The market has ended in red on a day of consolidation. The Sensex was down 42.24 points or 0.2 percent at 25838.14, and the Nifty slipped 12.75 points or 0.2 percent at 7899.30. About 1242 shares advanced, 1313 shares declined, and 165 shares were unchanged.
Maruti, SBI, ONGC, NTPC and Axis Bank were gainers while HUL, HDFC, Sun Pharma, ITC and Infosys were losers in the Sensex.
STOCK TRENDS
India’s second largest private bank HDFC Bank closed the session with modest gains after reporting a net profit of Rs 3374.22 crore, up 20.2% from a year ago and a net interest income of Rs7453 crore up 24%.
The most prominent gainer in today’s trade was Maruti Suzuki India closing nearly 3% higher tracking the weakness in the Japanese yen.
Also, Oil and Natural Gas (ONGC) rose 1% after a huge block deal. Around 1 million shares of the company changed hands in a block deal. However, buyers and sellers name unknown, according to media report.
Another sector that hogged buying interest in today’s trade was the PSU banks gaining for third straight trading session after a media report on Thursday stated that the Reserve Bank of India (RBI) trimmed the list of debt-laden companies for loan provisioning in the fourth quarter ended March 31, 2016. Lower provisioning would help reduce credit cost burden thereby easing pressure on profitability.
SBI, Canara Bank, Oriental Bank of Commerce, Union Bank of India and Bank of Baroda Bank of India, and Punjab National Bank surged between 1%-2.5%.
On the flip side, shares of Reliance Industries (RIL) lost nearly 0.4% ahead of Q4 results due to be announced later in the day.
Meanwhile, Tata Steel shares rose over 2.5% in the intra-day trades after the UK government announced it is willing to acquire 25% minority equity stake in Tata Steel’s UK operations as well as offer hundreds of millions of pounds in debt relief to rescue the troubled Indian steel giant by helping potential buyers. However, the stock closed marginally lower on account of profit booking.
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