After a strong rally in the previous session, indices failed to carry forward the momentum on Tuesday. Indices that held firm throughout the day slipped sharply in the last hour amid a sudden bout of selling witnessed in the realty, auto, health care and banking stocks. Sentiment was hit after index heavyweight Dr Reddy’s Labs announced disappointing quarterly earnings. The stock dropped 4.4% as it posted a net profit of Rs.4091 million for the quarter ended June 30, 2016 as compared to Rs.4934 million for the quarter ended June 30, 2015. Nifty closed with a loss of 45 points at 8,591, while BSE Sensex ended with a loss of 119 points at 27,977.
On the global front, Asian stocks closed on mixed note. Japanese stocks edged lower as expectations receded with regard to the government’s soon-to-be announced fiscal stimulus package. The Nikkei 225 Average closed down 1.45%. The Shanghai Composite index and Hong Kong’s Hang Seng index closed up.
Amtek Auto surged 7.5% to Rs.51.60 on BSE. The company expanded its planned asset sale to include additional overseas businesses as it looks to reduce leverage, as per media reports.
KG Denim climbed 7% to Rs.98 on BSE. The company reported 481.25% increase in net profit at Rs.9.30 crore for the quarter ended June 30, 2016 against Rs.1.60 crore in the corresponding quarter a year ago. During the quarter under review, EBITDA were at Rs.23.5 crore compared with Rs.15.9 crore.
Claris Lifesciences slipped 1.8% to Rs.246 on the BSE after the company announced that it has received Abbreviated New Drug Application (ANDA) approval for Bupivacaine injection.
Himalya International hit 20% upper circuit at Rs.10.96 on BSE.The company reported net loss at Rs.0.4 crore for the quarter ended June 30, 2016 as compared to Rs. 3.5 crore for the quarter ended June 30, 2015. The company’s total income has increased by 15.1% at Rs.28.9 crore for the quarter against Rs.25.1 crore in the corresponding quarter of the previous year.
Bajaj Finance jumped 9.7% to Rs.9,853 after the company posted a net profit of Rs.424 crore for the quarter ended June 30, 2016 as compared to Rs.276 crore for the quarter ended June 30, 2015. The company’s total income has increased from Rs.1655.8 crore for the quarter ended June 30, 2015 to Rs.2301.1 crore for the quarter ended June 30, 2016.
Sobha zoomed 3.7% to Rs.334.65 after the real estate company said it had bought back 17.59 lakh shares of the company from existing shareholders for Rs.58 crore.
PNC Infratech gained 1.5% to Rs.565. The company bagged a project worth Rs.232.91 crore for four-laning of a road in Uttar Pradesh.
USDINR trade today trading up six paise at 67.29 per US dollar.
Out of 1,472 stocks traded on the NSE, 994 declined and 433 advanced today.
Top 5 Nifty Gainers: ICICI Bank (3.78%), Maruti Suzuki (2.74%), BHEL (2.07%), HDFC (1.99%) and SBI (1.81%).
Top 5 Nifty Losers: Dr. Reddys Lab (-8.81%), Tata Steel (-0.72%), Bajaj Auto (-0.57%), Lupin Ltd (-0.43%) and Axis Bank (-0.12%)
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