The Indian equity market closed the week on a positive note as indices erased initial losses on Friday and closed higher. The upswing was aided by gains in auto, telecom, realty, utilities, finance, power, banking and pharma stocks. Nifty closed with a gain of 35 points at 8,810, while BSE Sensex ended with a gain of 109 points at 28,532.
On the global front, Asian stocks closed on mixed note. The Nikkei 225 ended marginally lower. Shanghai Composite and Hong Kong’s Hang Seng index index closed in green.
European stocks edged higher. The FTSE 100 and the CAC 40 were trading higher by 0.89% each. DAX was trading up 0.21%.
Reliance Infrastructure soared 4.7% to Rs.614.15 on the BSE. Reliance Infrastructure has won arbitration awards for two Road projects of Rs. 170 cr. In addition, over Rs. 14,000 crore are under advanced stages of arbitration for various projects.
PVR rallied 7.6% to Rs.1,272. Wanda Cinema, owned by China’s richest man, Wang Jianlin has revived talks with Ajay Bijli, the promoter of PVR Ltd, to buy a controlling stake in India’s largest multiplex operator, as per media reports. However, PVR clarified, according to reports that the rumors are baseless.
Telecom stocks wiped out its morning losses and closed higher on BSE. On Thursday, Mukesh Ambani announced the launch of much-talked about Jio 4G service, offering free voice calls and national roaming. The BSE Telecom closed higher 1.48% or 17.15 points at 1,173 as against the previous close of 1,566.58. The BSE Telecom opened at 1,150.26 and hits a high of 1,173.62 and a low of 1,145.20. Bharti Airtel rallied 2.7%, while Idea and RCom closed flat.
Shipping Corporation Of India jumped 6.6% to Rs.70.25. Shipping Corp. of India Ltd, struggling for respite from an industry downturn, plans to revive a 40-year-old joint venture with an Iranian company. The recent easing of sanctions on Iran opened the way to resuscitating Irano Hind Shipping Co., which potentially offers access to Central Asian markets such as Kazakhstan, according to the Indian company’s chairman B.B. Sinha.
Maruti Suzuki closed higher 2% at Rs.5158.50 on the BSE. The company reported 12.2% growth in total sales to 1.32 lakh units in August 2016 over August 2015. This includes 119,931 units in the domestic market and 12,280 units of exports. The company had sold a total of 117,864 units in August 2015.
Patel Engineering hit 20% upper circuit to Rs.64.50. The company on Thursday informed bourses that the Cabinet decision that requires government agencies to pay 75 per cent of the arbitral awards is expected to reduce the company’s debt by more than 50 per cent.
Essel Propack tanked 3% to Rs.218. The packaging company on Thursday posted 6.63 per cent rise in its consolidated bottom line figures for the June quarter at Rs 37.62 crore. It had reported a net profit of Rs 35.28 crore in the corresponding period last year.
Cadila Health care jumped 2.4% after the company’s Oral Solid Dosage drug manufacturing plant located at SEZ, Ahmadabad has received an Establishment Inspection Report (EIR) from the USFDA following the inspection carried out in January 2016.
Tata Motors gained 1.1% to Rs.549 on BSE. The auto major posted a 6% increase in total sales at 43,061 units in August. Tata Motors had sold 40,679 units in the same month last year.
Coal India slipped 1.6% to Rs.332.50. The company said it produced 32.43 million tonnes (MT) of coal in August, missing its target for the month. Its target for August was 40.89 MT.
The rupee was trading up 11 paise at 66.83 per US dollar.
Out of 1,456 stocks traded on the NSE, 611 declined and 781 advanced today.
Top 5 Nifty Gainers: Axis Bank (3.06%), Tata Motors (2.86%), Maruti Suzuki(2.02%), Asian Paints (1.86%) and NTPC (1.47%).
Top 5 Nifty Losers: Bharti Airtel (-1.61%), TCS (-0.50%), Coal India (-0.39%) and Wipro (-0.12%)
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