After taking a breather in the previous session, the bears were back on Dalal Street. The market managed to pare some losses by closing off days low led by decline in the telecom, banking, capital goods, auto and FMCG index. Only the metals index ended with gains. Nifty closed with a loss of 66 points at 8,141, while BSE Sensex ended with a loss of 201 points at 26,525.
On the global front, Asian markets decline. The Shanghai Composite index closed marginally lower. Hong Kong’s Hang Seng index dropped 2% and Nikkei 225 cracked 3.2%.
European stocks were under pressure too as equity indices declined towards their lowest level in nearly 4-months as concerns lingered over Britain’s vote on next week. The FTSE 100 was trading down 0.65%. DAX and the CAC 40 were trading down 0.8% each.
On the economy front, India’s merchandise exports fell 0.79% at US$22.17bn in May 2016 over May 2015. Non-petroleum exports rose 1.01% at US$20.19bn in May 2016 over May 2015. Imports fell 13.16% at US$28.44bn in May 2016 over May 2015.
Maruti Suzuki dropped 3% to Rs.4,084. The stock was the top Nifty loser today. A strong yen adversely impacts Maruti Suzuki India’s operating profit margin. Japanese yen gains beyond 105/$ for first time since Sept 2014 after Bank of Japan kept policy unchanged.
Sterlite Tech jumped 5% to Rs.81.40 on Thursday. The company fixed June 16 as record date for determining eligible shareholders for the proposed de merger, as per reports.
Indian Hotels rallied 2.2% to Rs.130.25 on the BSE amid reports that foreign brokerage house – Morgan Stanley upgraded the stock to overweight from underweight earlier. Morgan Stanley almost doubled the target price for the stock to Rs.160 from Rs.83 earlier.
Deccan Cements Ltd rose 6% to Rs.877 after the company said in a notice to BSE that ICRA upgraded the rating of the company to A from BBB+ citing improvement in operational and financial performance of the company in fiscal year 2016.
TVS Motor closed marginally lower at Rs.291 on BSE. The company aims to increase the share of its best selling scooter model Jupiter to 12% in the highly competitive 110 cc scooter segment in 2016.
3I Infotech Ltd surged 18% to Rs.5.31 on BSE. The company said corporate debt restructuring panel approved debt restructuring scheme. The lenders approved converting 40% debt in to equity shares.
Oil marketing companies such as IOC, BPCL and HPCL shed up to 0.6% after petrol price was marginally hiked by 5 paise a litre and diesel by Rs 1.26 a litre.
Jindal Stainless (Hisar) soared 10.4% to Rs.40.80 on the BSE. The company experienced a spurt in volumes by more than 12.28 times.
State Bank of Mysore hit 20% upper circuit to Rs.657 after Union Cabinet approved the takeover by State Bank of India (SBI) of several subsidiaries, according to reports.
Inox Leisure slipped 0.61% to Rs.221 on BSE. The company announced an association with Paytm, to sell movie tickets to moviegoers.
Pricol jumped 9.3% to Rs.84.The company sold entire shareholding of Integral Investment for a consideration of Rs.27.84 mn.
USDINR trade today trading down seven paise at 67.22 per US dollar.
Out of 1,380 stocks traded on the NSE, 430 declined and 909 advanced today.
Top 5 Nifty Gainers: Axis Bank (1.66%), Maruti Suzuki (1.47%), Coal India (1.38%), HDFC (1.22%) and HDFC Bank (1.14%).
Top 5 Nifty Losers: Infosys Ltd (-0.73%), Sun Pharma (-0.49%), Tata Steel (-0.39%), Hind. Unilever (-0.32%) and Lupin Ltd (-0.27%)
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