6%).

Pharma stocks also saved the day with shares of Biocon scaling to lifetime high at Rs 404 and Aurobindo Pharma, up 5.85 per cent at Rs 745.70.

Indian equities ended flat on Friday erasing earlier gains. It surpassed its previous intra-day high of 9,897.25 touched yesterday.

UVA safety Quin Blanding named to Thorpe Award Preseason Watch List
The members of the NCFAA are unveiling their preseason watch lists over a two-week period this month. The award is named after Jim Thorpe, one of the country's greatest all-around athletes of any era.

ITC was the top gainer among the pack surging 3.03 per cent.

BSE IT bled the most, losing 0.95 per cent in trade.

Shares of TCS ended almost 2 per cent lower today, wiping out Rs 8,661 crore in market valuation, after the company reported a 5.9 per cent decline in consolidated net profit for the April-June quarter.

Biocon soared nearly 9 percent after its biosimilar breast cancer drug Trastuzumab received endorsement from the U.S. FDA's advisory committee.

At NSE, shares of the company went down by 2 per cent to close at Rs 2,397.45.

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