The Indian equity market fluctuated between gains and losses and closed higher on Wednesday. The domestic market snapped a two-day losing streak. Basic Materials, consumer durables, utilities, banking, power, industrial and telecom stocks led from the front, while IT, energy and teck stocks were among the major loser. Nifty closed with a gain of 11 points at 8,727, while BSE Sensex ended with a gain of 19 points at 28,372.
On the global front, Asian markets closed in red. Japan’s Nikkei and Hong Kong’s Hang Seng ended lower, while China’s Shanghai Composite slipped 0.7%.
In Europe, the FTSE 100 was trading marginally higher. The CAC 40 and DAX gained 0.6% each.
Coal India slipped 2% to Rs.324. Coal India recorded a 14% in net profit during the first quarter of the current fiscal on the back of a near 6% fall in income from operations.
Suzlon Energy dropped 7% after the company posted a net loss after taxes, Minority Interest and Share of Profit/(Loss) of Associates of Rs.260 crore for the quarter ended June 30, 2016 as compared to Net Profit of Rs. 1014.3 crore for the quarter ended June 30, 2015.
Future Enterprises soared 4.9%. Future Enterprises reported a standalone net profit of Rs.315.48 crore for the first quarter ended June 2016.
Sun Pharma slipped 1% at Rs.780. The pharma company share buyback offer is set to open on Sept 22 and close on Oct 5. Sun Pharma will buy back up to 7.5 million shares at Rs.900/share.
HCC rallied 8% to Rs.41.10. The company bagged an order worth Rs.181.65 crore from the Department of Atomic Energy to build high rise residential towers at Indira Gandhi Centre for Atomic Research at Kalpakkam in Tamil Nadu.
Gitanjali Gems hit 20% upper circuit at Rs.57.40 on the BSE. The company said its net profit rose 64.6% in June quarter to Rs.22.24 crore against Rs.13.51 crore a year ago. Total income rose 5.36% to Rs.1,727.67 crore.
Sunil Hitech Engineers climbed 5% after the company was awarded order worth Rs.415 crores in the State of Bihar from Bihar State Housing Board under Government of Bihar for Construction of 1054 Flats on 16.50 Acres of Land at Dalpatpur, Dist. Ara in the State of Bihar including complete infrastructure development.
Ajanta Pharma gained 1% after the company announced the receipt of final approval for Aripiprazole Tablets (2mg, 5mg, 10mg, 15mg, 20mg, 30mg), the bioequivalent generic to Abilify from the USFDA.
Lambodhara Textiles jumped 3.5% after the company informed the Exchange that the Company is entering into an lease agreement with Suriya Spinning Mills Unit B and Sri Akkamma Textiles to utilize their sapre capacity of 3,024 spindles and 6,048 spindles respectively for conversion of fiber into yarn.
The rupee was trading up 2 paise at 66.90 per US dollar.
Out of 1,474 stocks traded on the NSE, 439 declined and 982 advanced today.
Top 5 Nifty Gainers: Cipla (2.03%), BHEL (1.81%), ITC Ltd (1.35%), Sun Pharma (1.20%) and Adani Portz and Sez (0.68%)
Top 5 Nifty Losers: Axis Bank (-2.04%), Hero Motocorp (-1.96%), Tata Steel (-1.36%), L&T (-0.86%) and SBI (-0.83%)
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