After falling for past two trading sessions, the Indian stock market closed on a flat note on Tuesday. Market participants were also jittery as the speech by Fed chair Janet Yellen at an annual summer gathering in Jackson Hole was awaited, for indications of how policymakers view the interest rates outlook and ahead of the expiry of the derivative contracts on Thursday. Nifty closed with a gain of three points at 8,632, while BSE Sensex ended with a gain of mere five points at 27,990.
On the global front, Asian stocks closed on a mixed trend. Oil prices fell for a second straight session on supply concerns. Japan’s Nikkei slipped 0.61%. China’s Shanghai Composite and Hong Kong’s Hang Seng ended marginally higher.
European stocks edged higher after the latest data showed that eurozone’s economic recovery gained speed in August. The FTSE 100 was trading inched up 0.5%. The CAC 40 and DAX gained 0.87% each.
Tata Power Company tumbled 3.2% to Rs.74 on the BSE. The company has posted a net profit after taxes, minority interest and share of profit of associates of Rs.72.5 crore for the quarter ended June 30, 2016 as compared to Rs.303 crore for the quarter ended June 30, 2015.
HPCL dropped 5.3% after the company has posted a net profit of Rs.2,098 crore for the quarter ended June 30, 2016 as compared to Rs.1614.1 crore for the quarter ended June 30, 2015.
Welspun India closed lower for the second consecutive session after Bloomberg reports said Target Corp is ending all business with Welspun India Ltd, one of the world’s biggest textile manufacturers, after saying the supplier was sending it phony Egyptian cotton sheets. Welspun India Ltd hit 20% lower circuit for the second day to end at Rs.65.85 on BSE.
Shriram EPC jumped 10.6% to Rs.24 after it said that the company through its 100% subsidiary, Shriram EPC FZE, Sharjah has been awarded an overseas contract for an amount of $230 million (around Rs.1530 crore).
Himachal Futuristic Communications Ltd dipped 3.5% to Rs.16.35 after the company said its net profit for the June quarter fell 58% to Rs.46.18 crore against Rs.109.40 crore a year ago. Net sales fell 20% to Rs.503.99 crore.
Hotel Leelaventure Ltd climbed 3% to Rs.18.35 after the company said in a notice to BSE that it has sought shareholder approval to sell its properties The Leela Palace Delhi and The Leela Palace Chennai to pare debt.
NTPC Ltd skid 3% to Rs.159. The company has posted a net profit of Rs.2369.5 crore for the quarter ended June 30, 2016 as compared to Rs.2276.5 crore for the quarter ended June 30, 2015. The company to raise funds upto Rs.15,000 crore through issue of Bonds/Debentures on Private Placement basis.
Allcargo Logistics Ltd fell 3% to Rs.189. The company reported 11.8% decline in its net profit to Rs.28.30 crore in June quarter against Rs.32.07 crore a year ago. Total income rose 0.5% to Rs.306.15 crore.
MEP Infrastructure Developers Ltd rose 3.8% to Rs.44. The company has received the Letter of Acceptance (LOA) dated 22 August 2016 from National Highways Authority of India (NHAI) informing that MEP has been engaged as the Contractor for the Project of “Collection of user fee through Fee Collection Agency on the basis of competitive bidding through (e-tender) for Ghangari at 346.100km (Gorhar to Barwa Adda) from 320km-398.750km of National Highway No. 2 in the State of Jharkhand.
USDINR trading up nine paise at 67.09 per US dollar.
Out of 1,400 stocks traded on the NSE, 721 declined and 622 advanced today.
Top 5 Nifty Gainers: Maruti Suzuki (2.73%), CIPLA (2.62%), NTPC (2.52%), Infosys Ltd (1.44%) and Sun Pharma (0.92%).
Top 5 Nifty Losers: Lupin Ltd. (-2.40%), TCS (-1.04%), Coal India (-0.89%), Hind. Unilever (-0.73%) and ITC Ltd. (-0.53%)
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