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Daily Market Commentary : 3rd August 2016

Stock market in India Ended with sharp cuts on Wednesday as the government introduced the GST bill in the parliament.

Market participants preferred to take some money off the table. Today’s decline was led by the FMCG, IT, realty, industrial, power and finance stocks. Even the banking stocks joined the sell off in late trades. On the other hand, Metal and telecom stocks were among the major gainers. Weak global cues too dragged the sentiment on he street. Nifty closed with a loss of 78 points at 8,545, while BSE Sensex ended with a loss of 284 points at 27,697.

On the global front, Asian shares closed on a mixed note. The Nikkei 225 Average ended 1.92% lower. Hong Kong’s Hang Seng dropped 1.8% and while China’s Shanghai Composite closed in green.

HCL Technologies ended 3.1% higher to Rs.825. The company posted a Net Profit after tax, minority interest and share of profit of associates of Rs.20552 million for the Quarter Ended June 30, 2016. Total Income is Rs.115595.90 mn for the quarter ended June 30, 2016.

Delta Corp rallied 8.85% to Rs.108.20. The company experienced a spurt in volumes by more than 6.11 times.

Saregama India ended 5% lower to Rs.262 after the company said its net profit for June quarter drop 33.1% to Rs.1.76 crore as compared to Rs.2.63 crore a year ago.

EIH closed 4% lower to Rs.111.50 on BSE. The company reported net loss of Rs.12.24 crore for Q1 June 2016 as against net profit of Rs.21.15 crore for Q1 June 2015.

USDINR trade today trading down 23 paise at 66.96 per US dollar.

Out of 1,515 stocks traded on the NSE, 1,131 declined and 336 advanced today.

Top 5 Nifty Gainers: Tata Motors (3.41%), Tata Steel (2.38%), Bajaj Auto (1.70%), Hero Motocorp (1.69%) and Sun Pharma (1.25%).

Top 5 Nifty Losers: Lupin Ltd (-1.41%), ICICI Bank (-0.95%), Reliance Ind. (-0.66%), ITC Ltd. (-0.59%) and Infosys Ltd. (-0.53%).

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Daily Market Commentary : 3rd August 2016

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