The Indian stock market see-sawed between the negative and positive zone throughout the day and ended lower on Wednesday. The domestic market slid for a third straight day as investors continued to assess the impact of the Prime Minister’s move to ban high denomination banknotes.
Nifty closed with a gain of mere three points at 8,112, while BSE Sensex ended today’s trading with a loss of mere six points at 26,299.
On the global front, Asian stocks closed on a mixed note. The Shanghai Composite index and Hong Kong’s Hang Seng index closed marginally lower. Nikkei 225 gained 1%.
In Europe, the FTSE 100 was trading down 0.24%. DAX and the CAC 40 were trading lower by 0.3% each.
Cigarette stocks closed in red after the Union Cabinet is likely to soon consider a proposal to completely ban foreign direct investment in the tobacco sector. ITC tumbled 3.6% on the NSE.
PC Jeweller fell 8% on the BSE. Jewellery companies, whose business mainly runs on cash transactions, have been reeling under the government’s move to ban the usage of high value currency notes.
HDFC gained 2.5% to Rs 1,257 on BSE after the company said that it intends to raise Rs 2,000 crore through issue of senior, secured, non-convertible debentures on private placement basis.
Tata Global Beverages jumped 3.6%. The company reported 48% increase in consolidated net profit at Rs 108 crore for the quarter ended September 30, 2016. Tata Global Beverages had posted a net profit of Rs 73 crore in the July-September quarter a year ago.
Ambuja Cements, ACC closed lower on the BSE after Lafarge Holcim increased its shareholding to 63% of the total Ambuja shares through its subsidiary. It also increased its holding in ACC Ltd., a subsidiary of Ambuja, to 4.48%, the company said in a BSE filing.
Elgi Equipments rallied 4.4% to Rs 175 after the revenue was reported to be 8.4% below the estimate of Rs 373 cr, while net profit was reported 3% lower than the estimated figure of Rs 19 cr.
PSU Oil stocks closed in red after petrol price on Tuesday was cut by Rs 1.46 a litre and diesel by Rs 1.53 per litre.
The rupee was trading down 10 paise at 67.84 per US dollar.
Out of 1,431 stocks traded on the NSE, 809 declined and 574 advanced today. The BSE Midcap and Smallcap indices ended up.
Top 5 Nifty Gainers: Tata Motors (2.46%), Axis Bank (1.98%), BHEL (1.90%), SBI (1.44%) and GAIL (1.42%).
Top 5 Nifty Losers: Bajaj Auto (-1.88%), Hero Motocorp (-1.62%), Wipro (-1.20%), Asian Paints (-1.17%) and Dr Reddys Lab (-1.12%)
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