Markets End The Day Flat; Await Trump's Decision On Iran

Business

oi-Sunil Fernandes

By Sunil Fernandes

Updated: Tuesday, May 8, 2018, 15:31 [IST]

Indian benchmark indices ended the day flat, even as Asian markets ended the day sharply higher and European markets were subdued.

A key decision by US President Donald Trump with regards to the Iran Nuclear deal kept investors on their toes. The Sensex ended the day higher by 8 points, while the Nifty ws up by 3 points in trade.

Leading the set of losers in trade were Mahindra and Mahindra, Larsen and Toubro and HDFC Bank. IT stocks were also weak in trade as the rupee gained marginally against the dollar. Stocks like TCS and Infosys were among the major losers in trade.

ICICI Bank surged a huge 7 per cent, despite the bank reporting a poor set of numbers. Several analysts have upgraded the stock to a "buy, citing that the worst for the bank in terms of non performing assets was now behind the bank.

PC Jeweller was among the most volatile of stocks. The stock surged in early morning trade to hit Rs 262, but later fell dramatically and closed at Rs 202. The board of the company is slated to announce a buyback of shares later o Thursday. Markets are pinning their hopes on a solid buyback price for any future rally in the stock.

Vakrangee was locked at the lower end of the circuit once again in trade. The stock was last seen at the lower limit price of Rs 77. The stock has now consistently fallen and has dropped from 52-week levels of Rs 550, to the current levels of Rs 77.

Meanwhile, the rupee gained marginally against the dollar. The Indian currency was last trading at 76.25 to the dollar, which was marginally better than Monday's closing. It is expected that the currency may trade in a range in the coming days.

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