Sensex, Nifty50 close flat; TCS top loser (Third Lead)

Benchmark indices surge ahead of release of industrial production data

The S&P 500 Index rose on Friday and the Nasdaq Composite Index soared to a fresh record high after United States non-farm payrolls data topped forecasts.

At the close, the 30-share benchmark index, BSE Sensex ended flat with a decline of 21.04 points or 0.06% at 33,835.74, 18 components posting drop.

Market observers said the Reserve Bank of India's (RBI) move to discontinue the system of issuing Letters of Undertaking (LoUs) by banks for availing trade credits for imports into India with immediate effect eroded investors' risk-taking appetite. Short-covering during the later part of the day also helped stocks as investors were seen buying metal, oil & gas, FMCG, banking, power, infrastructure, IT, auto and capital goods stocks. "The gains came on the back of positive global equity markets as worldwide trade-war concerns took a backseat to economic optimism following a stronger U.S. jobs report released over the weekend", Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

Bank stocks today bounced back from early losses to end with gains of up to 10 percent.

Sensex saw the biggest one-day gain in last 17 months, while Nifty recorded its biggest single-day gain in 22 months.

Bank of Baroda, PNB, and HDFC Bank also rose up to 3.01 per cent. Major gainers were Wipro, Bharti Airtel, SBI, Sun Pharma, rising up to 2.15 per cent.

Around 12.22 p.m., the wider Nifty50 of the National Stock Exchange (NSE) declined by 75.80 points or 0.73 per cent to trade at 10,351.05 points.

While, TCS, Coal India and NTPC were the top losers.

Auto stocks rose after domestic passenger vehicle sales increased by 7.77 per cent to 2,75,329 units in February.

Bucking the trend BSE small-cap index rose by 1.14 per cent and mid-caps gained 1 per cent as retail investors raised their bets.

In Asia, Hong Kong's Hang Seng was down 0.16 per cent, Japan's Nikkei fell 0.16 per cent and China's Shanghai Composite index slipped 0.17 per cent in early trade. London's FTSE was higher 0.24%.



Latest news

President Trump Blocks Broadcom's Takeover Of Qualcomm, Citing National Security
There is certainly an argument that wireless IP/semiconductors are essential to national security". In interviews with the BBC , analysts said that Trump's decision was also protectionist.

Gophers women's basketball gets a 10 seed in NCAAs
The same goes for Thomas, Alix and the No. 3 seed Seminoles, who would cross paths with Wilson's Gamecocks in the Sweet 16. The women's NCAA Tournament field of 64 teams has been revealed, meaning it's time to fill out those brackets.

Tight congressional race coming to end for Lamb, Saccone
Republicans have spent more than $10 million to prevent a defeat in the district, which Trump won in 2016 by 20 percentage points. After voting Tuesday in Allegheny County, Republican Saccone downplayed the significance of the unusually close race.

F1 sees distinguished manufacturers make a welcome return
It would also be nice to see a more competitive side to the sport, which usually sees one side dominate the entire season. The team is looking at Charles Leclerc from Ferrari, Marcus Ericsson or Antonio Giovinazzi who is a reserve for Ferrari.

Other news