The Indian stock market closed lower for second consecutive session. After opening on a flat note, indices moved higher surging past the 8250 mark, however it was short lived as selling pressure in the realty, auto, industrials stocks. On the other hand, power and utilities stocks ended with marginal gains. Investors also remained cautious ahead of IIP data for April which is scheduled to be released later in the day. Nifty closed with a loss of 33 points at 8,170, while BSE Sensex ended with a loss of 128 points at 26,636.
On the global front, Asian stocks closed on mixed note as weak. Chinese and Taiwanese stock markets are closed for the Dragon Boat Festival. Nikkei 225 and Hang Send closed in red.
European shares slipped for a third straight day with weaker commodities prices putting further pressure on mining and energy stocks. The FTSE 100 was trading down 1.64%. DAX and the CAC 40 are down 2% respectively.
Crude oil declined from a 10-month high in New York, as a stronger dollar countered a rally driven by tightening global supplies.
Solar Industries India zoomed 3% to Rs.3,178 after company bagged an order from Singareni Collieries Company Limited (SCCL) for the supply of 163911.20 MT Explosives worth Rs.443.44 crore for the financial year 2016-17 and 2017-18.
Visa Steel hit 20% upper circuit to Rs.16.38. The company reportedly said it will seek shareholders’ approval for the merger of its joint venture firm Visa Bao (VBL). VBL is a joint venture between VSL and Baosteel of China, with VSL holding 65 per cent stake and Baosteel the remaining.
Tilaknagar Industries dropped 2.8% to Rs.15.80. The company reported a net loss of Rs.104 crore on sales of Rs.90 crore in the January-March quarter.
Yes Bank climbed 2.1% to Rs.1,062. The bank said it subscribed 8% stake in Receivables Exchange of India Limited (RXIL).
NTPC gained 0.50% to Rs.151 on BSE. The company has signed an agreement with South Western Railway for doubling of the Hotgi-Kudgi section under the Customer Funding Concession scheme, says report.
Sadbhav Infrastructure rallied 3% to Rs.101.15.The company informed BSE regarding receipt of provisional completion certificate for 86 km. out of total 87.25 km. and start of toll collection in Bhilwara-Rajsamand Tollway Private Limited.
GVK Power zoomed 15.9% to Rs.5.61. The company sought shareholders’ approval for increasing the maximum limit of loans and guarantees that can be given to other entities to Rs.15,000 crore.
KCP Ltd soared 5.3% to Rs.92. The company decided to expand the production Capacity of its Cement Unit located at Muktyala, Krishna District Andhra Pradesh, from 1.8 MTPA to 3.5 MTPA with an expected outlay of Rs. 400 crores (approximately).
USDINR trade today trading down 13 paise at 66.83 per US dollar.
Out of 1,439 stocks traded on the NSE, 770 declined and 616 advanced today.
Top 5 Nifty Gainers: Lupin Ltd (1.10%), Coal India (0.96%), GAIL (0.77%), Dr. Reddys Lab. (0.41%) and Hind. Unilever (0.40%).
Top 5 Nifty Losers: Tata Motors (-3.43%), ICICI Bank (-3.19%), Tata Steel (-2.93%), BHEL (-2.51%) and Axis Bank (-2.40%)
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