Jul 05

Daily Market Commentary : 4th July 2016

Winning ways continue on Dalal Street as the Indian equity indices extend gains to sixth consecutive trading sessions. Market sentiment remained strong due to firm rupee, progress of monsoons and strong global cues. Nifty closed with again of 42 points at 8,371, while BSE Sensex ended with a gain of 134 points at 27,279.

On global front, Asian shares shrugged off early losses and edged higher on Monday. Nikkei 225 gained 0.59%. The Shanghai Composite and Hong Kong’s Hang Seng index closed up over 1% each.

Punjab National Bank zoomed 7% to Rs.113. The bank declared its marginal cost of funds based lending rate (MCLR) for one year at 9.40 per cent.

Tata Motors climbed 2.4% to Rs.469 on BSE. The company’s LCV sales grew by 14% in the month of June 2016 and its passenger cars growing by 22%. The company’s total passenger and commercial (including exports) in July 2016 were at 44,276 vehicles, a growth of 8%, over 40,869 vehicles sold in June 2015.

State Bank of India rose 1.5% to Rs.222 on BSE. The bank informed the Exchange that with reference to the captioned matter, company advise having sold 5% stake in National Stock Exchange of India Limited (NSE) constituting 22,50,000 equity shares of NSE to Veracity Investments Limited, a Mauritius based FII, on 30 .06.2016 at Rs.4050 per share for a total consideration of Rs.911 crore.

Coal India gained 2.4% to Rs.317. The company reported a 10% growth in production during June 2016 at 42.72 million tonnes; Sales registered a near 7% growth take for the month at 44.96 million tonnes.
Jaiprakash Associates rose 5.7% to Rs.9. The Board of Directors of the Company to meet today, to review the progress of the divestment plans and other related matters.

Bosch slipped 1.6% to Rs.22,231 on BSE. The board of directors of the company approved the buy-back of 8,78,160 fully paid up equity shares of face value Rs.10 each per share (representing 2.796 % of the total paid-up equity share capital) of the Company at a price of Rs.23,000/- each per share aggregating to Rs.20.20 crore.

Sobha dropped 0.61% after the company announced the launch of ‘Sobha Winchester’ project, its super luxury residential project in Chennai, Tamil Nadu.

MOIL gained 0.55% to Rs.237 after the company slashed prices of various grades of the mineral by up to 15 per cent for July-September quarter. The prices have been reduced by 10% on all Ferro grades of ore with the Mn content 45% and above on the previous quarter price while the prices have been reduced by 15%t on all other Ferro grades of ore on the previous quarter price

Seamec zoomed 6.6% to Rs.108.10 after the company announced that HAL Offshore has been awarded a Letter of Intent by ONGC for charter hire of multi support vessel of multi support vessel for the scope of work as specified in the tender for a period of 3 years.

USDINR trade today tradingup six paise at 67.25 per US dollar.

Out of 1,459 stocks traded on the NSE, 450 declined and 947 advanced today.

Top 5 Nifty Gainers: BHEL (1.48%), Tata Steel (0.79%), Coal India (0.69%), Adani Ports & Sez (0.49%) and SBI (0.38%).

Top 5 Nifty Losers: GAIL (-1.50%), Bharti Airtel (-1.49%), Tata Motors (-1.26%), NTPC (-1.22%) and Bajaj Auto (-1.18%)

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