After strong rally in the previous two sessions, markets remained in consolidation mood on Wednesday and ended with marginal losses. Weak global cues, profit booking weighed on the domestic bourses. Today’s decline was led by the utilities, oil & gas, IT, finance and teck stocks, while capital goods, metal, realty, power, industrial, pharma and basic materials were among the gainer. Nifty closed with a loss of 25 points at 8,918, while BSE Sensex ended with a loss of 52 points at 28,926.
On the economy front, Arun Jaitley today said India is not ready for their privatisation and the present characteristics of PSU banks will continue except for IDBI Bank. On stressed assets, the finance minister said the Centre has initiated a large number of steps to reduce NPAs.
On the global front, Asian stocks closed mixed. China’s Shanghai Composite closed in green. Japan’s Nikkei and Hong Kong’s Hang Seng ended in red.
European stocks edged higher, the FTSE 100 was trading up. DAX and the CAC 40 were trading flat around 0.3% each.
Bharat Heavy Electricals rallied 15.5% to Rs.159.80 on the BSE. The company posted a net profit of Rs.77.7 crore for the quarter ended June 30, 2016 as compared to Rs.50.4 crore for the quarter ended June 30, 2015.
Federal-Mogul Goetze (India) hit 20% upper circuit at Rs.534.10 on the BSE. Federal-Mogul Holdings Corporation and Icahn Enterprises L.P. announced that Federal-Mogul had entered into an agreement and plan of merger with a subsidiary of Icahn Enterprises, Federal-Mogul’s majority shareholder, pursuant to which Icahn Enterprises will offer to purchase all of the outstanding shares of Federal-Mogul common stock not owned by Icahn Enterprises or its affiliates, in an all-cash transaction for $9.25 per share, as per media reports.
State Bank of India gained 2.7% to Rs.267. The bank raised Rs.2,100 crore through perpetual bonds at 9% interest rate amid fears that perpetual bond-holders may face a delay in interest repayments with most of the state-owned banks posting quarterly losses.
Glenmark Pharmaceuticals soared 3.7%. Glenmark Pharma has discovered a novel drug candidate for the treatment of cancer and plans to conduct clinical trials.
Indoco Remedies Ltd gained 3.5% after the company has informed BSE that USFDA inspected the Company’s Goa Plant II from August 31, 2016 to September 04, 2016. The injectable ANDA filings triggered this inspection.
IL&FS Engineering and Construction Company jumped 4.4% after the company has received the Fax of Acceptance (FOA) from Gas Authority of India Limited (GAIL).
Oil India gained 1.2% to Rs.394. The company has posted a net profit of Rs.494.4 crore for the quarter ended June 30, 2016 as compared to Rs.743.2 crore for the quarter ended June 30, 2015.
Syngene International Ltd climbed 4% to Rs.490. The company has announced the establishment of multi disciplinary drug discovery and development center for Amgen, Inc.
The rupee was trading down 14 paise at 66.38 per US dollar.
Out of 1,356 stocks traded on the NSE, 657 declined and 654 advanced today.
Top 5 Nifty Gainers: Tata Steel (3.90%), Bajaj Auto (3.42%), ONGC (2.37%), Hero Motocorp (2.25%) and Maruti Suzuki (1.82%).
Top 5 Nifty Losers: TCS (-5.41%), Infosys Ltd. (-2.31%), BHEL (-2.25%), Wipro (-1.80%) and Tata Motors (-1.30%)
To qualify NCFM Capital Market Dealers Module certification examination, register with Intelivisto.com and buy Capital Market comprehensive question bank which features mock test, chapter-wise and full length test as per NCFM standards. It also includes performance analysis tools to analyze the performance. For more information call on: +91-9582000102.