The Indian equity market ended higher on Monday snapping a five day losing streak. After gap up start, Nifty remained in a narrow range for most part of the session; however, profit taking in final hour trimmed the intra day gains.
The metal, pharma, banking, financials, FMCG, power and realty stocks ended with gains. On the other hand, telecom and capital goods stocks were among the major losers. The midcap closed 0.59% higher and smallcap soared 1.19%.
Nifty closed with a gain of 63 points at 8,497, while BSE Sensex ended with a gain of 185 points at 27,459.
On the global front, Asian stocks bounced and the dollar strengthened on Monday. Oil prices rose by over 1% with traders citing opportunistic buying after sharp declines in the previous week that brought prices to their lowest since early August because of ongoing weak fundamentals. Japan’s Nikkei closed higher. China’s Shanghai Composite and Hong Kong’s Hang Seng ended marginally up.
In Europe, the FTSE 100 gained 1.3%. The CAC 40 and DAX jumped 1.7% each.
Lupin soared 7% to Rs 1,519 after the company received the inspection closure report from the USFDA for its Goa facility.
Punjab National Bank climbed 6.5%. Punjab National Bank reported a net profit of Rs 549 crore in the second quarter of the current fiscal, a fall of 11% from the Rs 621 crore profit recorded in the corresponding year-ago period.
Dalmia Bharat Ltd gained 1.2% as the Board of Dalmia Bharat and OCL India decided to merge the two entities. The merged entity will have a cement capacity of 25 million tonnes spread across eastern and southern India.
Bank of Baroda rallied 4%. Bank of Baroda reduced the marginal cost of fund (MCLR) based interest rates by 10 basis points across different tenors with effect from November 7.
KPIT Tech gained 1.5%: KPIT Technologies will sell its Berlin-based subsidiary KPIT Medini Technologies AG to ANSYS, but did not disclose the deal size.
Dena Bank dropped 2.5% after the bank posted net loss at Rs 44 crore for the quarter ended September 30, 2016 as compared to net profit of Rs 38.8 crore for the quarter ended September 30, 2015.
HCC climbed 3.8% to Rs 36 on the BSE. The RBI mandated Overseeing Committee (OC) has approved the (S4A) Scheme of Sustainable Structuring of Stressed Assets for Hindustan Construction Company. The ICICI led joint lenders’ forum had proposed the scheme for the infrastructure major.
The rupee was trading down five paise at 66.74 per US dollar.
Out of 1,516 stocks traded on the NSE, 385 declined and 1,090 advanced today.
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