The Indian equity market continued on yesterday’s lackluster note and lost further ground today. After opening on a flat note, indices remained under pressure and slipped lower in the second half. Weak global cues, coupled with lower crude oil prices, rupee and profit booking weighed on the domestic markets. Nifty closed with a loss of 34 points at 8,710, while BSE Sensex ended with a loss of 115 points at 28,106.
On the global front, Asian stocks traded firm with the Hong Kong’s Hang Seng and Nikkei 225 each advancing 0.56%. Mainland Chinese markets remained closed for the National Day holiday.
European markets remained subdued over speculation on curtailment of stimulus measures by the European Central Bank (ECB).The CAC 40, DAX and FTSE 100 each have slipped 0.3%.
Jaiprakash Power Ventures climbed 10% to Rs.4.45 on the BSE. The company has informed BSE that a meeting of the Board of Directors of the company will be held on October 6 to consider the recommendations of the Committee of Directors (for Restructuring) regarding proposals of restructuring including divestment of one or more units and to review the progress made in the reduction of company’s debt.
Indian Oil Corporation soared 5.4% to Rs 649.45 after fixing October 19 as the record date for the purpose of ascertaining the eligibility of shareholders, for issuance of bonus shares in the ratio of 1:1 i.e. one new bonus equity share of Rs 10 each for every one existing equity share of Rs 10 held.
Grasim Industries zoomed 2% to Rs 1,008 on the BSE. The company has fixed October 8, as the Record Date for the purpose of sub-division of each equity share of the company having a face value of Rs 10 each fully paid-up into 5 equity shares of face value of Rs 2 each fully paid-up.
Goa Carbon jumped 16% after the company reported a net profit of Rs 4.62 cr for the quarter ended September 30, 2016.
Transformers and Rectifiers (India) surged 8.7% after the company said it had entered into a joint venture (JV) agreement with Chinese firm Jiangsu Jingke Smart Electric Company.
Goodyear India soared 13% on the BSE in intra-day trade, after Goldman Sachs bought stake in tyre maker through the open market.
Sagar Cements advanced 1.5% after the company reported cement production and sales figures for September 2016. The company’s sales were up by 29% on a consolidated basis and lower by 15% on a standalone basis.
NMDC rallied 4% after the company fixed prices of Lump Ore at Rs 2,100/WMT, while the prices of Fines have been fixed at Rs 1,760/WMT. The Ore prices are excluding Royalty, DMF, NMET, Cess, Forest Permit Fee etc.
Phillips Carbon Black advanced 2% to Rs 275 after the Board approved amalgamation of Goodluck Dealcom unit with self.
Bosch gained 1.5% after the company expressed plans to buy back 8.78 lakh shares at a price of 23,000 a share. Bosch had fixed September 27 as the record date.
Jindal Steel & Power tanked 5% to Rs 79.20. The company has defaulted on interest repayments to its bondholders due on September 30, 2016.
The rupee was trading down by 17 paise at 66.67 per US dollar.
Out of 1,501 stocks traded on the NSE, 922 declined and 535 advanced today.
Top 5 Nifty Gainers: Tata Motors (1.77%), Axis Bank (1.14%), M&M (0.78%), Tata Steel (0.77%) and Lupin Ltd. (0.76%)
Top 5 Nifty Losers: Bajaj Auto (-1.37%), HDFC (-1.17%), Asian Paints (-1.12%), Cipla (-1.04%) and Dr Reddys Lab (-1.03%)
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