The Indian equity market ended on a flat note on 13th June 2016 amid a volatile trading session. After opening with a positive bias, indices slipped gradually through out the day led by selling pressure in the energy, IT, oil & gas and telecom stocks. However, sudden bout of buying in the realty, metals, PSU banks and FMCG stocks in late trades aided the Nifty to bounce back sharply and close above the 8100 mark. Nifty closed with a loss of mere two points at 8,109, while BSE Sensex ended almost unchanged at 26,396.
On the global front, Asian stocks declined. In China, the Shanghai Composite index closed marginally higher. Hong Kong’s Hang Seng index and Nikkei 225 closed 1% lower respectively.
European stock markets were trading with a negative bias. The FTSE 100 was trading down 1.2%. DAX and the CAC 40 are down 1% each.
Bhushan Steel rallied 11.5% to Rs.41 after Reserve Bank of India (RBI) on Monday offered a measure of relief to banks weighed down by bad loans and their stressed corporate clients, seeking to slow the build-up of sticky loans and, at the same time, ease the pressure on company balance sheets.
KPIT Technologies dropped 5.4% to Rs.179. The company said that Copart Inc terminated the pact with unit Sparta Consulting without cause. The tech firm further said that it will defend against Copart’s claims.
Suven Life Sciences gained 1% to Rs.209.50 after the company announced that it secured grant of one product patent from Canada (2878217) and one product patent from Hong Kong (HK1176619). These patents correspond to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurode generative diseases. The patents are valid through 2032 and 2030 respectively.
DLF gained 1.6% to Rs.132.65 on BSE. Blackstone Group, GIC of Singapore and Brookfield Asset Management have over $1-bn separate bids to acquire a 40% stake in DLF’s commercial property unit, according to reports.
Reliance Defence climbed 2.3% to Rs.62.75. Reports said that the company is accelerating work on an inherited order for naval offshore patrol vessels (NOPVs) and has assured the Indian Navy of supplying all the five craft by the end of 2017.
Deepak Fertilisers & Petrochemicals Corp Ltd jumped 4.5% to Rs.162 on BSE. The company stated that Ministry of Chemicals and Fertilizers has agreed to release about Rs.485 crore outstanding subsidy payment to the company.
Unitech surged 7.7% to Rs.5.14 on BSE. The apex consumer commission has asked the company to pay over Rs.48 lakh to a Delhi resident for failing to hand over an apartment in its Greater Noida project even after a decade, as per reports.
USDINR trade today trading down 13 paise at 67.25 per US dollar.
Out of 1,336 stocks traded on the NSE, 472 declined and 819 advanced today.
Top 5 Nifty Gainers: Bharti Airtel (2.38%), SBI (1.18%), L&T (1.06%), GAIL (1.01%) and Hero Motocorp (0.97%).
Top 5 Nifty Losers: ICICI Bank (-0.92%), HDFC (-0.44%), Dr. Reddys Lab (-0.41%), Coal India (-0.24%) and TCS (-0.22%)
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