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News Mid-Session

 
IT stocks gain, telecom stocks decline
15-Jun-18   11:28 Hrs IST

Key benchmark indices hovered in a small range with positive bias in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 50.58 points or 0.14% at 35,650.40. The Nifty 50 index was up 17.80 points or 0.16% at 10,825.85. IT stocks gained. Telecom stocks declined. Asian stocks saw mixed trend.

A bout of volatility was seen in early trade as the key benchmark indices reversed initial losses. Stocks alternately swung between positive and negative zone in a small range in morning trade.

The S&P BSE Mid-Cap index was up 0.2%. The S&P BSE Small-Cap index was up 0.24%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1178 shares rose and 1040 shares fell. A total of 119 shares were unchanged.

IT stocks gained. Infosys (up 1.6%), TCS (up 0.38%), HCL Technologies (up 1.06%), Tech Mahindra (up 1.23%), MindTree (up 0.97%)and Hexaware Technologies (up 0.65%) rose. Oracle Financial Services Software (down 0.63%) and Mphasis (down 1.01%) fell.

Wipro rose 0.19% after the company announced that it signed two multi-year business deals — one with Nokia for the design and digitalisation of Nokia's sales order operations and another with LATAM Cargo, a part of Latin America's LATAM Airlines Group, for cargo management. Wipro, however, did not provide any financial details about the two contracts. Both the announcements were made separately after market hours yesterday, 14 June 2018.

Telecom stocks declined. Idea Cellular (down 1.67%), Bharti Airtel (down 0.57%), MTNL (down 0.28%) and Tata Teleservices (Maharashtra) (down 1%) declined. Reliance Communications (up 0.31%) rose.

Shares of Bharti Infratel fell 1.01%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Overseas, most Asian stocks were trading on a mixed note. The Bank of Japan meets today, 15 June 2018 with no change to policy expected. US stock-market indexes closed mostly higher yesterday, 14 June 2018 on gains by big technology and media companies, outweighing laggard financial and industrial shares.

Meanwhile, US President Donald Trump reportedly approved tariffs on about $50 billion of Chinese goods, as the US ratchets up its trade fight with Beijing over China's alleged pressure on US firms to transfer technology to Chinese partners. It wasn't clear when the tariffs would go into effect.

In Europe, the European Central Bank (ECB) said it would phase out some of its easy-money policies on the back of an improving economic picture in Europe. On interest rates, the ECB said rates will remain at their present all-time lows at least through the summer of 2019.

The ECB said it would continue its program of buying 30 billion euros a month of bonds through September, as planned. The purchase amount will then be reduced in October to 15 billion euros a month and run through the end of December. The purchases will end in December.

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