The Indian equity market snapped a three-day losing streak and closed marginally higher on Monday ahead of IIP data for August. Nifty closed with a gain of 11 points at 8,709, while BSE Sensex ended with a gain of 21 points at 28,082.
On the economy front, the Reserve Bank of India (RBI) has proposed widening the definition of a branch to make it easier for banks to meet the norm of opening 25% banking outlets in unbanked rural centres.
On the global front, Asian stocks closed higher and the Mexican peso climbed on Monday as markets saw less chance a victory by Republican nominee Donald Trump in his US presidential bid amid a scandal over vulgar comments he made about women. Chinese shares rallied even as property developers tumbled amid fresh curbs on property purchases. The benchmark Shanghai Composite index climbed 1.45% to 3,048.14 as traders returned to their desks following a week-long national holiday. Hong Kong’s Hang Seng and Tokyo’s Nikkei were closed for public holidays.
In Europe, the CAC 40 and DAX have gained 0.24% each, while the FTSE 100 is marginally higher.
JSW Steel soared 2% after the company announced that the board will meet on October 27, 2016 to consider stock split from face value of Rs 10 each to lower denomination.
IRB Infrastructure Developers slipped 2.8%. The company said the Maharashtra State Road Development Corp had terminated the Mumbai-Pune Phase II project awarded to its arm, Mhaiskar Infrastructure Pvt Ltd, in September 2014.
Piramal Enterprises slipped 1%. The company announced that its wholly owned Critical Care subsidiary in the UK has entered into an agreement to acquire five anesthesia and pain management injectable products from Janssen Pharmaceutica NV, in an all cash deal for an upfront consideration of US$155 million, and up to an additional US$20 million.
8K Miles Software Services zoomed 9.2% after the stock was traded ex-bonus and ex-stock split on Monday, October 10, 2016.
Steel Strips Wheels rallied 7.2% after the company said it has bagged an export order for supply of Caravan Steel wheels for EU Trailer market.
Shiva Cement Ltd jumped 9.9% on the BSE. The company is planning to sell its integrated cement plant in Orissa, as per media reports. The company is in talks with OCL India among others to sell its Orissa cement unit.
Tata Teleservices (Maharashtra) climbed 6.3% after the company succeeded in wining spectrum in 1800 MHz band in Mumbai and Maharashtra Service Areas with bid values of Rs 2446 crore and Rs 1590 crore respectively. The total upfront payment to be made to Department of Telecommunications by the Company is Rs 2018 crore.
Sunil Hitech Engineers jumped 18.3% to Rs 378.50 on BSE after the company said its board will consider the issue of bonus shares and the issue of convertible warrants to the promoters and non-promoters on 11 October 2016.
Excel Crop Care Ltd soared 5.7% to Rs 1,490. Shroff family and Ratanbali group has completed 24.72% and 20.26% respectively stake to Sumitomo Chemical. Sumitomo Chemical now owns 64.94% stake in teh Excel Corp Care.
Aarti Industries Ltd has informed BSE that a meeting of Board of Directors of the Company is scheduled to be held on October 17, 2016, to consider proposal of buyback of the fully paid-up equity shares of the Company including matters related/incidental thereto. The stock closed 3.2% higher on the BSE.
The rupee was trading up by 12 paise at 66.56 per US dollar.
Out of 1,553 stocks traded on the NSE, 628 declined and 855 advanced today.
Top 5 Nifty Gainers: Infosys Ltd (2.10%), ONGC (2.02%), CIPLA (1.40%), Asian Paints (0.26%) and M&M (0.10%)
Top 5 Nifty Losers: Adani Ports & Sez (-3.03%), Tata Motors (-2.80%), HDFC (-2.53%), ICICI Bank (-2.18%) and TCS (-1.98%)
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