Sensex Ends Volatile Day Flat; TCS Hits Record High

Wed, 11 Jul Closing

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After opening the day in red, share markets in India witnessed volatile trading activity throughout the day and ended marginally above the dotted line. Sectoral indices traded mixed, with stocks in the IT sector and stocks in the realty sector, leading the gains.

At the closing bell, the BSE Sensex stood higher by 26 points (up 0.1%) and the NSE Nifty closed up by 1 point. The BSE Mid Cap index ended the day down 0.7%, while the BSE Small Cap index ended the day down by 0.3%.

The rupee was trading at Rs 68.79 against the US$ in the afternoon session. Oil prices were trading at US$ 77.2 at the time of writing.

Asian stock markets finished in red. As of the most recent closing prices, the Hang Seng was down by 1.3% and the Shanghai Composite was down by 1.8%. The Nikkei 225 was down by 1.2%. Meanwhile, European markets too were trading on a negative note. The FTSE 100 was down by 1.2%. The DAX, was down by 1.3% while the CAC 40 was down by 1.3%

In news from global markets. In the continuing escalations into a full-blown trade-war, The United States announced it was starting the process to slap 10% tariffs on another US$ 200 billion in Chinese export goods as soon as September.

US President Donald Trump vowed to hit back on a growing list of products after China retaliated in kind for the first round of 25% tariffs on $34 billion worth of imports that Washington imposed last week.

If he goes ahead it would mean thousands of products from fish to chemicals, metals and tires would face new taxes.

Note that in March 2018, Trump said, 'Last year we lost US$ 500 billion on trade with China.'

But this isn't true.

Donald Trump Is Wrong About the Trade Deficit Data

According to the US Census Bureau, the actual trade deficit is US$ 375 billion.

Also, running a trade deficit isn't a bad thing.

If trade surplus was a measure of success, then why hasn't countries like Nigeria, Malta, and Azerbaijan faring well? These countries enjoyed trade surpluses last year.

Or take the example of Japan, which is enjoying a trade surplus for many years, but it failed to lift its economy from a low growth phase.

The Trump view is basically that exports are good. They are like revenues. Imports are bad. They are like costs.

However, this approach doesn't consider that both imports and exports are beneficial.

So, by buying goods and services more cheaply than it costs to produce them at home, the nation benefits from imports.

Similarly, by selling goods and services in world markets, it can enjoy higher prices for them than it could earn by selling only at home.

That's the point of any trade.

Nevertheless, at the current juncture, trade wars have created some fear in the market.

But this is an opportunity to lap up good stocks.

In fact, last week, Tanushree sent two special updates to StockSelect subscribers.

Two Buy at lower recommendations have now become Buy recommendations.

In case you don't have access to StockSelect, you can sign up here.

Moving on to the news from IT sector. TCS share price was among the top gainers in the market today, and hit a record high, after the company reported its best sequential quarterly growth in nearly four years as all its business segments fired in unison.

The company kicked off June quarter earnings season on a strong note with the profit growing 6.3% and revenue 6.8% sequentially,

The banking, financial services and insurance (BFSI) vertical, after being dormant for a long time, led the charge. TCS is the first of the big Indian IT companies to announce results for the quarter ended June.

The company said revenue was up 4.1% sequentially in constant currency (which discounts the cross-currency volatility over which the company has no control).

That was more than double the rate it reported in the first and fourth quarters of the last fiscal.

Revenue breached the US$5-billion mark, up 10% compared to the year-ago quarter.

The company's banking vertical recovered this quarter, while other industry verticals maintained their momentum.

The recovery in TCS started during the October-December quarter and gained momentum as the company won a few large deals in the January-March period.

The IT giant's digital transformation also gathered pace as it sought to address changing client needs by catering to newer technologies. Revenue from digital deals, which has grown 45% over last year, now accounts for a quarter of its turnover.

To know more about the company, you can access to TCS's latest result analysis and TCS stock analysis on our website.

TCS share price ended the day up by 5.5%.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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