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Daily Market Commentary : 2nd August 2016

The Indian stock market once again ended with marginal losses on Tuesday amid a highly volatile session. Market participants turned jittery ahead of the tabling of GST Bill in Rajya Sabha scheduled on Wednesday. Sentiment also was dampened tracking weakness in the European markets. Selling pressure in metal, real estate, health care and industrial stocks dragged the indices sharply from day’s high. On the other hand, FMCG, IT, consumer discretionary stocks were among the major gainers. Nifty closed with a loss of 14 points at 8,622, while BSE Sensex ended with a loss of 21 points at 27,982.

On the global front, Asian shares closed on a mixed note. The Nikkei 225 Average ended 1.49% lower. According to reports, Japanese PM Shinzo Abe’s cabinet approved 13.5 trillion yen in fiscal measures today as part of efforts to revive the flagging economy, with cash payouts to low-income earners and infrastructure spending. Hong Kong’s Hang Seng and while China’s Shanghai Composite closed in green.

Indian Bank hit 20% upper circuit on the BSE. The bank has posted a net profit of Rs.3073.6 million for the Quarter Ended June 30, 2016 as compared to Rs.2152.8 million for the quarter ended June 30, 2015.

Tech Mahindra advanced 1.79% to Rs.498. The company has posted a net profit after tax, minority interest and share of profit of associates of Rs.7965.40 million for the quarter ended June 30, 2016 as compared to Rs.6224.40 million for the quarter ended June 30, 2015.

J. Kumar Infra projects climbed 2.7% to Rs.219.75. The Reserve Bank of India notified that Foreign Institutional Investors (FIIs) / Registered Foreign Portfolios Investors now invest from existing 24 per cent up to 40 per cent of the paid up capital of J. Kumar Infra projects Ltd. under the Portfolio Investment Scheme (PIS).

IndiGo dropped 11% to Rs.865. The airline company registered a 7.3% decline in their profits during the first quarter from Rs.638 crore during 2015 to Rs.591 crore

Tata Communications soared 6.3% to Rs.460. The company has posted a net profit after taxes, minority interest & share profit of associates of Rs.417.8 million for the quarter ended June 30, 2016 as compared to Rs.433 million for the quarter ended June 30, 2015.

Bajaj Auto closed marginally higher after the company reported its domestic July sales at 1.98 lakh units against 1.65 lakh units a year ago; total sales at 3.29 lakh units against 3.3 lakh units a year ago.

Sun Pharmaceutical Industries slipped 1% to Rs.828 The company announced that one of its subsidiaries has received final approval from US FDA for its Abbreviated New Drug Application (ANDA) for generic version of Glumetza, Metformin Hydrochloride extended release tablets 500 mg and 1000 mg.

DFM Foods Ltd fell 8% to Rs.2,097. The company posted a net profit of Rs.2.58 crore in June quarter as compared to Rs.2.09 crore a year ago. Net sales rose to Rs.75.14 crore in the quarter against Rs.67.96 crore last year same quarter.

Delta Corp Ltd rose 1.7% to Rs.99 after the company said it posted a net profit of Rs.20.08 crore in June quarter as compared to net loss of Rs.99.73 lakh a year ago. 

USDINR trade today trading up 3 paise at 67.02 per US dollar.

Out of 1,438 stocks traded on the NSE, 1,005 declined and 394 advanced today.

Top 5 Nifty Gainers: Adani Ports & Sez (1.45%), Asian Paints (1.15%), Coal India (1.14%), SBI (0.92%) and Hero Motocorp (0.80%).

Top 5 Nifty Losers: ITC Ltd (-2.00%), HDFC (-1.37%), Hind. Unilever (-1.13%), Bharti Airtel (-1.05%) and Reliance Ind. (-0.86%).

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Daily Market Commentary : 2nd August 2016


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