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Listless Gains for Indian Indices
Tue, 14 Jun 11:30 am

After opening the day on a flattish note, the Indian stock markets witnessed choppy trades and continued to trade near the dotted line. Sectoral indices are trading on a mixed note with stocks from the realty and consumer durables sectors leading the gains. IT stocks are trading in the red.

The BSE Sensex is trading up by 5 points (up 0.02%), while the NSE Nifty is trading flat. The BSE Mid Cap index and the BSE Small Cap index are trading in the green, up by 0.4% and 0.8% respectively. The rupee is trading at 67.14 to the US$.

As per an article in the Economic Times, a vote to leave the European Union (EU) would start a long and complicated process that would result in a fundamental change in the UK's relationship with other members of the EU. Further, Financial Times estimates the GDP hit to be a 2-7% with most of the losses front-loaded in Britain leaves the EU.

Also, a declaration at the G7 meeting last month in Japan opined that a vote by the UK to leave the European Union would pose a serious threat to global growth. The final communique by group set global growth as a priority for dealing with threats to the world's economy and security. Speaking of threats to the world economy, one of the articles from Vivek Kaul's Diary offers insights on why globalization is under attack and how CEOs are thinking about the world in 2017.

The Brexit - the question of whether the UK will leave the European Union - is one of the most touted affairs these days. The Brexit (British exit) campaign began in the United Kingdom when Prime Minister David Cameron received assistance for his call for the UK to remain in the European Union (EU). All eyes are now on the referendum that David Cameron will call on June 23rd.

The Brexit can also influence the Fed's decision on the US interest rate hike. The Fed is going to meet this week and market participants are gauging that the Fed may even delay a decision on rates for fear of unsettling global markets as a possible Brexit looms.

In another news update it was reported that Tata Consultancy Services (TCS) has entered into a global partnership with Randstad Global IT Solutions. The partnership is aimed at designing and deploying one of the world's largest end-to-end public cloud marketplaces for IT infrastructure services.

A cloud marketplace is an online platform that offers customers an access to software applications and services provide by the company.

Tata Consultancy Services (TCS) is an information technology (IT) services, consulting and business solutions organization. In its results for the fourth quarter ended March 2016 (4QFY16), the company reported a 4% QoQ increase in consolidated sales while consolidated net profit was up 5.4% QoQ. The company signed 7 large deals during the quarter of which 3 of them were in the US$100 + million bucket. To know our view on TCS, you can read our result analysis (subscription required).

Presently the stock of TCS is trading down by 0.8%.

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Mar 22, 2018 11:45 AM