The Indian equity market closed with losses on Thursday erasing all its early gains. The market fell sharply after the Indian Army confirmed that it undertook surgical strikes across the Line of Control in Jammu and Kashmir at terror launchpads sending across a very strong message to Pakistan on Wednesday night. Nifty closed with a loss of 154 points at 8,591, while BSE Sensex ended with a loss of 465 points at 27,827.
On the global front, Asian shares closed higher. China’s Shanghai Composite and Hong Kong’s Hang Seng closed in the green, while Japan’s Nikkei jumped 1.4%.
In Europe, the FTSE 100 and CAC 40 were trading up by 1%. DAX is trading in the green.
Lupin tanked 3% to Rs.1,469 on the BSE. The pharma company received final approval for its Memantine Hydrochloride Extended-Release Capsules from the USFDA to market a generic version of Allergan’s Namenda XR Capsules.
Jaiprakash Associates tumbled 8% to Rs.10.23. Debt laden Jaiprakash Associates on Wednesday said it has received its shareholders’ approval to allow for conversion of its debt to equity stake in the company.
Kotak Mahindra Bank slipped 1.3% after ING Group NV’s selling a part of its stake in private sector bank – Kotak Mahindra Bank to raise up to $550 mn (Rs.3,654 cr) close to two years after exiting the business in India as it seeks to repatriate capital to its home market.
Hindustan Copper Ltd fell 5% after the company said in a notice to BSE that the government will sell a 7% stake in state-run miner Hindustan Copper Ltd through a two-day offer for sale (OFS) beginning Thursday.
The rupee was trading down 40 paise at 66.86 per US dollar.
Out of 1,487 stocks traded on the NSE, 1,389 declined and 74 advanced today.
Top 5 Nifty Gainers: GAIL (3.04%), M&M (1.42%), ONGC (1.37%), BHEL (1.09%) and SBI (1.05%)
Top 5 Nifty Losers: CIPLA (-4.66%), Coal India (-2.15%), Bharti Airtel (-1.79%), Dr. Reddys Lab (-1.08%) and Adani Ports & Sez (-1.07%)
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