Markets were unable to hold on to their gains as selling pressure in the telecom, IT, technology and consumer discretionary stocks dragged indices lower. On the other hand, oil & gas, capital goods, energy, industrial, realty and banking stocks ended with gains.
Finally, the BSE Sensex ended with a gain of 30 points at 28,507. The BSE Sensex opened at 27,712, touched an intra-day high of 27,764 and low of 27,548.
The NSE Nifty closed with a gain of 10 at 8,583. The NSE Nifty opened at 8,594 hitting a high of 8,604 and low of 8,549.80.
Sentiments got boosted after India’s WPI in the month of September 2016 softened to 3.57% compared to 3.74% in the previous month . Also, some support was gained with retail inflation hitting a 13-month low, aided by lower food prices especially those of vegetables. This is the first time in this financial year that the overall CPI inflation has fallen below the Reserve Bank of India’s inflation target of 5% by March 2017.
Meanwhile, Finance Minister Arun Jaitley has said that the absence of reforms in infrastructure and power sectors by the previous government created huge non-performing assets (NPAs) in these core segments.
Among the Nifty stocks, GAIL, L&T, Tata MotorsDVR, Tata Motors, RIL, BPCL, Power Grid, UltraTech Cement and TCS were the gainers whereas Zee, Bharti Infratel, Infosys, HUL, Eicher Motors and Idea Cellular were among the losers today.
The India VIX (Volatility) index was down 3.48% at 14.8875. Out of 1,398 stocks traded on the NSE, 473 declined and 879 advanced today.
The BSE Midcap and Smallcap indices ended higher by 0.80%.
The rupee was trading up 19 paise at 66.74 per US dollar.
On the global front, Asian markets closed mixed on Friday, with investors assessing price increases in China and the possibility of an interest rate hike in the U.S. later in the year. Japan’s Nikkei and Hong Kong’s Hang Seng gained over 0.50%. China’s Shanghai Composite closed higher.
In Europe, the FTSE 100 was marginally up 0.81%. The CAC 40 and DAX gained 1% each.
Infosys slipped 2.3%. The company has posted a net profit of Rs 3606 crore for the quarter ended September 30, 2016 as compared to Rs 3398 crore for the quarter ended September 30, 2015.
L&T rallied 2.5% to Rs 1472.50 on the BSE. L&T Construction has won a major order worth, Rs 3799 crore from the Dedicated Freight Corridor Corporation of India Ltd. (DFCCIL).
Lux Industries jumped 5.3% to Rs 715 on BSE after the company announced that the company's rating for long term and short term bank facilities have been revised upwards by the rating agency, CARE.
Hindustan Construction Company soared 5.5%. HCC in joint venture with VCCL has won a Rs 367.72 crore order for construction of a safety tunnel in Manipur.
Reliance Communications Ltd gained 2.6% after the company announced the signing of a non-binding Term Sheet with Brookfield Infrastructure Group (Brookfield) in relation to the proposed acquisition of RCOM’s nationwide tower assets and related infrastructure by Brookfield.
Steel Strips Wheels Ltd zoomed 4.8% to Rs 768 after the company announced substantial increase in export orders for supply of Steel Wheels for VW Argentina’s requirements to 34000 wheels from an original order of 7000 wheels. Wheels are being supplied from SSWL's Chennai plant.
Zee Entertainment Enterprises Ltd dropped 3.4% to Rs 528. Zee Entertainment Enterprises Ltd reached an agreement to buy Reliance Broadcast Networks Ltd, as per media reports. The companies are working on a deal structure, the report added.
Karnataka Bank jumped 3.4% to Rs 149.60. The bank has fixed 25 October as record date for the purpose of determining the shareholders eligible to apply for rights equity shares.
Hindustan Unilever Ltd slipped 2.3% to Rs 841. Hindustan Unilever Ltd plans to raise prices of some skincare products has affected sales in the September quarter, parent Unilever Plc said Thursday. The comment in Unilever’s third-quarter earnings presentation is in line with analysts’ forecasts that India’s largest consumer packaged goods firm by sales will post another quarter of tepid results.
Jammu & Kashmir Bank tanked 9% to Rs 68. Parvez Ahmed, Chairman and Chief Executive since October 6, told investors in a conference call on Thursday that the bank was looking to “deep clean” its balancesheet and aimed to take its provision coverage ratio (PCR) to about 90% over the next six quarters, from 50% currently. PCR is the amount of money a bank has kept aside for potentially bad loans.
Tata Consultancy Services advanced 1.6% to Rs 2366. TCS reported a profit after tax of Rs 6,603 crore for the September quarter. This was 4.51% qoq higher than the June quarter PAT of Rs 6318 crore the firm reported in the June quarter.
ONGC zoomed 2% to Rs 276. ONGC Ltd and Hong Kong-listed United Energy Group Ltd are among bidders for Bangladesh natural gas assets being sold by Chevron Corp, as per media reports.
Cox & Kings slipped 1.3%. Cox & Kings-owned Meininger Hotels has signed an agreement with Beni Stabili SIIQ to set up a 491-bed hotel in Milan, Italy.
A total of 70 stocks registered a fresh 52-week high in trade today, whereas 16 stocks touched a new 52-week low on the NSE.
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