The Sensex and Nifty closed lower on Tuesday after WPI inflation hit 23-month high. Inflation for the month of July soared to 3.55% versus 1.62% in June. Inflation based on CPI accelerated to 6.07% in July 2016 from 5.77% in June 2016. The core CPI inflation moved up to 4.52% in July 2016 from 4.39% in June 2016. Nifty closed with a loss of 30 points at 8,643, while BSE Sensex ended with a loss of 88 points at 28,065.

On the global front, Japan’s Nikkei dropped 1.6%. China’s Shanghai Composite and Hong Kong’s Hang Seng ended in red.

Infosys slipped 1.2% to Rs.1,051 on BSE. The Royal Bank of Scotland announced last week that it will no longer pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G), and instead will pursue other options for the divestment of this business. Infosys has been a W&G program technology partner for Consulting, Application Delivery and Testing services, and subsequent to this decision, will carry out an orderly ramp-down of about 3,000 persons, primarily in India, over the next few months.

Cipla jumped 7% to Rs.554. The pharma company posted a net profit after tax, minority interest and share of profit of associates of Rs.3652.40 million for the quarter ended June 30, 2016 as compared to Rs.6492.20 million for the quarter ended June 30, 2015.

INOX Leisure advanced 2.2% to Rs.259 after it announced that the company commenced the commercial operations of a Multiplex Cinema Theatre, taken on Lease basis, located at The Great Mall of Kota with effect from August 13, 2016. The said Multiplex Cinema Theatre has 4 screens and 861 seats

Jain Irrigation climbed 5.6% to Rs.78.10 after the company posted a 303% increase in its net profit in June quarter to Rs.58.5 crore against Rs.14.5 crore a year ago.

Power Grid Corporation of India ended marginally lower by 0.20% to Rs.177 after the company has posted a net profit of Rs.1,802 crore for the quarter ended June 30, 2016 as compared to Rs.1,355.6 crore for the quarter ended June 30, 2015.

Unitech tumbled 16.9% to Rs.5.11. The real estate company on Friday told Supreme Court that it does not have the money to refund home buyers over its two delayed housing projects in Noida and Gurgaon, as per media reports.

Hindalco Industries soared 5.5% to Rs.154.20. The company is planning to invest Rs.250 crore in a new wire-rod plant at Dahej in Gujarat. The new facility with a capacity of 2.50 lakh tonnes will take the company’s total wire-rod production capacity to four lakh tonnes from the current 1.50 lakh tonnes, the plant is likely to start the production by March 2018. The company has posted a net profit of Rs.2940.70 million for the quarter ended June 30, 2016 as compared to Rs.611 million for the quarter ended June 30, 2015.

Marksans Pharma plunged 12.4% to Rs.40.15. The company said its net profit fell 94.2% to Rs.1.87 crore in June quarter against Rs.32.34 crore a year ago. Its net sales fell 11.14% to Rs.186.75 crore.

Kiri Industries rose 4% to Rs.367. The company posted a net profit of Rs.25.23 crore in June quarter against net loss of Rs.8.65 crore a year ago. The company’s net sales rose 60% to Rs.250.24 crore.

Wockhardt fell 3.6% to Rs.781 after the company said its net profit fell 83% to Rs.15.89 crore in June quarter from Rs.91.61 crore a year ago. Total income rose 5.7% to Rs.1,160.30 crore.

Jet Airways India closed marginally lower to Rs.540 after the company reported a 53.47% decline in net profit for the June quarter, hit by higher operating expenses and lower sales. The airline’s net profit dropped to Rs.103.14 crore in the three months ended 30 June from Rs.221.70 crore in the year-ago quarter.

Vakrangee Ltd fell 2.3% to Rs.178.75 after huge block deal. Around 3.01 million shares of the company changed hands in three block deals.

USDINR trading up six paise at 66.82 per US dollar.

Out of 1,490 stocks traded on the NSE, 899 declined and 541 advanced today.

Top 5 Nifty Gainers: Hero Motocorp (2.98%), Coal India (2.32%), Tata Steel (2.32%), Bajaj Auto (2.06%) and Axis Bank (1.71%).

Top 5 Nifty Losers: TCS (-1.35%), Infosys Ltd (-1.07%), Asian Paints (-0.92), GAIL          (-0.77) and L&T (-0.66%)

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