Markets End Flat, TCS 2% Down Ahead of Earnings Outcome

Tuesday, 09 July 2019, 13:40 Hrs
25
cmt right
27
Comment Right
36
cmt right
9
cmt right
Printer Print Email Email
sensex


Sensex and Nifty finished on a flat note on Tuesday after heavy selling in the last two sessions over dissapointment over the Budget proposals.

The Sensex gained 10.25 points to end at 38,730.82 while the Nifty settled at 11,555.90, lower by 2.70 points. Tata Consultancy Services closed 2.05 per cent lower at Rs 2,131.45 per share ahead of its earning announcement. 

The proposal to increase minimum public shareholding of listed companies to 35 per cent, tax on buybacks, and especially the surcharge on foreign portfolio investors (FPIs) has not been received well by the investor community.

"Lack of real growth in the economy while equity is at premium valuation is impacting the market. IT bellwethers slid ahead of earnings season as anxiety over global growth and trade disputes cast cloud over revenue estimate," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

Titan lost 12.25 per cent, the most among the Nifty50 stocks after the company said that the it's growth, particularly in the jewellery segment was lower than planned, owing to tough macro-economic environment and very high gold prices "particularly in June".

A small positive candle was formed on Tuesday with a long lower shadow. Technically, this pattern indicates a high wave type candlestick pattern. Normally, a formation of such high wave type candle patterns after a reasonable weakness could be viewed for a minor upside bounce, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
 



Read More News:



Mindtree Stock Tank 11% After Top Leadership quits



Airbnb Hosts in India Earned Rs 190 Crore in 2018



 



 


Source: IANS
SPOTLIGHT
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..