The Indian equity market rallied for the second consecutive session. Positive cues from Asian markets aided the upmove on the domestic bourses. Banking, metal, finance, utilities, capital goods, energy and FMCG stocks led from the front, while IT, telecom, oil & gas, pharma and technology index were among the major losers. Nifty closed with a gain of 80 points at 8,672, while BSE Sensex ended with again of 293 points at 28,152.
On the global front, Hong Kong’s Hang Seng and Japan Nikkei 225 closed in green, while Chinese stocks rose after release of a slew of economic data.
Aditya Birla Nuvo tumbled 17.6% to Rs.1290. The company posted 56.8% fall in consolidated net profit to Rs.305.15 crore in the first quarter ended on June 30, 2016 against Rs.706.23 crore in the same quarter last year. Kumar Mangalam Birla, Chairman of Aditya Birla Group announced the merger of Aditya Birla Nuvo (ABNL) with Grasim Industries. The first step involves merging the two companies and the second would be a spin-off of the financial division.
Hindalco Industries soared 3% after the company posted a nearly 5-fold rise in net profit at Rs.294.07 crore for the quarter ended June 30, 2016 against Rs.61.10 crore in the same period last year.
Grasim Industries closed marginally higher on BSE. The company registered a 63.6% rise in consolidated net profit at Rs.830.22 crore for the quarter ended June 30, 2016 against Rs.507.60 crore in the same quarter last year.
Glenmark Pharma advanced 1.3% to Rs.845.80 after the company reported a 53.2% increase in its net profit at Rs.518.81 crore for first quarter ended June 30, 2016 as compared to Rs.338.57 crore for the same quarter in the previous year.
SP Apparels shares listed at a premium of 13.81% on BSE at Rs.305 against the issue price of Rs.268.
Sun Pharma slipped 0.88% to Rs.802 after the pharma company reported its net profit of Rs.2,033 crore in June quarter compared with Rs.566 crore during the same quarter last year.
Oriental Bank of Commerce jumped 3.7% after the bank reported net profit of Rs.100.7 crore in Q1 compared with Rs.257.84 crore during the same period last year. Gross non-performing assets as a percentage of total advances came in at 11.45 per cent from 9.57 per cent during the previous quarter.
Bank of India soared 10.2% to Rs.114 . The bank has posted a net loss of Rs. 7413.60 million for the quarter ended June 30, 2016 as compared to net profit of Rs. 1297.20 million for the quarter ended June 30, 2015.
State Bank of India climbed 7.2% to Rs.243.20 after the bank’s net profit fell 31.72% to Rs.2520.96 crore on 9.38% rise in total income to Rs 48928.60 crore in Q1 June 2016 over Q1 June 2015. The bank’s gross non-performing assets (NPAs) stood at Rs 101541.18 crore as on 30 June 2016 as against Rs 98172.80 crore as on 31 March 2016 and Rs 56420.77 crore as on 30 June 2015.
Yes Bank rallied 3% to Rs 1,291 on BSE on reports that the stock’s weightage on the MSCI Global Standard Indexes was raised to 1.7% from 0.46% earlier.
USDINR trade today down four paise at 66.87 per US dollar.
Out of 1,424 stocks traded on the NSE, 705 declined and 662 advanced today.
Top 5 Nifty Gainers: Adani Ports & Sez (5.34%), CIPLA (2.02%), Lupin Ltd (0.93%), L&T (0.88%) and ITC Ltd. (0.81%).
Top 5 Nifty Losers: Infosys Ltd (-1.49%), Axis Bank (-1.40%), Tata Motors (-1.21), Sun Pharma (-0.89) and Dr. Reddys Lab (-0.56%)
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