Wiping out most of its early gains, the Indian stock Market ended lower in a volatile trading session on Wednesday, taking a breather after Tuesday’s surge. The stock market swung between gains and losses due to profit-booking by funds and investors amid weak European cues. After opening with a positive bias, indices failed to carry forward the momentum. Nifty closed with a loss of 19 points at 8,659, while BSE Sensex ended with a loss of 66 points at 27,984.
On the global front, Asian stocks closed on a mixed note. The Shanghai Composite index closed marginally higher after its GDP grew 6.7% in the year to September, precisely in line with forecasts, with tepid private investment compensated for by robust government spending and a heated property market. Hong Kong’s Hang Seng index slipped 0.38%, while Nikkei 225 gained by 0.21%.
European investors awaited the outcome of the latest regional central Bank meeting. The FTSE 100 was trading lower by 0.10%. DAX and the CAC 40 are trading down higher by 0.13% respectively.
Mangalore Chemicals and Fertilisers hit 20% upper circuit at Rs 63.35 after the company posted its net profit stands at Rs 15 crore for the quarter ended September 30 on strong operational performance despite revenue degrowth.
Sun Pharmaceuticals rallied 1% to Rs 750. ICGEB and Sun Pharma announced their new collaboration for development of a dengue vaccine, targeted against all the four serotypes of Dengue virus that cause disease in humans.
IDBI Bank rose 4% after media reports said that four bidders were looking to acquire a part of the government’s stake in the lender. GIC of Singapore, Asian Development Bank, IFC and Commonwealth Development Corporation are eyeing stakes in IDBI Bank, reports added.
BHEL rallied 3.7% to Rs 141 after the company commissioned three power projects – Koldam HEP (4×200 MW) of NTPCBSE 0.17%, Parbati HEP Stage-III (4×130 MW) of NHPCBSE 0.59 % and Rampur HEP (6×68.67 MW) of SJVN. As per media reports, the Supreme Court allowed an appeal against Madras High Court’s stay over construction of Ennore SEZ supercritical thermal power project.
L&T Technology Services advanced 0.45%. The company announced that it has secured a new multiyear, multi-million dollar contract with a large global semi-conductor company to provide verification support on their expansive portfolio of offerings and products.
Havells India tanked 4.7%. Havells India on Tuesday reported a 22% YoY jump in net profit to Rs 145 crore for the September quarter, as per new accounting standard Ind-AS.
Sterling Tools galloped 13% after the company informed BSE that a meeting of the Board of Directors of the Company will consider sub-division of the equity shares of the company on Nov 5.
Indian Oil Corporation gained 1.9% to Rs 326.90. CLSA has retained its buy rating on Indian Oil Corporation and raised target price by 20 per cent to Rs 810 from Rs 675.
Tata Power zoomed 3.5%. Tata Power has appointed three independent directors – Anjali Bansal, Vibha Padalkar and Sanjay Bhandarkar – on its board with effect from October 14, 2016.
Hatsun Agro Product Ltd gained 2%. The company is planning to invest around Rs 850 crore during the current fiscal year and next fiscal year, in order to set up two milk processing facilities, along with the expansion of existing facilities and marketing, as per media report.
Ceat dropped 3.3%. The company has introduced a new range of puncture-safe tyres for motorcycles, thereby creating a new segment.
The rupee was trading up four paise at 66.68 per US dollar.
Out of 1,531 stocks traded on the NSE, 636 declined and 832 advanced today.
Top 5 Nifty Gainers: ICICI Bank (4.79%), Adani Ports & Sez (3.39%), HDFC (1.70%), SBI (1.41%) and Bajaj Auto (1.20%)
Top 5 Nifty Losers: ITC Ltd. (-0.33%), Tata Motors (-0.17%), Hind. Unilever (-0.11%), GAIL (-0.09%) and HDFC Bank (-0.07%)
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