The Indian equity market started the day on a cautious note and closed lower on weak global cues, profit booking and a weak rupee dampened the sentiment. The Sensex hit a 14-week low, while the Nifty hit its lowest level in more than 10 weeks. The domestic market closed near a 3-month low after a sell-off in Chinese shares raised concerns around global growth. Heavy selling pressure was witnessed in auto, telecom, industrial, realty and pharma stocks. Only Banking shares closed in the green on the BSE. Nifty closed with a loss of 63 points at 8,520, while BSE Sensex ended with a loss of 144 points at 27,530.
On the global front, Asian markets fell on Monday. Shanghai Composite and Hang Seng closed lower, while Nikkei 225 closed in the green.
In Europe, the FTSE 100 was trading down by 1%. The CAC 40 and DAX slipped 0.6% each.
UltraTech Cement slipped 1% to Rs 4009. The company has posted a net profit after taxes and Minority interest of Rs 614 crore for the quarter ended September 30, 2016 as compared to Rs 490 crore for the quarter ended September 30, 2015. Total Income has decreased from Rs 6,804.2 crore for the quarter ended September 30, 2015 to Rs 6,667.5 crore for the quarter ended September 30, 2016.
ICICI Bank zoomed 7% to Rs 258.55. Rosneft bought a 49% stake in Essar Oil’s refinery port and petrol pumps, while Netherlands-based Trafigura Group Pte and Russian investment Fund, United Capital Partners split another 49% equity equally. The remaining 2% is held by minority shareholders after delisting of Essar Oil. Rajiv Sabharwal, the brain behind ICICI Bank’s flourishing retail lending business has called it quits and will be replaced by ICICI veteran Anup Bagchi.
NIIT Technologies dropped 6.5% to Rs 411. NIIT Tech reported better-than-expected revenue of Rs 692 crore in the September quarter helped by growth in its banking, financial services and insurance business (BFSI) from the US.
DCB Bank rallied 3.2%. The bank reported 31% year-on-year growth in the net profit of Rs 48.5 crore for the quarter ended September 30 compared with 36.9 crore reported in the year-ago period.
Fortis Healthcare zoomed 4.6%. Fortis Healthcare completed the acquisition of 51% stake in Fortis Hospotel Ltd and also acquired compulsorily convertible preference shares issued by Escort Heart Institute and Research Centre.
Resonance Specialties rallies 5%. One of the company’s manufacturing sites – Vista Organics, Mandideep, (Bhopal) has been recently inspected by the USFDA (US Food and Drug Administration). 483 observations have been issued and EIR (Establishment Inspection Report) is awaited by the company.
LML hit 20% to Rs 12.22 after the company said in a notice to BSE that it intends to commence trial production of its light cargo 3-wheeler vehicle around the end of October 2016.
Steel Strips Wheels Ltd fell 7.8% to Rs 708. The company reported 20% jump in its net profit in September quarter to Rs18.02 crore against Rs15.03 crore a year ago. Net sales fell 2.8% to Rs290.95 crore.
RS Software India Ltd tanked 6% to Rs 70.60 after the company posted a net loss of Rs5.96 crore in September quarter against net profit of Rs7.62 crore a year ago.
GVK Power & Infrastructure Ltd jumped 10.3% to Rs 6.93 after a huge block deal. Around 57.10 million shares or 8.7% stake of the company changed hands.
Ujaas Energy zoomed 3.2% to Rs 24 after the company won an order from Uttarakhand Renewable Energy Development Agency (UREDA) for Grid Interactive Rooftop & small Solar PV Power Plant of up to 5Kwp.
SBI advanced 0.48% to Rs 253. State Bank of India will divest up to 5% of its stake in its life insurance subsidiary, SBI Life Insurance Co. Ltd.
Granules India gained 1.2%. The company informed BSE that Gagillapur facility located at Hyderabad, Telangana, has successfully completed USFDA inspection without any observations. This facility manufactures Finished Dosages (FDs) and Pharmaceutical Formulation Intermediates (PFIs).
The rupee was trading down 15 paise at 66.85 per US dollar.
Out of 1,526 stocks traded on the NSE, 969 declined and 498 advanced today.
Top 5 Nifty Gainers: Tata Steel (2.57%), HDFC (1.92%), ICICI Bank (1.53%), BHEL (1.14%) and Reliance Ind. (1.09%)
Top 5 Nifty Losers: Asian Paints (-0.94%), Bharti Airtel (-0.45%), ONGC (-0.38%) and TCS (-0.10%)
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