The Indian stock market ended with smart gains on Thursday tracking firm cues across the Asian and the European markets. Nifty reclaimed 8,550 for the first time since August 11, 2015 as sentiment were upbeat ahead of the Monsoon Session of Parliament, the Narendra Modi government on Thursday reached out to the principal opposition party Congress over the contentious issue of Goods and Service Tax Bill. Nifty closed with a gain 46 points at 8,565, while BSE Sensex ended with a gain of 127 points at 27,942.
On the global front, Asian markets closed on a mixed note. Hong Kong’s Hang Seng index gained 1.1%. Japan’s Nikkei closed nearly 1% higher at 16,385.89 as the yen weakened against the dollar. The Shanghai Composite index ended marginally lower.
Max India which listed today, ended 5% higher at Rs.185 on the BSE.
Jewelery companies closed higher after news report said that the government increased Small Scale Industry (SSI) exemption limit to Rs.10 crore from Rs.6 crore, waived off the levy on sale of traded goods and relaxed various procedural norms.Gitanjali Gems gained 1% to Rs.41.20.
Rajesh Exports soared 2.9% after the company has bagged an export order worth Rs.786 crores of designer range of gold and diamond studded jewelery and medallions from UAE. The order is to be completed by 151h October 2016.
Reliance Industrial Infrastructure Ltd dropped 1.2% to Rs.436. The company reported a net profit of Rs.3.02 crore in June quarter, down 32% from Rs.4.45 crore a year ago.
Hexaware Technologies rose 1.8% to Rs.227.35 at the closing bell on Thursday. News reports stated that the Baring Private Equity Asia is in exclusive talks with Hong Kong-based PCCW to sell a majority stake in Hexaware Technologies. The talks are currently understood to be focused around valuations with Baring seeking a minimum 15% premium over the IT player’s current market price.
India bulls group companies dropped for the second day after its said that the income-tax department has conducted multiple searches on the premises of India bulls group in connection with its probe against the firm on charges of alleged tax evasion.
Titagarh Wagons climbed 3.3% to Rs.95.95.The company said that the certified copy of the Order of High Court of Calcutta sanctioning the Scheme of Amalgamation of the Company’s Wholly Owned Subsidiaries viz. Cimco Equity Holdings Private Limited, Titagarh Marine Limited, Times Marine Enterprises Private Limited and Corporated Shipyard Private Limited with the Company has been duly filed and followed by hard copies thereof submitted to Registrar of Companies (West Bengal) on July 13, 2016.
SPML Infra jumped 5.6% after the company received three major new orders for design and construction of Sewerage System with provision of treated wastewater reuse from Rajasthan Urban Drinking Water Sewerage and Infrastructure Corporation Limited (RUDSICO) for 11 cities in Rajasthan for a total value of INR 1275 crores.
USDINR trade today trading up 18 paise at 66.87 per US dollar.
Out of 1,437 stocks traded on the NSE, 523 declined and 866 advanced today.
Top 5 Nifty Gainers: Adani Ports & Sez (2.79%), M&M (1.81%), Hind. Unilever (1.63%), Tata Motors (1.55%) and Tata Steel (1.35%).
Top 5 Nifty Losers: Infosys Ltd (-5.62%), NTPC (-1.86%), TCS (-1.66%), BHEL (-0.97%) and GAIL (-0.96%)
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