Share prices trendless: Friday Closing Report

Nifty to remain in a narrow range of 5,440 and 5,540

Tracking the weak sentiment in Asian markets today, the domestic market opened lower from its previous close. The Nifty resumed trade at 5,479, down nine points and the Sensex was down 16 points at 18,194. Metal, realty and banking counters saw selling pressure early on, and the indices dropped to their intra-day lows in the first 30 minutes of trading, the Nifty falling to 5,454 and the Sensex to 18,132.

Support from the fast-moving consumer goods sector, IT and banking stocks, enabled the market to push into the positive. With this upward push, the benchmarks rose to their day’s highs within the hour. At the intra-day high, the Nifty was at 5,520 and the Sensex touched 18,334. But volatility set in, forcing the indices lower in the mid-morning session.

Attempts at a recovery were hurt by sellers and the market ended flat with a negative bias, down for a fourth consecutive day. At the close the Nifty was at 5,482, down six points, and the Sensex lost 12 points to finish at 18,197. Although the Nifty’s high today was above yesterday’s high, the low was below Thursday’s lows. The total volume of shares traded today on the National Stock Exchange (NSE) was 67.61 crore, which is above the 10-day moving average.

The advance-decline ratio on the NSE was 601:1084.

The broader indices underperformed the Sensex today with the BSE Mid-cap index and the BSE Small-cap index declining by 0.68% and 0.67%, respectively.

The top sectoral gainers were BSE Fast Moving Consumer Goods (up 0.74%), BSE Bankex (up 0.53%) and BSE TECk (up 0.50%). The major losers were BSE Realty (down 2.09%), BSE Metal (down 2%) and BSE Oil & Gas (down 1.18%).

The top performers on the Sensex were ICICI Bank (up 1.99), Maruti Suzuki (up 1.81%), Bharti Airtel (up 1.43%), Bajaj Auto (up 1.27%) and ITC (up 1.09%). The main losers on the index were Jaiprakash Associates (down 4.51%), Jindal Steel (down 4.43%), ONGC (down 2.89%), Hero Honda (down 2.14%) and Sterlite Industries (down 1.93%).

The top Nifty gainers were Axis Bank (up 3.03%), Punjab National Bank (up 2.38%), ICICI Bank (up 2.05%), Maruti Suzuki (up 1.80%) and Bajaj Auto (up 1.49%). The laggards which weighed the index down were Sesa Goa (down 5.45%), Jindal Steel (down 4.14%), JP Associates (down 3.88%), ONGC (down 2.87%) and Ambuja Cement (down 2.78%).

Markets in Asia ended lower on the last trading day of the week, on concerns over the delay on the vote to raise the US borrowing limit that increased the chances of the world’s largest economy defaulting on its debt.

Reacting to the development, the Chinese government-run Xinhua agency said it was “unfortunate and disappointing” that other countries would have to pay if American lawmakers do not raise the US government’s debt ceiling before the 2nd August deadline. Besides, a clutch of weak earnings and forecasts also weighed down investor sentiment in the region.

The Shanghai Composite lost 0.95%, the Hang Seng declined 0.58%, the Jakarta Composite fell 0.36%, the KLSE Composite slipped 0.20%, the Nikkei 225 skidded 0.69%, the Straits Times shed 0.02%, the Seoul Composite tumbled 1.05% and the Taiwan Weighed dropped 1.40%.

Back home, foreign institutional investors were net buyers of stocks worth Rs64.66 crore on Thursday and domestic institutional investors were net buyers of equities worth Rs409.34 crore.

Viom Networks, the telecom tower joint venture between Tata Teleservices and Quippo, has made a Rs7,500 crore ($1.69 billion) offer to buy out GTL Infrastructure. SBI Capital Markets is advising Global Group, the parent company of GTL Infrastructure, on the stake sale.

GTL promoters are learnt to be eyeing valuations of over Rs10,500 crore excluding debt. Earlier rounds of talks in the first week of July did not make any headway, as Viom was not keen on the merger option proposed by bankers. GTL Infrastructure surged 10.18% to close at Rs15.15 on the NSE.

FMCG major Hindustan Unilever today said it has got shareholders’ approval for transfer of certain assets, liabilities and properties to Unilever India Exports as part of the demerger of its exports business. The company said the move to demerge FMCG exports business has been made in order to fully exploit the opportunity in the export market and to provide necessary focus, flexibility and speed to the business. HUL closed at Rs325, up 0.67%.

Pharma major Indoco Remedies has acquired land in Maharashtra to set up a new Rs600 million active pharmaceutical ingredients (APIs) unit in 18 months, a top executive said. The Mumbai-based drugmaker has also started manufacturing products at its new unit in Goa and is looking to export products to Kenya and other semi-regulated markets from there. The scrip lost 2.55% to end at Rs420.10 on the NSE.

 

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ICICI Bank Q1 net up 53% to Rs1,667 crore

On a standalone basis, net profit of the bank increased by 30% to Rs1,332 crore during the quarter from Rs1,026 crore for the same period an year ago

Mumbai: Private sector lender ICICI Bank today reported a 53% jump in its consolidated net profit to Rs1,667 crore for the first quarter ended 30th June from Rs1,091 crore for the April-June quarter of the last fiscal, reports PTI.

Total income of the bank on a consolidated basis increased to Rs14,749.70 crore during the quarter compared to Rs13,535.30 crore in the same quarter last fiscal, the bank said in a statement.

On a standalone basis, net profit of the bank increased by 30% to Rs1,332 crore during the quarter from Rs1,026 crore for the same period an year ago.

Net interest income, or the difference between interest income and interest expense, was at Rs2,411 crore during the three-month period, up 21% from a year ago. The bank closed first quarter of current fiscal with a capital adequacy ratio of 19.57%.

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SEBI ask companies to mandatorily file Q4 results

As part of tightening disclosure norms for listed entities, SEBI stated that companies which opt to submit audited annual results within 60 days of end of financial year in lieu of last quarter results would also submit the last quarter results along with the audited annual results

Mumbai: As part of tightening disclosure norms for listed entities, market regulator Securities and Exchange Board of India (SEBI) has made it mandatory for companies to announce their fourth quarter numbers along with audited annual results, reports PTI.

Although it is mandatory for companies to file quarterly figures along with annual results with stock exchanges, some companies had only been filing annual numbers.

"Companies which opt to submit audited annual results within 60 days of end of financial year in lieu of last quarter results shall also submit the last quarter results along with the audited annual results," SEBI has said.

The SEBI board met here yesterday and decided on a slew of measures to help retail investors take well-informed decision before investing in stock market.

It has also asked companies to report the comparative figures of the immediate preceding period at the time of publishing result of any quarter.

"In order to give a better comparative picture of the quarterly financial results, listed companies shall disclose figures in respect of immediately preceding quarter as well in addition to the existing requirements," SEBI said.

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