Wiping out most of its early gains the Indian stock market closed lower on Monday. The NSE Nifty fell below the crucial 8,500 mark during trades as profit booking emerged after benchmark indices hit fresh 2016 highs. Selling pressure was seen in telecom, realty, energy, metal, oil and gas, capital goods, utilities and consumer durables stocks, only auto and IT stocks ended in the green on the BSE. Nifty closed with a loss of 33 points at 8,509, while BSE Sensex ended with a loss of 90 points at 27,747.
On the global front, Asian stocks closed on mixed note. The Shanghai Composite index closed marginally lower. Hong Kong’s Hang Seng index and Nikkei 225 gained ended higher by 0.66% each.
HUL dropped 2% to Rs.920. The company posted a net profit of Rs.11739.00 million for the quarter ended June 30, 2016 as compared to Rs.10691.60 million for the quarter ended June 30, 2015.
Oil India and ONGC dropped after reports said that the two companies would be required to share additional burden in the form of royalty payments, with respect from February 2014, amounting in excess of $1 billion. Oil India slipped 3% and ONGC ended lower 4.9% to Rs.219.
LT Foods soared 4.8% to Rs.298. The company acquired iconic brand 817 Elephant brand of rice through its UK subsidiary LT Foods International Limited to further strengthen its existing presence in Canada, USA and Israel.
Castex Technologies surged 5% to Rs.12.27. The Lenders of Castex Technologies Ltd, the debt laden Amtek Auto Ltd firm in a joint lending forum (JLF) have proposed a strategic debt restructuring (SDR), as per reports.
HEG Ltd soared 3% to Rs.185. The Board of Directors of the Company will meet on August 2 to consider raising of funds by issue of Non-Convertible Debentures on private placement basis for an aggregate amount upto Rs.100 crores.
Glenmark Pharmaceuticals dropped 2% to Rs.833 on BSE. Glenmark Pharmaceuticals is planning to raise around USD 200 mn by issuing USD denominated non-convertible unsecured bonds.
Mastek slipped 3.5% to Rs.135. Mastek reported consolidated net profit of Rs.3.58 crore for the quarter ended 30th June,2016 registering a decline of 38.90% qoq and 19.19% yoy.
SPARC gained 1.5% to Rs.355. Sun Pharma Advanced Research Company Ltd and Sun Pharma announced a licensing arrangement for SPARC’s ELEPSIA XR (Levetiracetam ER Tablets).
USDINR trade today trading down eight paise at 67.13 per US dollar.
Out of 1,458 stocks traded on the NSE, 917 declined and 507 advanced today.
Top 5 Nifty Gainers: ICICI Bank (1.80%), Tata Motors (1.67%), Sun Pharma (1.00%), ONGC (0.78%) and Reliance Ind. (0.77%).
Top 5 Nifty Losers: Hind. Unilever (-2.11%), ITC Ltd (-1.00%), Hero MotoCorp (-0.84%), HDFC Bank (-0.79%) and M&M (-0.75%)
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