After falling for past two trading sessions, the Indian stock market see-sawed between negative and positive zone throughout the day and ended higher snapping its losing streak thanks to renewed buying momentum in the FMCG, oil & gas and IT stocks. Nifty closed with a gain of 17 points at 8,592, while BSE Sensex ended with a gain of 85 points at 27,860.
On the global front, Japanese financial markets are closed today for a national holiday. Hong Kong’s Hang Seng closed in green, while China’s Shanghai Composite ended in red.
Bank of Baroda tumbled 8.9% to Rs.146. The bank said its net profit for the June quarter fell 59.74% from a year ago due to higher provisions and lower net interest income. Net profit for the quarter stood at Rs.423.62 crore as compared to Rs.1,052.15 crore a year ago.
Dilip Buildcon made its debut on the bourses at 10% premium to its offer price of Rs.219 closed higher by 15% at Rs.251.85 on BSE.
Tata Communications closed marginally lower 0.11% to Rs.481. The Lok Sabha passed the Taxation Laws (Amendment) Bill. The Bill, when enacted, will put to rest the Tata Communications- Videsh Sanchar Nigam Limited (VSNL) surplus land issue and boost the government’s plans for non-core asset sales in large public sector undertakings (PSUs) that have land banks.
Punj Lloyd Ltd rose 2% to Rs.20.10. The company posted net Loss for the period of Rs. 2113.90 million for the quarter ended June 30, 2016 as compared to Rs.5818.40 million for the quarter ended June 30, 2015.
VST Industries soared 4.6% to Rs.2,061. The company reported 34.6% increased in its net profit in June quarter to Rs.41.61 crore as against Rs.30.92 crore a year ago.
Sun Pharmaceutical fell 1% to Rs.808. Taro Pharmaceutical Industries’ (Taro Pharma) net profit rose 6.08% to $109.9 million on 8.6% increase in net sales to $233.8 million in Q1 June 2016 over Q1 June 2015.
Lincoln Pharma jumped 7% to Rs.223.55. The company reported a net profit of Rs.10.93 crore in June quarter, up 67.18% from Rs.6.54 crore a year ago.
USDINR trade today down 13 paise at 66.85 per US dollar.
Out of 1,516 stocks traded on the NSE, 897 declined and 567 advanced today.
Top 5 Nifty Gainers: Axis Bank (2.71%), Tata Motors (2.70%), Tata Steel (2.18%), Reliance Ind. (2.09%) and Hero Motocorp (1.67%).
Top 5 Nifty Losers: Infosys Ltd (-0.54%), Dr. Reddys Lab (-0.28%) and Bharti Airtel (-0.22%)
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