However markets were unable to hold on to their gains as selling pressure in the power, banking, capital goods and FMCG stocks dragged indices lower. On the other hand, telecom, metals and consumer durables stocks ended with gains.
On the economy front, the Cabinet approved advancing presentation of the annual Budget by a month, scrapped over nine-decade-old tradition of having a separate Railway Budget and removed classifications for expenditure to make the exercise simpler.
Among the Nifty stocks, Bharti Infratel, Eicher Motors, HUL, Yes Bank, Tata Steel, Axis Bank and Idea Cellular were the gainers whereas Bank of Baroda, Power Grid, Ambuja Cement, SBI, ITC, BHEL and ONGC were among the losers today.
Finally, the BSE Sensex ended with a loss of 16 points at 28,507. The BSE Sensex opened at 28,554 touched an intra-day high of 28,689 and low of 28,462.
The NSE Nifty closed almost unchanged at 8,777. The NSE Nifty opened at 8,790 hitting a high of 8,827 and low of 8,757.30.
The India VIX (Volatility) index was down 0.16% at 14.8050. Out of 1,483 stocks traded on the NSE, 710 declined and 718 advanced today.
The BSE Midcap closed in red and Smallcap indices ended marginally up.
The rupee was trading down one paise at 67.01 per US dollar.
On the global front, Japan’s Nikkei gained 1.9%. China’s Shanghai Composite and Hong Kong’s Hang Seng closed higher.
In Europe, the FTSE 100 was marginally up 0.37%. The CAC 40 and DAX gained 1% each.
Welspun Corp rallied 3% after the company announced that manufacturing unit at Anjar, Gujarat has been awarded with the following awards in the 27th Annual Convention on Quality Concepts organized by the Quality Circle Forum of India, Secunderabad (Vadodara Chapter).
Shriram EPC climbed 8.4% to Rs.25.15 on BSE. The company announced that it has been awarded contract of over Rs.74 crore. The company received an order from Chennai Metropolitan Water Supply and Sewage Board for providing comprehensive water supply scheme in Chennai city.
Prestige Estates Projects gained 1.3%. The company is planning to raise at least $300 million, around Rs.2,000 crore, by selling up to 40% stake in its rent-yielding commercial assets and has drawn interest from Canadian Pension Plan and GIC of Singapore, as per media reports.
Monsanto India gained 2%. German chemicals conglomerate Bayer made an open offer to buy 26% in Monsanto India as part of a global deal. Bayer is acquiring the U.S. based seed major Monsanto for $66 billion, as per media report.
Trent Ltd slipped 1.3%. Trent Ltd has informed BSE that the Company has redeemed 3,000 rated listed unsecured redeemable non - convertible debentures ("NCDs") of face value Rs.10 lakhs each at par on due date i.e. September 20, 2016. Total redemption amount was Rs.300 crore.
NBCC advanced 0.50% to Rs.253.40 on the BSE. NBCC (India) said that it has secured work orders amounting to about Rs.440 crore.
Vardhman Textiles climbed 4.8%. Vardhman Textiles will consider proposal to buy-back the fully paid-up equity shares of the company, as per media reports.
TeamLease Services zoomed 2%. The company signed a definitive agreement to acquire NichePro Technologies Pvt Ltd for an enterprise value of up to Rs. 29.5 crore.
Adani Ports closed marginally lower on BSE. Abbot Point Operations Pty Ltd (APO), the Australian subsidiary of Adani Ports and Special Economic Zone Limited (APSEZ) has entered into an agreement to acquire ownership of Abbot Point Bulkcoal Pty Ltd (APB).
A total of 59 stocks registered a fresh 52-week high in trades today, whereas 18 stocks touched a new 52-week low on the NSE.