We had mentioned in Monday’s closing report that Nifty, Sensex look weak. The major indices of the Indian stock markets were range-bound on Tuesday and closed with marginal gains over Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
Indian equity markets traded lower during the mid-afternoon session on Tuesday as mixed global cues and lower crude oil prices subdued investors' sentiments. Selling pressure was witnessed in capital goods and oil and gas stocks. The BSE market breadth was minimally tilted in favour of the bears -- with 1,358 declines and 1,313 advances. On the NSE, on Tuesday, there were 678 advances, 785 declines and 77 unchanged.
On Tuesday, the benchmark indices opened on a flat-to-negative note on the back of lower Asian and US markets, although the European markets closed higher. The markets also traded with apprehension as caution prevailed ahead of a speech by Federal Reserve Chair Janet Yellen later in the week. Investors are vigilant of a possible interest rate hike in the US as this can potentially lead FPIs (Foreign Portfolio Investors) away from emerging markets such as India. In addition, lower crude oil prices led the key indices to cap gains. Also, the foreign institutional investors have been net sellers for the first time in August.
Hindustan Petroleum Corporation Ltd (HPCL) on Monday reported a 30% rise in its net profit to Rs2,098.38 crore in the quarter ended 30 June 2016 as compared to Rs1,614.13 crore in the corresponding period last year. Net sales in the quarter under review stood at Rs51,599.52 crore, down 5.7% from Rs54,739.46 crore in the same quarter last year. The company's crude throughput (rate of production) grew to 4.48 million metric tonnes (MMT) in the June quarter from 3.75 MMT in the year-ago period. In volumes, domestic sales increased to 8.89 MMT in the first quarter of current fiscal from 8.46 MMT in corresponding quarter last year while exports fell to 0.03 MMT from 0.12 MMT. On Tuesday, HPCL shares closed at Rs1,149.95, down 5.32% on the BSE.
JK Tyre and Industries has said it will combine its several R&D centres under one roof to set up a world-class research centre. "JK Tyres has been using robotics technology since 2003, and we are using 14 such robots nicknamed 'Adams' in our Mysuru plant," chairman Raghupati Singhania told IANS in an interview, pointing to the robot which brought on stage the company's ten millionth radial at an event here on Monday. "Our R&D centres currently spread over different locations are now going to be brought under one roof in a world-class research centre here with an investment of Rs100 crore ($15 million). "It will house the most modern and advanced equipment manned by highly experienced engineers and scientists with deep insight into material resource, designs, aesthetics and structures, " he said, adding that the centre will start with 200 scientists, whose number will double during the next one year," Singhania said. Noting that JK Tyres pioneered radial technology in India, being the first to produce such tyres for trucks and buses in 1999, he said it is R&D which helps the company remain ahead as tyre technology is "ever evolving and developing rapidly". "JK Tyre is going greener, not only in manufacturing processes and plants, but also in products," he said. "The green tyres that we produce have low rolling resistance, which helps in saving fuel. Besides, we are constantly reducing our carbon footprint by reducing energy and water consumption -- two critical resources in tyre manufacturing," the chairman said. The shares of the company closed at Rs110.85, up 0.32% on the BSE.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: