The Indian stock market ended with smart gains on Monday as the Sensex hit its highest level in more than a week while the Nifty hit its highest level in more than 11 months. Recent under-performers such as Infosys and State Bank of India recovered on improved sentiment following assurances from global policymakers on the need to boost growth. In addition, better than expected monsoon season has lifted the sentiment across the board. Nifty closed 94 points higher at 8,636 points, while BSE Sensex ended with a gain of 292 points at 28,095.
On the global front, Asian stocks closed on mixed note. The Shanghai Composite index and Hong Kong’s Hang Seng index closed higher. Nikkei 225 ended lower.
PSU oil stocks rallied on BSE. According to media reports, the government is also evaluating if the consolidated entity can include all non-corporate government bodies in the oil sector such as Oil Industry Development Board (OIDB), Petroleum Planning and Analysis Cell (PPAC) and Petroleum Conservation Research Association. HPCL climbed 4.2%. IOC, ONGC, BPCL ended over 2% each.
Dr Reddy’s Laboratories tumbled 3.6%. The company will announce its Q1 results tomorrow.
Paper stocks rallied on the Bombay Stock Exchange. Seshasayee Paper & Boards hit 20% upper circuit at Rs.381.The company posted net profit increased by 347.50% to Rs.24.12 crore in the quarter ended June 2016 as against Rs.5.39 crore during the previous quarter ended June 2015.
Vedanta gained 1.7% after announcing a revised offer for taking over its group firm Cairn India.
Tata Metaliks tumbled 4.2% despite reporting a 25% increase in consolidated net profit for the first quarter ended June.
Hindustan Unilever advanced 0.43% on a report it plans to launch a range of baby care products under its Dove brand in the next few months.
IL&FS Engineering and Construction Company soared 7% on winning the Rs 532.67 crore Nagpur Metro Rail Project.
Rallis India climbed 4.4% to Rs.218. The company has posted a net profit after tax of Rs.174.2 crore for the quarter ended June 30, 2016 as compared to Rs.42.39 crore for the quarter ended June 30, 2015.
KSB Pumps dropped 4.4% to Rs.703 on BSE. The company recorded decline of 27.9% in its net profit at Rs.16 crore for the quarter ended June 30, 2016 as compared to Rs.22.2 crore for the quarter ended June 30, 2015. The company’s total income has increased by 1.7% at Rs.203.6 crore for the quarter against Rs.200 crore in the corresponding quarter of the previous year.
Alok Industries rose 1.7% to Rs.4.24. The company is considering restructuring of over Rs.18,000 crore debt under S4A (scheme for sustainable structuring of stressed assets), as per media reports.
USDINR trade today trading down 19 paise at 67.27 per US dollar.
Out of 1,5397 stocks traded on the NSE, 414 declined and 941 advanced today.
Top 5 Nifty Gainers: Tata Steel (2.43%), Axis Bank (2.16%), Reliance Ind. (1.11%), Adani Ports & Sez (0.84%) and CIPLA (0.84%).
Top 5 Nifty Losers: Lupin Ltd (-1.12%), Hero Motocorp (-1.09%), Coal India (-0.84%), ICICI Bank (-0.82%) and Asian Paints (-0.76%)
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