Daily Market Commentary : 30th May 2016

The Indian equity market closed in the green extending its winning streak to fifth consecutive trading session. After opening with a positive bias, indices were stuck in a narrow trading range. The benchmarks lost its early momentum on account of selling pressure in the realty, health care and oil & gas stocks. However, gains in the metals, IT and auto stocks saw the benchmarks end with modest gains.. Nifty closed with a gain of 22 points at 8,179 while Sensex ended with a gain of 72 points at 26,726.

On the economy front, GDP numbers, purchasing managers’ index (PMI) data for services and manufacturing sectors will be announced during this week.

Asian markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 1.39%, while Hong Kong’s Hang Seng is up 0.26% and China’s Shanghai Composite is up 0.05%. European markets are trading mixed today. The German DAX is higher by 0.31%, while the CAC 40 is even. The London markets are closed.

Mahindra & Mahindra slipped 0.6% to Rs.1327. The company reported a net profit of Rs.5837.30 mn for the quarter ended March 31, 2016 as compared to Rs.5505.60 mn for the quarter ended March 31, 2015.

Claris Life sciences hit 20% upper circuit after the company announced that it received EIR for its manufacturing facility located near Ahmadabad wherein US FDA concluded that the inspection stands closed.

Granules India jumped 6% after the company said that it received Establishment Inspection Report (EIR) from the United States Food & Drug Administration (USFDA) for its Jeedimetla plant for the inspection conducted at the facility in December 2015.

Dynamatic Technologies rallied 17% to Rs.2650 after the company reported over three-fold jump in consolidated net profit at Rs.19.22 crore for the quarter ended March 2016. The company had posted net profit of Rs.5.04 crore in a year ago quarter.

Muthoot Finance rallied 8.7% to Rs.233.The company posted a net profit of Rs. 2652.213 million for the quarter ended March 31, 2016 as compared to Rs. 1651.858 million for the quarter ended March 31, 2015.

Tech Mahindra gained 1.5% to Rs.544 on BSE. The company said its board has approved the proposal to acquire Target TOPCO Ltd, a UK-based entity.

BHEL dropped 5.8% to Rs.121. The company’s standalone revenue stood at Rs. 10,004.77 crore, down 21.5% yoy but up 87.86% qoq.

Tree House Education plunged 10% to Rs.71. The net profit stood at Rs.6.78 crore, while revenue from operations was at Rs.209.33 crore, for FY16.

Coal India zoomed 3.8% to Rs.292.The company posted a net profit of Rs. 42479.30 mn for the Quarter ended March 31, 2016 as compared to Rs. 42385.50 mn for the Quarter ended March 31, 2015.

Jubilant Food works tumbled 8% to Rs.1,024.The company posted a net profit of Rs. 294.663 million for the quarter ended March 31, 2016 as compared to Rs. 315.322 mn for the quarter ended March 31, 2015.

Punj Llyod dropped 5.3% to Rs. 20.50 on BSE. The company posted a net loss of Rs. 4679.90 million for the quarter ended March 31, 2016 as compared to net profit of Rs. 2685.30 million for the quarter ended March 31, 2015.

Aurionpro Solutions gained 3% to Rs.148 after the company secured an order from Nagpur Metro Rail Corporation.

USDINR trade today trading down 21 paise at 67.24 per US dollar.

Out of 1,824 stocks traded on the NSE, 739 declined and 774 advanced today..

Top 5 Nifty Gainers: Tata Motors (7.47%), NTPC (1.64%), HDFC (0.69%), Maruti Suzuki (0.63%) and Axis Bank. (0.59%).

Top 5 Nifty Losers: Sun Pharma (-4.09%), GAIL (-1.94%), Bharti Airtel (-1.75%), Infosys Ltd (-1.42%) and L&T (-1.07%)

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