Jul 11

Daily Market Commentary : 8th July 2016

The Indian equity market ended with marginal losses on Friday amid another lackluster day of trades. Weak global cues and profit booking saw the indices close with minor losses. Once again indices were unable to find a specific direction for second consecutive day. Barring the consumer discretionary, auto and health care index all the other BSE sectoral indices ended with losses. Telecom, oil & gas, capital goods and banking stocks were among the major losers even the small-cap index ended with losses.. Nifty closed with a loss of 15 points at 8,323, while BSE Sensex ended with a loss of 75 points at 27,127.

On the global front, Asian shares closed in red. Japan’s Nikkei and China’s Shanghai Composite dropped 1% each while Hong Kong’s Hang Seng slipped 0.69%.

European shares were trading flat. The FTSE 100 is trading marginally lower. The CAC 40 and DAX gained over 0.7%.

Jubilant FoodWorks and Westlife Development plunged over 2% on reports that Kerala government has imposed 14.5% ‘Fat Tax’ on Junk Food.

8K Miles Software climbed 10.8% to Rs.1970.10. The company announced 167.69% rise in consolidated net profit figures for the latest quarter ended June 30, 2016.

South Indian Bank gained 1.6% to Rs.22.60 on BSE. The Bank posted a net profit of Rs.950.60 million for the quarter ended June 30, 2016 as compared to Rs.652.90 million for the quarter ended June 30, 2015.

Hatsun Agro Product rose 6%after the Board of Directors of the Company to consider and allot Bonus Equity Shares in the ratio of 2 new equity shares of Re. 1/- each credited as fully paid-up for every 5 existing equity shares of Re.1/- each. The stock was higher by 8% at Rs. 497.75.

Dewan Housing Finance Corporation gained 0.78% to Rs.214 after the stock turned ex-dividend today, 8 July 2016, for final dividend of Rs.2 per share for the year ended 31 March 2016.

Telecom stocks closed lower on BSE. The department of telecommunications will soon issue a demand notice of over Rs.12,500 crore to six telecom operators who were found by the Comptroller and Auditor General of India (CAG) to have under-reported revenues to the tune of Rs.46,000 crore between 2006 and 2010, according to media report. Bharti Airtel Ltd falls 2.3%, Idea Cellular Ltd plunged 3%, Reliance Communications slipped 3.2%.

Zee Learn jumped 8.3% to Rs.32.30. The company’s registered 102.52% rise in net profit figures at Rs.8.02 crore against Rs.3.96 crore in the corresponding quarter a year ago, while total income was up 17.5% at Rs.42 crore versus Rs.35.79 crore.

USDINR trade today trading up six paise at 67.32 per US dollar.

Out of 1,511 stocks traded on the NSE, 917 declined and 546 advanced today.

Top 5 Nifty Gainers: Tata Motors (3.50%), ICICI Bank (3.33%), NTPC (2.97%), Adani Ports & Sez (2.54%) and L&T (2.22%).

Top 5 Nifty Losers: There are no losers currently.

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