The Indian equity market ended with losses for second consecutive trading session on Monday. Weak global cues, profit booking and a weak rupee dampened the sentiment. Urjit Patel’s appointment as the new RBI Governor too failed to bring any cheer on the street. The new governor will take charge for a 3 year term from 4 September 2016. Market participants were also jittery as they await the speech by Fed chair Janet Yellen at an annual summer gathering in Jackson Hole, for indications of how policymakers view the interest rates outlook. Nifty closed with a loss of 38 points at 8,629, while BSE Sensex ended with a loss of 91 points at 27,985.
On the global front, Asian stocks closed lower on Monday. Nikkei index edged higher after BOJ Governor Haruhiko Kuroda said there is “sufficient chance” the central bank will add to its easing at next month’s policy meeting. China’s Shanghai Composite ended marginally lower, while Hong Kong’s Hang Seng gained 0.26%.
European markets were mixed. The FTSE 100 was trading marginally down. The CAC 40 and DAX inched up 0.27% each.
Welspun India hit 20% lower circuit at Rs.82.30 after Target Corp said it was severing ties with the company over a cotton supply dispute. Target Corp said that after an extensive investigation it had confirmed that Welspun, which uses Egyptian cotton to make bedsheets and pillowcases sold by the retailer, substituted another type, of non-Egyptian cotton, to make these sheets between August 2014 and July 2016.
Sun TV Network fell 4.8% to Rs.458.85 on the BSE. The company posted a net profit of Rs.233 crore for the quarter ended June 30, 2016 as compared to Rs.195.8 crore for the quarter ended June 30, 2015.
Indraprastha Gas jumped 4.3% to Rs.729.15 on the BSE. The company posted a net profit after tax of Rs.148 crore for the quarter ended June 30, 2016 as compared to Rs.102.5 crore for the quarter ended June 30, 2015.
Fortis Malar Hospitals hit 20% upper circuit at Rs.68.50 on the BSE. Fortis Healthcare said its board has approved demerger of its diagnostics business into another group firm Fortis Malar Hospitals, a move aimed at ensuring independent growth of hospital as well as diagnostics business verticals.
Oberoi Realty climbed 5.2% to Rs.313.50 on the BSE. The company posted net profit after taxes, minority interest and share of profit of associates of Rs.108.9 crore for the quarter ended June 30, 2016 as compared to Rs.81.9 crore for the quarter ended June 30, 2015.
Aviation stocks closed higher on BSE. Domestic air passenger traffic jumped by nearly 26% in July, registering double-digit growth for the 24th consecutive month with lower fares attracting more fliers, as per media reports. Jet Airways and Spice Jet closed above 1% each. IndiGo gains 2.2% on BSE.
USDINR trading down 14 paise at 67.20 per US dollar.
Out of 1,455 stocks traded on the NSE, 795 declined and 588 advanced today.
Top 5 Nifty Gainers: Infosys Ltd (1.74%), TCS (1.73%), GAIL (1.61%), WIPRO (0.57%) and Asian Paints (0.51%).
Top 5 Nifty Losers: BHEL (-3.00%), SBI (-1.31%), Bajaj Auto (-1.24%), ICICI Bank (-1.09%) and ITC Ltd. (-1.08%)
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