The Indian equity market rallied for third consecutive session on Monday ahead of RBI policy review on Tuesday. The NSE Nifty index rose to a 15-1/2 month high thanks to positive cues from the Asian and the European markets. The Sensex hit its highest level since 1 August 2016, while Nifty hit its highest level since 16 April 2015. Nifty closed with a gain of 28 points at 8,711, up 132 points, while BSE Sensex ended with a gain of 104 points at 28,183.
Britannia Industries rallied 9.4% to close at Rs.3152 after the company reported rise of 13% in its consolidated net profit at Rs.219.13 crore for the quarter ended June 30, 2016 as compared to Rs.193.66 crore for the same quarter in the previous year.
Wockhardt tumbled 9.8% to Rs.915. The US Food and Drugs Administration issued an import alert on Wockhardt’s Ankleshwar plant for alleged violation of good manufacturing practices.
Tata Coffee jumped 9.7% to Rs.126.55 after the company reported its net profit rose 135.6% to Rs.64.10 crore in the quarter ended June 2016 as against Rs.27.21 crore during the previous quarter ended June 2015.
Amara Raja Batteries jumped 3% to Rs.927 after it posted a rise of 6.82% in its net profit at Rs.130.66 crore for the quarter ended June 30, 2016 as compared to Rs.122.32 crore for the same quarter in the previous year.
HPCL climbed 4.5% to Rs.1314. The Reserve Bank of India has allowed foreign investors to hike their stake in Hindustan Petroleum Corp. to up to 40% under a portfolio investment scheme.
HDFC spurted 1.7% while Max Financial Services Ltd slipped 1.5%. The merger of Max Financial Services Ltd, its unit Max Life Insurance Co. Ltd and HDFC Life Insurance Co. Ltd will be an all-stock deal. Under a two-step process recommended to the boards of the companies, Max Life will first get merged into Max Financial in a 1:1 share swap ratio.
Hindalco Industries Ltd climbed 4% to Rs.49. The company’s arm Novelis reported June quarter net income at $24 million versus loss $60 million year earlier; adjusted EBITDA up 26% to $268 million.
JK Cement gained 2.5% to Rs.766. The cement company reported a net profit of Rs.61 crore in Q1 compared to a net profit of Rs.1 crore in the corresponding quarter of the previous fiscal.
USDINR trade today down four paise at 66.80 per US dollar.
Out of 1,461 stocks traded on the NSE, 625 declined and 785 advanced today.
Top 5 Nifty Gainers: Lupin Ltd. (1.48%), NTPC (1.35%), BHEL (1.32%), ONGC (0.84%) and Coal India (0.83%).
Top 5 Nifty Losers: ITC Ltd. (-1.08%), HDFC (-0.90%), Adani Ports & Sez (-0.79%), Asian Paints (-0.70%) and M&M (-0.53%).
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