"The Nifty opened gap up today & went on to test the 11,200 mark. However it couldn’t reach the distance & stumbled near a falling trendline drawn from the previous crucial swing highs. The trendline induced bears to push the index down in the second half of the session. Thus today’s high of 11,181 becomes a key resistance now. Unless that gets taken out further upside looks unlikely," Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas said.
Suzlon Energy offers creditors $1.2 billion resolution plan
Suzlon Energy has offered creditors a $1.2 billion (Rs 85 billion) bad-debt resolution plan, reports Bloomberg. If accepted, the resolution plan suggests that the creditors, led by State Bank of India ( SBI), take a 44 percent haircut on the total debt.
BHEL Q1 results: Net loss at Rs 217.7 crore against profit of Rs 40.7 crore, while revenue was down 23.7 percent at Rs 4,532.5 crore against Rs 5,942 crore, YoY.
NRB Bearings Q1 result: Company reported 69 percent fall in its Q1FY20 net profit at Rs 11.5 crore versus Rs 36.9 crore, while revenue declined 11.8 percent at Rs 212.4 crore versus Rs 240.9 crore, YoY.
Market Close: Indian indices ended higher for second consecutive day but off day's high on August 9 with Nifty holding above 11,100 level.
At close, Sensex was up 254.55 points at 37,581.91, while Nifty was up 77.20 points at 11,109.70. About 1521 shares have advanced, 952 shares declined, and 151 shares are unchanged.
Indiabulls Housing, Eicher Motors, Maruti Suzuki, Bajaj Finserv and Titan Company were among major gainers on the Nifty, while losers were Yes Bank, Cipla, Hindalco Industries, Tech Mahindra and Coal India.
Among sectors, IT, metal, PSU bank and pharma witnessed selling pressure, while buying seen in the auto, FMCG and energy sectors.
Coffee Day locked in lower circuit for 9th day: Shares of Coffee Day Enterprises were locked in lower circuit for ninth consecutive session on August 9, after the sudden death of founder VG Siddhartha on July 29 which raised concerns over company's corporate governance and financials amid rising debts.
Cadila Healthcare fell post Q1 numbers: Shares of Cadila Healthcare fell more than 1 percent on August 9 after company's consolidated net profit was down 34 percent at Rs 303.6 crore against Rs 460.5 crore, while revenue was up 20.8 percent at Rs 3,496.3 crore against Rs 2,893.7 crore, YoY.