 "Markets end flat amid volatility; F&O expiry eyed")
Markets ended flat as investors turned cautious ahead of the expiry of August derivative contracts on Thursday while foreign investors turning sellers capped further upside. Further, investors are also awaiting signals from the central bankers' meet in Jackson Hole, Wyoming later this week on the US Federal Reserve's stance on interest rate.
The S&P BSE Sensex ended up 5 points at 27,990 and the Nifty50 inched up 3 points to settle at 8,633. In the broader markets, the BSE Midcap index ended down 0.3% while the Smallcap index ended flat with negative bias.
“With derivatives’ expiry approaching, rollovers were seen gaining traction, infusing some life into an otherwise lacklustre market. Meanwhile, lower oil prices and uncertainty in timing of Fed’s next policy action kept global markets on a watch mode.” said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.
Moody’s Investors Service on Monday said continued reforms to enhance business environment and moderate inflation would help India achieve robust growth but cautioned that rising contingent liability risks in the banking sector could affect its credit quality.
IT majors were the top gainers on renewed buying interest at lower levels. Infosys and TCS ended up 2% each while Wipro gained nearly 1%.
Infosys on Monday said it has laid off "a few" people on grounds of non-performance and disciplinary issues but denied reports of 500 jobs being cut by the country's second largest software services company.
GAIL (India) ended nearly 1% higher after the state-owned firm and Silicon Valley-based Bloom Energy signed a memorandum of understanding (MoU) to deploy revolutionary natural gas-based fuel cell technology to generate electricity.
NTPC ended nearly 3% lower. The state-owned power major registered 4% growth in standalone net profit at Rs 2,370 crore for the June 2016 quarter compared with Rs 2,277 crore in the same quarter last year.
HPCL eased nearly 4% after recent gains ahead of its June quarter earnings. The company posted 30% increase in its net profit for the first quarter (Q1) of the current financial year (FY) to Rs. 2,098.38 crore, against Rs. 1,614.13 crore during the same period of the last FY.
However, HPCL’s average gross refining margin during the quarter ended June 30,2016 was $6.83 per barrel, compared to $8.56 per barrel against Q1 of the previous FY.
Idea Cellular surged in late trades to end nearly 8% higher on speculation of a merger with telecom major Vodafone.
Among others, Welspun India ended locked in 20% lower circuit for the second straight day at Rs 65.85 on the BSE. In the last two days of trading, the company has lost Rs 3,700-crore of market value after Target made the announcement during the weekend. US-based Target Corp announced last week it was terminating business with the Indian manufacturer for substituting the cotton in bedsheets with a different type than the contracted Egyptian one.
Indraprastha Gas Limited (IGL) ended up 4% after the company reported a healthy 44% jump in its June quarter on the back of strong operational performance.
Shares of select paper and paper product companies touched their respective 52-week highs in an otherwise subdued market after reporting a strong set of numbers for the quarter ended June 30, 2016 (Q1FY17).
Seshasayee Paper and Boards, West Coast Paper, Star Paper Mills, Ruchira Papers, N R Agarwal Industries, Tamil Nadu Newsprint & Papers, Kuantum Papers and Kushal Tradelink touched 52-week highs on the BSE.
Tata Power ended nearly 4% lower after the company's consolidated net profit slumped by 76% to Rs 72.49 crore for the quarter ended June 30, 2016 on account of one-time regulatory expense of Rs 272 crore and forex losses of Rs 160 crore.
The S&P BSE Sensex ended up 5 points at 27,990 and the Nifty50 inched up 3 points to settle at 8,633. In the broader markets, the BSE Midcap index ended down 0.3% while the Smallcap index ended flat with negative bias.
“With derivatives’ expiry approaching, rollovers were seen gaining traction, infusing some life into an otherwise lacklustre market. Meanwhile, lower oil prices and uncertainty in timing of Fed’s next policy action kept global markets on a watch mode.” said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.
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Foreign portfolio investors turned net sellers after a buying spree over the last few weeks. They were net sellers in equities worth Rs 301 crore on Monday, as per provisional stock exchange data.
Moody’s Investors Service on Monday said continued reforms to enhance business environment and moderate inflation would help India achieve robust growth but cautioned that rising contingent liability risks in the banking sector could affect its credit quality.
IT majors were the top gainers on renewed buying interest at lower levels. Infosys and TCS ended up 2% each while Wipro gained nearly 1%.
Infosys on Monday said it has laid off "a few" people on grounds of non-performance and disciplinary issues but denied reports of 500 jobs being cut by the country's second largest software services company.
GAIL (India) ended nearly 1% higher after the state-owned firm and Silicon Valley-based Bloom Energy signed a memorandum of understanding (MoU) to deploy revolutionary natural gas-based fuel cell technology to generate electricity.
NTPC ended nearly 3% lower. The state-owned power major registered 4% growth in standalone net profit at Rs 2,370 crore for the June 2016 quarter compared with Rs 2,277 crore in the same quarter last year.
HPCL eased nearly 4% after recent gains ahead of its June quarter earnings. The company posted 30% increase in its net profit for the first quarter (Q1) of the current financial year (FY) to Rs. 2,098.38 crore, against Rs. 1,614.13 crore during the same period of the last FY.
However, HPCL’s average gross refining margin during the quarter ended June 30,2016 was $6.83 per barrel, compared to $8.56 per barrel against Q1 of the previous FY.
Idea Cellular surged in late trades to end nearly 8% higher on speculation of a merger with telecom major Vodafone.
Among others, Welspun India ended locked in 20% lower circuit for the second straight day at Rs 65.85 on the BSE. In the last two days of trading, the company has lost Rs 3,700-crore of market value after Target made the announcement during the weekend. US-based Target Corp announced last week it was terminating business with the Indian manufacturer for substituting the cotton in bedsheets with a different type than the contracted Egyptian one.
Indraprastha Gas Limited (IGL) ended up 4% after the company reported a healthy 44% jump in its June quarter on the back of strong operational performance.
Shares of select paper and paper product companies touched their respective 52-week highs in an otherwise subdued market after reporting a strong set of numbers for the quarter ended June 30, 2016 (Q1FY17).
Seshasayee Paper and Boards, West Coast Paper, Star Paper Mills, Ruchira Papers, N R Agarwal Industries, Tamil Nadu Newsprint & Papers, Kuantum Papers and Kushal Tradelink touched 52-week highs on the BSE.
Tata Power ended nearly 4% lower after the company's consolidated net profit slumped by 76% to Rs 72.49 crore for the quarter ended June 30, 2016 on account of one-time regulatory expense of Rs 272 crore and forex losses of Rs 160 crore.