The Indian stock market swung between gains and losses and closed higher for the second consecutive session. Volatility continued ahead of expiry of August futures & options contracts. Oil and Gas, pharma, energy, power, IT and realty stocks led from the front, while telecom, metal and capital goods index were among the major loser. Market participants were a bit jittery ahead of the Fed chair Janet Yellen speech at the Jackson Hole in US later this week. Nifty closed with a gain of 18 points at 8,650.30, while BSE Sensex ended with a gain of 70 points at 28,060.
On the global front, Asian stocks edged lower on Wednesday while oil prices slipped after a surprise jump in US inventories. Japan’s Nikkei advanced 0.60%. China’s Shanghai Composite ended marginally lower, while Hong Kong’s Hang Seng slipped 0.78%.
European stocks were trading mixed. The FTSE 100 is marginally down 0.21%. The CAC 40 and DAX gained 0.5% each.
Aurobindo Pharma jumped 7% to Rs.787 after the pharma company reported a 23.8% rise in consolidated net profit to Rs.584.96 crore for the first quarter ended June 30, 2016, mainly on account of robust sales.
Lupin dropped 2.2% to Rs.1,521. The company received final approval for its Linezolid Tablets, 600 mg from the USFDA to market a generic equivalent of Pharmacia & Upjohn Company’s Zyvox Tablets, 600 mg.
JK Tyre climbed 12.5% to Rs.125 on BSE. The company is planning to set up a new R&D centre of excellence in Mysuru. In this regard, the company will invest Rs 100 crore. It will initially have about 200 engineers and scientists and the number will double during the next one year.
MOIL rallied 5.3% on BSE after the company executed the Mining lease over 76.409 Ha. land granted by Government of Madhya Pradesh in the village Bharweli-Awalajhari, Tehsil & Dist.Balaghat of Madhya Pradesh.
Castrol India gained 2.2% to Rs.426 on the BSE. The company is selling up to $261 million stake in Castrol India Ltd in a block trade on Wednesday, according to media reports.
Majesco soared 7% to Rs.519. Majesco and Elafris announce strategic partnership Source text for Eikon to enhance insurers’ customer communication and payment experience.
Engineers India soared 8.3% to Rs.251. The company reported 50% growth in the net profit to Rs.80.3 crore for the quarter ended June 30 compared with Rs.53.50 crore reported in the year-ago period.
Jai Corp declined 3.2% to Rs.75. The company reported 41.7% fall in net profit to Rs.6 crore for the quarter ended June 30 compared with Rs.10.3 crore reported in the year-ago period.
USDINR trading down five paise at 67.10 per US dollar.
Out of 1,417 stocks traded on the NSE, 547 declined and 801 advanced today.
The rupee was trading down five paise at 67.10 per US dollar.
Top 5 Nifty Gainers: ITC Ltd. (1.78%), Axis Bank (1.45%), CIPLA (1.13%), Dr. Reddys Lab (0.89%) and Bajaj Auto (0.65%).
Top 5 Nifty Losers: Adani Ports & Sez (-2.09%), Wipro (-1.39%), Infosys Ltd (-0.97%), NTPC (-0.65%) and TCS (-0.41%)
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