Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

Daily Market Commentary : 9th SEP 2016

The Indian equity market Ended with losses on Friday. Weak global cues, profit booking and a weak rupee dampened the sentiment. The IT index rebounded after a two-day drubbing, making it the only advancing sectoral gauge on the NSE. The NSE IT index closed higher by 0.50%. Nifty closed with a loss of 86 points at 8,867, while BSE Sensex ended with a loss of 248 points at 28,797.

On the global front, Asian markets fell on Friday after North Korea said it had conducted its fifth nuclear test, hours after seismic monitors detected a blast near the reclusive state’s nuclear test site. Japan’s Nikkei and Hong Kong’s Hang Seng ended higher, while China’s Shanghai Composite ended in red.

In Europe, the FTSE 100 was trading marginally down. The CAC 40 and DAX slipped 0.37% each.

In the FMCG stocks, ITC slipped 2.5% while Hindustan Unilever dropped 2%.

SAIL dropped 5.6% after the company reported widening of its standalone net loss to Rs.534.92 Crore for the quarter ended 30th June, 2016. The company had posted a net loss of Rs.248.24 crore in the year-ago period.

Yes Bank tumbled 4% to Rs.1277. On Thursday, the bank deferred its proposed Rs.6,642 crore institutional private placement. The Mumbai-based lender cited “extreme volatility and misinterpretation of new QIP (qualified institutional placement) guidelines” for the delay, as per BSE data.

ONGC rallied 3.3% and is in talks with Gujarat State Petroleum Corp for acquiring a stake in its gas field in the Krishna-Godavari Basin, D.K. Sarraf said.

Zensar Technologies rallied 4% after the company secured a digital transformation project from South Africa’s taxi fleet management company, Avis Fleet.

Puravankara Projects plunged 7.8% to Rs.50.35 after the company said its net profit for the June quarter fell 67% to Rs.10.14 crore against Rs.30.56 crore a year ago.

Hindustan Composites zoomed 15% after the company reported its net profit increased by 95.6% to Rs.12.4 crore in the Quarter Ended June 2016 as against Rs.6.34 crore during the previous quarter ended June 2015.

The shares of Logistics stocks closed higher on the back of higher volumes on BSE. President Pranab Mukherjee’s approval of the Constitution Amendment Bill on Goods and Services Tax (GST), a major step towards rolling out the new indirect tax regime which the Modi government wants to come into effect from April 1 next year will be win-win for Logistics stocks. Patel Integrated Logistics zoomed 3.8%, while Snowman Logistics gained 2%. GATI advanced 1% on BSE.

Kaya soared 6.6% after the company informed BSE that Kaya Middle East, DMCC, a foreign subsidiary of Kaya Limited has entered into an Agreement dated September 8 for acquiring 75% beneficial interest in Minal Medical Centre, Dubai and Minal Specialized Clinic Dermatology, Sharjah.

The rupee was trading down 31 paise at 66.72 per US dollar.

Out of 1,526 stocks traded on the NSE, 969 declined and 498 advanced today.

Top 5 Nifty Gainers: Infosys Ltd (1.81%), Reliance Ind. (0.55%), Wipro (0.46%) and TCS (0.34%)

Top 5 Nifty Losers: Tata Steel (-3.81%), Adani Portz and Sez (-3.41%), SBI (-3.35%), Axis Bank (-3.29%) and L&T (-3.09%)

To qualify NCFM Capital Market Dealers Module certification examination, register with 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.

This post first appeared on ::, please read the originial post: here

Share the post

Daily Market Commentary : 9th SEP 2016


Subscribe to ::

Get updates delivered right to your inbox!

Thank you for your subscription