After opening on flat note, the Indian stock market closed lower for the second consecutive session. However, the benchmarks fell sharply at the fag end of the day as selling pressure accentuated. The decline was led by oil & gas, energy, auto, pharma, power and banking stocks. Even the midcap and smallcap stocks were not spared. Sentiment was also dampened tracking weakness in the European markets. Nifty closed with a loss of 103 points at 8,575, while BSE Sensex ended with a loss of 310 points at 27,775.

On the global front, Japan’s Nikkei and China’s Shanghai Composite closed marginally down, while Hong Kong’s Hang Seng ended in the green.

Mahindra & Mahindra slipped over 2% despite the company reporting 12% rise in standalone net profit at Rs.955.21 crore for the quarter ended June 30, 2016 against Rs.850.09 crore for the same quarter last year.

Birla Group’s units Aditya Birla Nuvo and Grasim Industries fell 4% and 6% respectively, on reports that the parent group plans to merge the two companies.

Motherson Sumi Systems dropped 6.4% to Rs.329. The company has posted a net profit of Rs.439.36 crore for the quarter ended June 30, 2016 as compared to Rs. 379.38 crore for the quarter ended June 30, 2015.

Jubilant Life Sciences surged 7% to Rs.367 after it reported 25.85% rise in consolidated net profit at Rs.164.02 crore for the quarter ended June 30, 2016 against Rs.130.33 crore in the same quarter last year.

Tata Chemicals climbed 8.8% to Rs.504 after Yara International ASA entered into an agreement to acquire the Tata Chemicals Babrala urea plant and distribution business in Uttar Pradesh for $400 million on a debt and cash free basis, including normalised net working capital.

Lupin dropped 3.8% to Rs.1545. The company posted a net profit after taxes & minority interest of Rs.8819.5 crore for the quarter ended June 30, 2016 as compared to Rs.5685.5 crore for the quarter ended June 30, 2015.

Aptech Limited slipped 0.54% to Rs.92.35 after Rakesh Jhunjhunwala on Tuesday bought 700,000 shares of the company.

Nitesh Estates Ltd jumped 5.6% to Rs.13.40. The company said in a notice to BSE that it has decided to sell off the land and has finalized the same with a third party for a total consideration of Rs.26.50 crore. The proceeds of the sale will be utilized to reduce the debts of the Company.

RSWM Ltd fell 6.6% to Rs.450. The company reported 22.7% increase in its net profit to Rs.35.68 crore in June quarter as compared to Rs.29.08 crore a year ago. Net sales rose 4.17% to Rs.726.12 crore.

UCO Bank tumbled 3.8% to Rs.41.10. The bank declared a net loss of Rs.440.56 crore in the June quarter, against a net profit of Rs.256.7 crore a year ago. Its gross NPA ratio touched a record 17.19% from 15.43% at end-March and 7.30% in the year-ago period.

Indian Overseas Bank cracked 3.5% to Rs.26.35. The bank reported a Rs.1450.50 crore loss for the quarter ended June 30, 2016 after a fifth of its advances turned bad. The bank reported a net profit of Rs.14.76 crore a year ago. Gross non-performing assets as a ratio of gross advances were 20.48% at the end of June, higher than the 17.4% reported three months earlier.

Sundram Fasteners Ltd rose 6.5% to Rs.227. The company posted 96.18% increase in its net profit in the June quarter and stood at Rs.75.55 crore compared to Rs.38.51 crore a year ago. Net sales rose 13% to Rs.701.88 crore.

JK Tyre & Industries Ltd slipped 2.7% to Rs.102. The company reported a 14.36% decline in its net profit to Rs.100.26 crore against Rs.117.07 crore a year ago.

Adani Ports and Special Economic Zone climbed 7.8% to Rs.258.55. The company posted a net profit of Rs.8357.10 million for the quarter ended June 30, 2016 as compared to Rs.6389.30 million for the quarter ended June 30, 2015.

USDINR trade today up 12 paise at 66.71 per US dollar.

Out of 1,499 stocks traded on the NSE, 1,116 declined and 335 advanced today.

Top 5 Nifty Gainers: Lupin Ltd. (1.72%), Reliance Ind. (1.45%), ICICI Bank (1.40%), Axis Bank (1.16%) and ITC Ltd. (1.14%).

Top 5 Nifty Losers: M&M (-1.96%), Sun Pharma (-1.92%), SBI (-1.23%), Bharti Airtel (-0.81%) and L&T (-0.75%).

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