RTTNews - Despite strong cues from overseas markets, the Indian market closed a volatile session mostly unchanged on Monday, as worse-than-expected quarterly results from Reliance Industries outweighed encouraging earnings announced by a number of other bluechip companies over the weekend.
While caution ahead of RBI's monetary policy review meeting on Tuesday and profit taking following recent gains led to significant volatility, better-than-expected earnings from Tata Motors towards the close of the session helped the frontline indexes cut their early losses notably.
The BSE Sensex moved choppily in a range of 15,463- 15,228 before finishing at 15,375, down 4 points or 0.03%, while the S&P CNX Nifty rose 4 points or 0.08% to 4,572.
However, second-line stocks witnessed good buying support all through the day. On the BSE, the broad-based BSE 500 index rose 0.47%, the small-cap index gained 1.53% and the mid-cap index added 1.63%. Advancers outnumbered decliners by 1679 to 957 and 90 stocks closed unchanged. Sector-wise, FMCG, realty, power and metal stocks rose sharply, but oil/gas, auto and banking stocks ended on a subdued note.
Among the top gainers, Hindustan Unilever and Tata Power jumped over 5% each, DLF rallied 4.69% and Tata Steel and ITC rose over 3% each.
BHEL, Reliance Communication, Grasim Industries, Bharti Airtel, NTPC, Infosys, SBI, Tata Motors, and ACC were the other prominent gainers.
On the other hand, Reliance Industries tumbled 3.73%, Hero Honda Motors fell 3.02%, ONGC eased 2.80%, HDFC declined 1.92%, Mahindra & Mahindra shed 1.77%, ICICI Bank lost 1.21% and HDFC Bank ended down 1.18%.
Hindalco Industries, Maruti Suzuki, Reliance Infrastructure, Jaiprakash Associates, TCS, Sun Pharma and Sterlite Industries also ended in the red.
Tata Motors recouped all its early loss and ended up 0.39% after it reported a 58% rise in its June-quarter net profit, defying forecasts for a fall in net profit. Bank of Baroda fell 3.57% despite reporting an 85% rise in its June-quarter net profit on the back of healthy interest income and trading profits.
Castrol India climbed 9% after its June-quarter net profit grew 55% to Rs 128.4 crore from Rs 82.6 crore in the year-ago period. Granules India surged up 11.64% after reporting a 129% year-over-year rise in its June-quarter net profit.
State run oil companies fell on concerns about under-recoveries, after crude oil price rose to the highest in more than three weeks in Asian trading on Monday. HPCL slipped 1.50%, IOC ended down 0.67% and ONGC fell 2.80%, but BPCL edged up 0.14%.
Subhash Projects & Marketing ended up 0.17% after it bagged two orders worth Rs.152 crore from Bihar State Electricity Board, Patna. Andhra Bank rose 1.63% after reporting a three-fold jump in its June-quarter net profit to Rs.256.22 crore from Rs.77.62 crore in the corresponding quarter last year.
HCL Technologies advanced 1.73% after it announced a strategic alliance with eBaoTech Corporation, a leading provider of new generation software and services for life and general insurance industry.
Jindal Saw rallied nearly 6% after its net profit for the June quarter nearly doubled to Rs.133.71 crore on the back of a 47% growth in revenue. Bank of India tumbled 4.3% after announcing a modest 4% rise in its June-quarter net profit.
Lanco Infratech soared 6.32% after the company achieved financial closure for its 76- megawatt hydro electric project in Uttarakhand. Shree Cement climbed 6.43% after its net profit for the three months ended June grew to Rs.291.13 crore from Rs.110.90 crore in the year-ago period, boosted by high volume growth and reduced operating expenses.
Asian Paints advanced 3.18% on the back of a 66% rise in its quarterly net profit. Torrent Power surged up over 9% after it commissioned and started commercial generation of electricity from the second unit of 382.5 MW of SUGEN power plant.
BGR Energy Systems rose 2.48% on bagging a $ 80.5 million contract from the government of Iraq to develop two gas fields Nucleus Software Exports fell 2.39% on news that one of its major customers of an overseas subsidiary has decided to cancel some contracts. Balrampur Chini Mills closed up 0.51% on announcing a four-fold jump in its quarterly net profit.
Elsewhere, the other Asian markets ended in positive territory on increasing confidence about a global recovery and European stocks were trading higher in early trading, led by commodities and banking-related stocks, while U.S. stocks are set to open the week on an optimistic note as traders continue to feel increasingly confident that the worst for the global economy is over.
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