The Indian equity market snapped a three-day losing streak on Thursday amid a choppy trading session. After opening with smart gains, indices moved in and out of the red and later surged higher for most part of the day. However, benchmarks erased gains in the last hour of the session led by selling pressure in telecom, oil & gas, consumer durables and banking stocks. Even the midcap and small-cap stocks were under pressure. On the other hand, realty, power, FMCG and industrials stocks ended with gains. Nifty closed with a a gain of 29 points at 7,736 while Sensex ended with a gain of 160 points at 25,262.
Indiabulls Real Estate jumped 5.6% to Rs. 71.50. The company has increased stake in Singapore business trust IPIT to 51.18% from 47.51%.
Adani Ports extended losses for the second day and was the worst performing stock on both the benchmark indices. The stock slipped 5% and closed at Rs.198. The company posted a net profit of Rs. 9140.60 mn for the quarter ended March 31, 2016 compared with Rs.6607.30 mn for the quarter ended March 31, 2015.
L&T gained 2.2% to Rs.1,237 after Larsen & Toubro Infotech (L&T Infotech), IT services & solutions companies and a subsidiary of Larsen & Toubro, signed a multi-year contract with Elkjøp Nordic AS to provide end-to-end Infrastructure Management and Datacenter services.
Gillette India climbed 3.6% to Rs.4,430 after the company reported over two-fold jump in net profit at Rs.80.85 crore for the third quarter ended March 31.
Ricoh India hit 5% lower circuit to Rs.271.90 on BSE. As per media reports, the BSE suspended trading in the company’s stock from May 26. Recently, its stock was moved to ‘Z’ category and its top deck were asked to leave without pay.
V-Guard Industries hit 20% upper circuit to Rs. 1,187. The company reported standalone net profit of Rs. 41.97 crore for the quarter ended March 31, 2016, registering growth of 109.1% yoy and 95.36%.
Sun Pharma gained 1% to Rs. 811. Sun Pharma announced that two pivotal Phase-3 clinical trials evaluating the efficacy and safety of the investigational IL-23p19 inhibitor antibody tildrakizumab (MK-3222) in patients with moderate-to-severe plaque psoriasis met their primary endpoints for both evaluated doses.
Orient Cement gained 1.6% and closed at Rs. 147.50. The company’s standalone revenue stood at Rs. 449.29 crore, up 13.94% yoy and 27.03%.
Idea Cellular dropped 5% to Rs.113.60 on BSE. According to media report, the telecom company may spend $1.3 billion in adding data spectrum in upcoming auction around July.
USDINR trade today trading down 8 paise at 66.46 per US dollar.
Out of 1,804 stocks traded on the NSE, 789 declined and 746 advanced today.
Top 5 Nifty Gainers: SBI (1.25%) ICICI Bank (0.77%), Bharti Airtel (0.59%), GAIL (0.46%), and Asian Paints (0.25%).
Top 5 Nifty Losers: Adani Ports & Sez (-.1.51%), Dr Reddys Lab (-1.33%), Wipro (-1.21%), Hero Motocorp (-1.07), Lupin Ltd (-1.04%)
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