The Sensex and Nifty closed lower on Tuesday, pausing after a three-day rally, as investors booked profits after the central bank kept its policy interest rate unchanged and retained FY17 GDP growth forecast at 7.6%. Today’s decline was led by the telecom, oil & gas, metal, pharma, FMCG and capital goods stocks, while consumer durables stocks is among the gainer. Nifty closed with a loss of 33 points at 8,678, while BSE Sensex ended with a loss of 97 points at 28,085.
On the global front, Japan’s Nikkei and China’s Shanghai Composite closed in green, while Hong Kong’s Hang Seng ended in red.
On the economy front, the GST constitutional amendment bill was passed by the Lok Sabha. Prime Minister Narendra Modi in Lok Sabha said that with GST, the government intends to bring uniformity in taxation.
Lupin dipped 5% to Rs.1,607 on Tuesday despite the pharma major reported 55% rise in consolidated net profit at Rs.882 crore for the quarter ended June 30, 2016 against Rs.568.60 crore in the corresponding quarter a year ago.
Polaris Consulting & Services Ltd rose 3.3% to Rs.197. The company reported a net profit of Rs 39.72 crore in June quarter, up 8.21% from Rs.36.71 crore a year ago.
Idea Cellular Ltd dropped 6% to Rs.97.15 on BSE. The company posted a net profit after tax of Rs.2204 million for the quarter ended June 30, 2016 as compared to Rs.8548 million for the quarter ended June 30, 2015.
Wheel India Ltd jumped 8.6% to Rs.1,324. The company said its net profit rose 88% to Rs.14.62 crore in June quarter as against Rs.7.77 crore a year ago.
Godrej Properties Ltd gained 1.7% to Rs.378.25. The company reported a net profit of Rs.43.48 crore, up 9.2% from Rs.39.82 crore a year ago.
Sundram Fasteners Ltd climbed 11% to Rs.213.55. The company reported 96% increase in its net profit to Rs.75.55 crore in June quarter as compared to Rs.38.51 crore a year ago.
Provogue India Ltd soared 7.6% to Rs.4.79. The company said in a notice to BSE that its board approved share allotment to its lenders upon statutory debt restructuring. The company allotted 11.90 crore shares to its seven lenders at Rs.7.66 a share under SDR.
REC jumped 2.2% to Rs.228. The board of Rural Electrification will meet on Thursday to consider issuing bonus shares to its shareholders, the company said in an exchange filing.
USDINR trade today down five paise at 66.89 per US dollar.
Out of 1,490 stocks traded on the NSE, 902 declined and 533 advanced today.
Top 5 Nifty Gainers: Adani Ports & Sez (5.18%), NTPC (1.06%), Bharti Airtel (1.06%), Bajaj Auto (0.83%) and TCS (0.71%).
Top 5 Nifty Losers: Lupin Ltd. (-1.65%), Reliance Ind. (-0.95%), Dr. Reddys Lab (-0.92%), ITC Ltd. (-0.76%) and GAIL (-0.70%).
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