Sensex, Nifty Rally For Fourth Week In A Row, Longest Stretch Since April
Indian equity benchmarks ended on a flat note as gains in drugmakers and IT shares were offset by losses in oil retailers and financials.
The S&P BSE Sensex was little changed at 35,622 while the NSE Nifty 50 index rose 0.1 percent to 10,818.
The benchmarks rose for a fourth week in a row, posting their longest rally since April. The Sensex advanced 0.5 percent while the Nifty climbed 0.46 percent.
In today’s trade, seventeen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Metal index’s 1.5 percent drop. On the other hand, the S&P BSE Information Technology index rose 2.2 percent led by a sharp rally in TCS after it announced share buyback plan.
Mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap and S&P BSE SmallCap indexes fell 0.4 percent each.
TCS Jumps After Board Approves Buyback
Shares of the country's largest firm by market value rose as much as 3.4 percent, to Rs 1,849. The company’s board approved buyback proposal for up to Rs 16,000 crore.
The company will buy about 1.99 percent equity for Rs 2,100 each, according to its stock exchange filing. The company reclaimed the Rs 7 lakh crore-mark in its market capitalisation. The stock rose 36 percent so far this year, and gained 53 percent in the past 12 months.
Sugar Stocks Surge In Weak Market
Sugar makers staged a sharp upmove in late trading led by strong gains in Shree Renuka Sugars.
Dr. Reddy's Labs Surges On U.S. FDA Nod For Opiod Deaddiction Drug
Shares of the Hyderabad-based drugmaker rose as much as 4.8 percent to Rs 2,378 after it received U.S. drug regulator's approval for buprenorphine and Naloxone Sublingual Film in the U.S. Market.
The drug is therapeutic equivalent generic version of Subaxone which is used to treat adults with opioid dependence/addiction, Dr. Reddy’s Labs said in an exchange filing.
India's Trade Deficit Widens To $14.62 Billion In May
India's trade deficit in May widened to $14.62 billion which was higher than the Bloomberg estimate of $14.28 billion.
Highlights of May trade data:
- Exports rose 20.2 percent (YoY) to $28.86 billion
- Imports rose 14.9 percent (YoY) to $43.48 billion
- Oil imports at $11.5 billion, up 49.5 percent (YoY)
- Gold imports at $3.48 billion, down 30 percent (YoY)