Indian shares opened higher on normal monsoon forecast by the weather office IMD but ended flat on weak global cues and expectations that some companies may miss their earnings target.
The weather office Met’s prediction of a normal monsoon failed to cheer investors as the market slipped into the red after opening higher. The Sensex closed down 17.5 points, or 0.06%, at 29,336.57. The Nifty was flat at 9,103.50.
The benchmark BSE Sensex rose over 54 points, or 0.18%, at 29,373.55, with IT, power, technology, healthcare and FMCG stocks leading the recovery. in opening trade as after investors took to select stock-picking.
The gauge had lost 469.25 points in the previous four sessions, largely in tandem with a weak trend overseas on continued geo-political concerns.
On similar lines, the NSE Nifty rose 15.35 points, or 0.16%, at 9,120.50.
But both slipped into the red by 11AM.
The government’s weather office yesterday forecast a normal monsoon during the June-September period, which is expected to give a leg up to the rural economy.
Shares of the country’s largest software exporter TCS today rose 1.27% to Rs 2,338 after the company yesterday reported a 4.2% growth in net profit at Rs 6,608 crore for the quarter ended March 2017.
Other Asian markets were weak following a negative lead from Wall Street and Europe as Britain’s shock decision to call an early election added to global uncertainties.
The US Dow Jones Industrial Average ended 0.55% lower in yesterday’s trade. (With inputs from PTI)