Midcaps managed to put up a good show, gaining over half a percent, while PSU banks, pharma and IT names were the top sectoral gainers. Metal stocks witnessed some profit booking during the session.
India’s most valued firm Tata Consultancy Services touched a market capitalisation of $100 billion today, a first for any Indian company, but the benchmark indices set none of those records in today’s trade. The BSE Sensex slipped 200 points from the day’s high to close 35.19 points higher at 34450.77. The Nifty 50 too couldn’t sustain its gains of 56 points and closed only 20.70 points higher at 10584.70.
The development also helped TCS to be among top 100 global companies by market cap. Even as the positive sentiment around the Tata company lifted other IT counters, TCS itself closed 0.19 per cent lower at Rs. 3,395.90. HCL Technologies was the top IT gainer among Nifty 50 companies. The Noida-based company closed 1.76 per cent higher at Rs. 1,081.
The market breadth was narrow as 1391 shares advanced against a decline of 1290 shares, while 165 shares were unchanged.
IndusInd Bank and Mahindra & Mahindra were the top gainers, while HDFC Bank, Hero MotoCorp, Indiabulls Housing, and Hindalco were the top losers.
Midcaps managed to put up a good show, gaining over half a per cent, while PSU banks, pharma and IT companies were the top sectoral gainers. Metal stocks witnessed some profit booking during the session.
Among stocks, Unichem Labs rallied 7 per cent after the US Food and Drug Administration completed inspection at the company’s Ghaziabad plant without issuing any observations.
Phoenix Mills gained over a per cent before falling 3 per cent intra-day as Island Star Mall Developers, the strategic investment alliance owned by the company and Canada Pension Plan Investment Board, acquired a prime land parcel in Hebbal, Bengaluru for a total consideration of Rs. 650 crores.
KP Energy share price rallied 7 per cent after it incorporated a special purpose vehicle to share rights of 1200 MW transmission line infrastructure for wind power projects at Kutch in Gujarat.
Deccan Gold Mines hit 20% upper circuit as the miner said its compliance with the lease at Ganajur mine in Karnataka had got a favourable view from the state’s Principal Law Secretary. The company’s application awaits further regulatory clearances.
Cholamandalam Finance rose over 9% as the company’s asset quality improved in the March quarter.
Among the metals, gold prices moved down by 0.24 per cent to Rs 31,524 per ten grams in futures trade as speculators trimmed their positions, taking weak cues from global markets.
At the Multi Commodity Exchange, gold for delivery in August fell by Rs 76, or 0.24 percent, to Rs 31,524 per gen grams in business turnover of 4 lots.
Likewise, the yellow metal for delivery in June contracts was trading lower by Rs 69, or 0.22 per cent, to Rs 31,363 per ten grams in 223 lots.
Meanwhile, European markets began lower as investors took cues from corporate earnings while also keeping an eye on geopolitics and crude oil prices. The pan-European Stoxx 600 was 0.12 per cent lower.
Asian stocks ended the day lower as investors watched developments around US bond yields as well as fall in IT stocks. The Nikkei 225 shed 0.33 per cent or 74.20 points to close at 22,088.04.
Earnings momentum will be in focus on Tuesday as 21 firms declare their results. The prominent names include Bharti Airtel, DCM Shriram, ICICI Prudential Life Insurance, IDFC Bank, Persistent Systems, Tejas Networks and Zensar Technologies.