Thursday, 11 August 2016

Indices Snap 2-Day Losing Streak...Nifty Shuts Above 8550 Mark

Posted by suhani varma on Thursday, August 11, 2016 with No comments

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After falling for past two trading sessions, the Indian stock market see-sawed between negative and positive zone throughout the day and ended higher snapping its losing streak thanks to renewed buying momentum in the FMCG, oil & gas and IT stocks.

Among the Nifty stocks, Eicher Motors, Idea Cellular, BPCL, Lupin, ITC, ICICI Bank and Asian Paints were the gainers whereas Bank of Baroda, Grasim, Zee, Bharti Infratel, Hindalco, SBI and M&M were among the losers today.

Finally, the BSE Sensex ended with a gain of 85 points at 27,860. The BSE Sensex opened at 27,806 touched an intra-day high of 27,902 and low of 27,697.

The NSE Nifty closed with a gain of 17 points at 8,592. The NSE Nifty opened at 8,573 hitting a high of 8,601 and low of 8,540. The India VIX (Volatility) index was down 4.75% at 14.2125. Out of 1,516 stocks traded on the NSE, 897 declined and 567 advanced today. The BSE Midcap and Smallcap indices ended flat.

The rupee was trading down 13 paise at 66.85 per US dollar. On the global front, Japanese financial markets are closed today for a national holiday. Hong Kong’s Hang Seng closed in green, while China’s Shanghai Composite ended in red.

European shares were trading flat. The FTSE 100 slipped 0.23%. DAX and the CAC 40 were trading higher around 0.7% each. Bank of Baroda tumbled 8.9% to Rs.146. The bank said its net profit for the June quarter fell 59.74% from a year ago due to higher provisions and lower net interest income. Net profit for the quarter stood at Rs.423.62 crore as compared to Rs.1,052.15 crore a year ago.

Dilip Buildcon made its debut on the bourses at 10% premium to its offer price of Rs.219 closed higher by 15% at Rs.251.85 on BSE. Tata Communications closed marginally lower 0.11% to Rs.481. The Lok Sabha passed the Taxation Laws (Amendment) Bill. The Bill, when enacted, will put to rest the Tata Communications- Videsh Sanchar Nigam Limited (VSNL) surplus land issue and boost the government’s plans for non-core asset sales in large public sector undertakings (PSUs) that have land banks.

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