US mkts recover from the previous day’s deep cuts; benchmark indices close flat; Indian ADRs ended mixed; MTNL up 3.99%
After a day of deep losses, Wall Street ended Tuesday trade flat.
Stocks had opened higher, but faltered after a report showed home sales rose but not as much as expected. Bank stocks were mostly higher after taking a hit yesterday. Bank of America and JPMorgan gained 2% each in trade.
Meanwhile, US Treasuries rallied as investors positioned themselves ahead of the Federal Reserve’s statement which will be released today. In economic data, US existing home sales data for May, rose 2.4%, but fell short of expectations.
Existing-home sales rose to 4.77 million in May, higher than the previous month but less than the 4.81 million rate expected.
In other major event, all eyes will watch out for the FOMC’s latest policy statement today after the 2 day meet. Interest rates are expected to be unchanged, but close attention will be paid to whether the Fed will be using any new policy tools to help the US economy.
At closing bell, the Dow Jones and Nasdaq closed marginally in the red, while S&P closed flat with a positive bias.
Indian ADRs ended mixed on Tuesday. However, gainers outnumbered the losers. In Telecom space, MTNL was up 3.99% at $ 3.91 and Tata Communication was up 1.74% at $ 18.17. In IT space, Infosys was up 1.14% at $ 35.47, Wipro was up 0.56% at $ 10.72 while Satyam Computers was down 0.31% at $ 3.25 and Patni Computers was down 0.67% at $ 10.35.
In Banking space, ICICI Bank was down 0.67% at $ 28.01 and HDFC Bank was down 3.24% at $ 93.92. In other sectors, Sterlite Industries was up 3.67% at $ 11.86, Dr Reddy’s Labs was up 2.23% at $ 15.58 and Tata Motors was up 0.99% at $ 9.22
MTNL
BSE: 500108 NSE: MTNL ISIN: INE153A01019
Industry: Telecommunications – Service
BSE Group : A Last Price Change Prev Close Volume
BSE 23-Jun 16:01 Rs.97.30 1.94% Rs.1.85 95.45 442,989
NSE 23-Jun 17:30 Rs.97.05 1.68% Rs.1.60 95.45 0
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