Markets take a breath, lose record highs

Henrietta Brewer
July 14, 2017

Indian shares snapped a four-day record setting spree to end marginally lower on Friday as investors digested mixed earnings updates from TCS and Infosys and looked ahead to earnings from major USA banks, including JPMorgan Chase, Citigroup and Wells Fargo due later in the day for further direction. The index scaled 32,109.75 (intra-day) today to breach its previous all-time intra-day high of 32,091.52 hit yesterday.

On Thursday, Tata Consultancy Services (TCS) registered a 10 per cent decline in its net profit to Rs 5,945 crore in the reporting quarter compared with Rs 6,608 crore in the last quarter. The major gainers in Sensex include NTPC (up 2.02%), Kotak Mahindra Bank (up 1.3%), Cipla (up 0.96%), SBI (up 1.04%), Reliance Industries (up 0.8%).

The 30-scrip Sensitive Index (Sensex) of the BSE touched a record high of 32,109.75 points during intra-day trade.

Major losers were TCS and Coal India, falling by up to 1.88 per cent. We believe that possibility of rate cut would further fuel the rally ahead and any dip in between should be used as buying opportunity.


"Broad market indices like the BSE mid-cap and BSE small-cap indices gained less, thereby underperforming the main indices", Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.

The stock has fallen nearly 5 percent on an year-to-year basis.

On the other hand, BSE Smallcap index shed 55 points with 20 out of 30 stocks ending the day in red.

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


TCS, India's largest software services exporter, fell 1.9 percent after its Q1 results came in largely below consensus estimates.

In Asian markets, China stocks ended mixed for the week, with the bluechip index closing at 19-month high.

In the European market, the pan-European STOXX 600 index rose 0.1 per cent while euro zone bluechips were little changed, Reuters reported.


Other reports by iNewsToday

FOLLOW OUR NEWSPAPER