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Closing Bell: Nifty, Sensex end flat; IOC, Bajaj Finance top gainers, Titan tanks 12%

Closing Bell: Nifty, Sensex end flat; IOC, Bajaj Finance top gainers, Titan tanks 12%

Closing Bell: Nifty, Sensex end flat; IOC, Bajaj Finance top gainers, Titan tanks 12%
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By CNBC-TV18 Jul 9, 2019 3:43:17 PM IST (Published)

Indian benchmark indices pared morning losses to end flat on Tuesday, on the back of a recovery in large-cap stocks like Reliance Industries Ltd, Bajaj Finance, L&T, and ICICI Bank.

Indian benchmark indices pared morning losses to end flat on Tuesday, on the back of a recovery in large-cap stocks like Reliance Industries Ltd, Bajaj Finance, L&T and ICICI Bank. Meanwhile, investors awaited fresh cues from corporate results.

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The government’s proposal to increase the public float by 10 percent, a surcharge on foreign portfolio investors (FPIs) and a 20 percent tax on buyback of securities in the annual budget on Friday dealt a heavy blow on the stock markets on Monday.
The Sensex ended 10 points higher at 38,731, while the broader Nifty50 index lost 3 points to end at 11,556 today. In broader markets, the Nifty Midcap and Nifty Smallcap index advanced around 0.4 percent.
Meanwhile, Asian stocks hovered around two-and-a-half week lows on Tuesday as expectations waned for a hefty interest rate cut by the US Federal Reserve later this month.
Bajaj Finance, sun Pharma, IOC, Bajaj Finserv and HeroMoto Corp were top gainers on the Nifty50, while Titan, UPL, GAIL, TCS and HCL Tech led the losses.
Losses in FMCG and IT indices were capped by gains in pharma, realty, and PSU Bank sectors.
The Nifty Realty gained the most, up 2.8 percent, followed by the Nifty Pharma, up 2.6 percent and the Nifty PSU Bank up 1.5 percent. However, the Nifty FMCG declined 1 percent and the Nifty IT fell 1.1 percent. The Nifty Fin Services, the Nifty Bank and the Nifty Pvt Bank indices were also in the red.
Bajaj Finance surged 5.5 percent after it reported the highest loan growth in the last 11 quarters. The company booked 7.3 million new loans during the quarter ended June 2019 against 5.6 million in the same period last year.
Among losers, Titan Company fell over 12 percent, the biggest one-day fall since 2013, after its Q1 update indicated a muted growth for jewellery business on the back of higher gold prices. The sentiment was also hit after rating downgrades by Morgan Stanley and Credit Suisse.
TCS lost 2.5 percent ahead of its Q1 earnings due later in the day today.
Globally, Japan’s Nikkei was the outlier in Asia, inching up 0.1 percent thanks to gains in a few heavyweights in the index. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.4 percent but pared earlier losses, having traded at its lowest level since June 19. In China, the Shanghai Composite was 0.2 percent lower and the blue-chip CSI300 was off 0.3 percent, while Hong Kong’s Hang Seng fell 0.7 percent.
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