Snapping a two-session long gaining spree, the Indian equity market closed on Friday with investors’ opting for profit taking in select blue chip counter. A weak opening in the European counter added pressure to the domestic market. Today’s major decline was led by the banking, utilites, telecom, power, auto and IT stocks, while realty, oil & gas, energy and metal were among the gainers. Nifty closed with a loss of 36 points at 8,832, while BSE Sensex ended with a loss of 105 points at 28,668.
On the global front, Asian stocks closed mixed. Japan’s Nikkei closed marginally down. China’s Shanghai Composite and Hong Kong’s Hang Seng ended marginally lower by 0.3%.
In Europe, the FTSE 100 was marginally down 0.15%. The CAC 40 and DAX are trading in red.
Axis Bank Ltd dropped 6% on the NSE. The stock, which is down for a second straight session, is the worst performer on Sensex, Nifty and the Nifty Bank indices.
Brigade Enterprises zoomed 2.5% after the company signed a MoU with Nestaway. Through this collaboration, Brigade Group will offer rental assistance to all of its existing customers including over 10,000 apartments in different stages of construction that are currently in the process of being readied for handover.
Morepen Laboratories climbed 5.4% after the company initiated talks with Ajay Piramal Group to sell its OTC (over-the-counter) business of market leading brands such as Burnol as it plans to monetise some of its mainstream brands when larger rivals look to expand their consumer product portfolio, as per media reports.
Suzlon Energy inched up 0.32% after the company announced that it has been awarded orders for a combined capacity of 111.30 MW between August to September 2016.
GTL Infrastructure jumped 8.2% after lenders to the company accepted its proposal to convert some part of the debt into equity under the strategic debt restructuring (SDR) scheme,as per media reports.
Bharat Financial Inclusion rallied 4.2% after the company informed BSE that the meeting of the Capital Raising Committee of the Board will be held on September 27, 2016 to consider and approve the issue price for the Equity Shares proposed to be issued pursuant to the Offer in accordance with Chapter VIII and other applicable provisions of the SEBI Regulations and Section 42 of the Companies Act, 2013, as amended, read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014, as amended.
Vedanta gained 1.1% after the company signed the concession agreement for a Rs.11.45 bn redevelopment project of the Mormugao port in Goa.
Adlabs Entertainment hit 20% upper circuit on the back of higher trading volumes.
The rupee was trading flat by one paise at 66.66 per US dollar.
Out of 1,373 stocks traded on the NSE, 822 declined and 501 advanced today.
Top 5 Nifty Gainers: Reliance Ind. (1.95%), Coal India (0.88%), Dr Reddy’s Lab (0.78%), Tata Steel (0.61%) and TCS (0.50%)
Top 5 Nifty Losers: ICICI Bank (-2.54%), Bharti Airtel (-2.24%), M&M (-1.58%), Adani Ports & Sez (-1.42%) and ITC Ltd (-1.30%)
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