The Indian equity market closed higher on Tuesday. The stock market saw a gap-up opening, as trading resumed after a local holiday yesterday. The Sensex hit 29,000-level for the first time since April 15, 2015. The Nifty hit an 18-month high. Nifty closed with a gain of 133 points at 8,943, while BSE Sensex ended with a gain of 446 points at 28,978.
Urjit Patel assumed charge as the 24th Governor of Reserve Bank of India (RBI), succeeding Raghuram Rajan whose three-year controversy-ridden tenure ended on Sunday, 4th September, 2016. Patel has assumed charge effective Sunday after serving as Deputy Governor since January 2013, RBI said.
On the global front, Brent crude prices were steady today following Monday’s rally as other oil producers welcomed an agreement between Saudi Arabia and Russia to stabilize the oil market.
Asian shares edged up on Tuesday as investors awaited the Reserve Bank of Australia’s policy meeting in which it is expected to keep interest rates steady.
The Nikkei Stock Average closed up 0.3%, hitting a fresh three-month high, and building on last week’s 3.5% gain. Singapore’s Straits Times Index added 1.6% on rising oil prices, while Hong Kong’s Hang Seng Index gained 0.58%.
European stock markets rose following gains in Asian equities. The FTSE 100 is trading in red, while the CAC 40 and DAX were trading up 0.3%.
Coal India slipped 1.1% to Rs.329 after it reported the lowest production and shipments in three years as heavy rains flooded its mines.
Tata Motors rallied 7.2% to Rs.589 on BSE. Jaguar Land Rover, the British luxury vehicle unit of Tata Motors, is planning to make Land Rover SUVs in India for the local market and exports, as per media reports.
Mindtree tanked 5% to Rs.521.70 on the BSE. The IT Company has issued a profit and revenue warning, impacted primarily due to cross-currency movement and Brexit.
Unitech Ltd rose 2.3% to Rs.5.37. The Delhi high court has directed Unitech Ltd to open escrow accounts in its delayed residential projects in order to protect the interest of home-buyers and a court appointed commissioner to monitor the same, the realty firm informed NSE.
Jubilant Food works Ltd plunged 9.5% after the company has posted a net profit of Rs.19 crore for the quarter ended June 30, 2016 as compared to Rs.27.6 crore for the quarter ended June 30, 2015.
Mangalore Refinery & Petrochemicals rallied 5.4% after the company reported 77.6% rise in net profit for the quarter ended June 30, 2016 against Rs.405.52 crore in the corresponding quarter a year ago. However, net sales of the company dipped 25.52 per cent year-on-year to Rs.8425.86 crore for the quarter under review against Rs.11313.11 crore in the same quarter last year.
Ahluwalia Contracts India Ltd climbed 7% to Rs.317 after the company said it got new orders worth Rs.244.13 crore.
Pennar Engineered Building Systems Ltd soared 6.5% to Rs.183 after the company said it got orders worth Rs.203 crore.
Ramco Systems Ltd gained 3% to Rs.501 after the company said it has been selected lowest bidder by Canada’s Leading Aerospace & Defence In-Service Support Integrator, L-3 MAS.
Atlanta Ltd galloped 19% to Rs.73.50. The company said in a notice to BSE that it has Rs.1,600 crores of arbitration awards and it expects to get Rs.1,200 crore after rule change on arbitration. The company also said it expect to repay Rs.900 crore debt by this fiscal year.
Punj Lloyd Ltd gained 3.5% to Rs.26.50. The company said in a notice to BSE that its solution to upgrade Zu 23 air defence gun after field evaluation was qualified by the ministry of defence. The commercial bid has been opened and the company is the provisional lowest bidder.
SPML Infra Ltd jumped 3% to Rs.80. The company said its debt fell after government decision on arbitration. The company expects to get 75% of the Rs.250 crore of arbitration award.
The rupee was trading up 29 paise at 66.52 per US dollar.
Out of 1,451 stocks traded on the NSE, 904 advanced and 498 declined today.
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