The rally continued to second consecutive day as indices scaled to fresh 11-month high on Tuesday. Stock market rallied ahead of IIP and inflation data to be released later in the day. After opening on a flat note indices remained under pressure and slipped lower in the first half. However, as the day progressed, a sudden bout of buying in the metals, realty and banking stocks lifted the benchmarks to end at day’s high. Even the Nifty Mid-Cap index closed at an all-time high. Nifty closed with again of 53 points at 8,521, while BSE Sensex ended with a gain of 181 points at 27,808.
On the global front, Asian markets closed in green. The Shanghai Composite index and Hong Kong’s Hang Seng index closed higher. and Nikkei 225 gained 2.4%.
Coal India slipped 1.1% to Rs.316.85. The Board of Directors of the Company will be held on July 11, 2016, inter alia, to consider the proposal for Buy Back of equity shares of the Company and appointment of intermediaries in accordance with all applicable laws.
IDFC Bank jumped 8.4% after the bank announced the acquisition of micro-finance company Grama Vidiyal Microfinance.
Opto Circuits (India) Ltd jumped 18.7% to Rs.13.74. The company announced that wholly owned subsidiary, Eurocor Gmbh, launches Coated Shunt Balloon Catheter, used for DIALYSIS patients which reduces re-intervention and preserves future treatment options.
Shriram EPC soared 10.8% to Rs.28.15. The company said it will take approval of its shareholders for conversion of debt worth up to Rs 1,280 crore into equity shares.
NMDC gained 0.52% to Rs.96.75. The company reportedly said that its production was up by about 28% and sales have increased nearly 17% in the April-June quarter of the current fiscal.
Igarashi Motors India dropped 3% to Rs.680. The company said one of its large shareholders will sell over 3.3 million shares amounting to 10.35% in the company in an offer for sale (OFS) at a floor price of Rs.650.
Tata Power slipped 1.5% to Rs.72.75. Tata Power said that its board has approved raising up to Rs.3,500 crore through issuance of non-convertible debentures in one or more tranches on a private placement basis.
USDINR trade today trading down one paise at 67.13 per US dollar.
Out of 1,466 stocks traded on the NSE, 790 declined and 663 advanced today.
Top 5 Nifty Gainers: BHEL (4.05%), ONGC (4.02%), GAIL (2.23%), Tata Steel (2.10%) and Reliance Ind. (1.20%).
Top 5 Nifty Losers: Maruti Suzuki (-1.19%), L&T (-0.77%), Axis Bank (-0.72%), Bharti Airtel (-0.69%) and ITC Ltd (-0.69%)
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