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Indices end flat, Nifty holds 11,550

Tuesday,   09-Jul-2019   04:07 PM (IST)

Markets witnessed a volatile trade on Tuesday as investors looked for clarity on issues of taxation on share buyback and surcharge on FPI investment. Furthermore, waning rate cut hopes from the US Fedral Reserve dented sentiment across Asian markets. Markets pared losses and ended the session on a flat note. The Sensex closed 10.25 points, or 0.03 per cent, higher at 38,731 levels with TCS, HCL Tech and ITC being the top laggards. On the contrary, Bajaj Finance, Sun Pharmaceuticals and Hero Moto Corp were the top gainers on the Sensex. The broader Nifty50, too, settled 2.7 points, or 0.02 per cent, lower at 11,556 levels. The Sensex hit an intra-day low of 38,436, down 285 points, while the Nifty50 skid 98 points to touch 11,461 mark. In the broader market, S&P BSE Mid-Cap ended 92 points, or 0.63 per cent, higher at 14,524 levels while the BSE Small-Cap gained 7 points, or 0.05 levels, to settle at 13,802 levels. Sectorally, FMCG and information technology counters took the biggest knock with the respective indices settling nearly 0.95 per cent each. Among gainers, Nifty Realty and Pharma indices closed 2.75 and 2.62 per cent higher respectively followed by Nifty PSU Bank index which was up 1.55 per cent. Asian stocks hovered around two-and-a-half week lows on Tuesday as expectations waned for a hefty interest rate cut by the U.S. Federal Reserve later this month. Japan's Nikkei ended 0.14 per cent higher while South Korea's Kospi closed 0.59 per cent lower. In the commodities market, oil prices were slightly softer as concerns about whether slowing global growth would hit demand eclipsed tensions over Iran’s nuclear programme. At 3:20 pm, Brent Crude Futures were at $64.35 per barrel.