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Business News/ Market / Stock-market-news/  Sensex, Nifty end lower from record highs on profit taking
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Sensex, Nifty end lower from record highs on profit taking

Sensex ended 0.2% lower at 27,2265.32 points, while Nifty ended 0.26% down at 8,152.95 points

Among losers, Bajaj Auto fell 1.5% to `2,325.2, while Hero MotoCorp fell 1.5% to `2,740. Photo: Hemant Mishra/MintPremium
Among losers, Bajaj Auto fell 1.5% to `2,325.2, while Hero MotoCorp fell 1.5% to `2,740. Photo: Hemant Mishra/Mint

Mumbai: The 30-share benchmark S&P BSE Sensex ended 55 points lower on Tuesday, ahead of Supreme Court’s verdict in the coal allocations case due later in the day.

The apex court had ruled on 25 August that all coal block allocations between 1993 and 2010 were illegal.

Investors were also cautious as the government will issue figures on growth in index of industrial production (IIP) and Consumer Price Index (CPI)-based inflation for July and August, respectively, on 12 September. A Bloomberg poll predicted IIP to grow 2% in July compared with 3.4% in June, and CPI at 7.8% for August as compared with 7.96% in July.

The Sensex ended 0.2%, or 54.53 points, lower at 27,2265.32 points, while the National Stock Exchange’s broader barometer 50-share Nifty was down 0.26%, or 20.95 points, to 8,152.95 points.

Among gainers, Cipla Ltd added 2.1% to 575.20 after it announced a commercial collaboration with UK-based S&D Pharma to enter Czech Republic and Slovakia. Cipla will be driving its respiratory product portfolio in both Czech Republic and Slovakia through a Cipla-owned sales force team, while S&D Pharma will physically distribute all products. Coal India Ltd rose 1.7% to 380.70 apiece.

Among losers, Bajaj Auto Ltd fell 1.5% to 2,325.2, while Hero MotoCorp Ltd fell 1.5% to 2,740.

The S&P BSE Consumer Durables index was the top sectoral gainer, up 1.8%, followed by S&P BSE FMCG and S&P BSE Power indices were up 0.9% and 0.6%, respectively. S&P BSE Healthcare and S&P BSE Auto indices were up 0.4% each. S&P BSE Realty was the top sectoral loser index, down 1.1%, followed by S&P BSE IT and S&P BSE Oil and Gas indices, which fell 0.8% and 0.5%, respectively. S&P BSE Capital Goods and S&P BSE Teck indices fell 0.4% each.

Larsen and Toubro Ltd (L&T) fell 1.2% to 1,607. L&T on Tuesday took control of its engineering consultancy joint venture L&T Ramboll Consulting Engineers Ltd, by acquiring the 50% stake held by Ramboll Denmark AS.

Ashok Leyland Ltd rose 5.4% to close at 40.7 after it got orders for 4,000 buses worth 1,500 crore from state transport undertakings.

Jayshree Chemicals Ltd rose 4.94% to close at 15.30 while Aditya Birla Chemicals (India) Ltd rose 3.5% to 301.35 after the latter said it will buy the chloralkali division of Jayshree Chemicals for 212 crore in cash. The acquisition will increase caustic soda capacity of Aditya Birla Chemicals to about 3,55,000 tonne per annum.

SKS Microfinance Ltd, MindTree Ltd, Eicher Motors Ltd, Motherson Sumi Systems Ltd and TVS Motor Co. Ltd were trading higher as these stocks will be included in the F&O segment from 10 September. SKS Microfinance ended up 0.5% to 338.95, MindTree was up 0.21% to 1,151, Eicher Motors rose 0.2% to 10,970.30, Motherson Sumi jumped 1.9% to 392.95 and TVS Motor soared 2.9% to 224.20.

Gammon Infrastructure Projects Ltd rose 3.8% to close at 14.85 after it said it raised 259 crore by selling shares to institutions.

Bhushan Steel Ltd rose 5% to 116.65 after news reports said the company was planning to raise 1,000 crore from the sale and lease-back of critical assets.

Apollo Tyres Ltd rose 0.6% to 210.85 after it said that it was planning to set up a new plant in Hungary at an investment of €442.2 million (about 3,450 crore) and the investment aid given by the country’s government has been cleared by European Commission.

Metal, power and banking shares closed mixed ahead of the Supreme Court verdict on coal blocks. On 8 September, the government filed an affidavit in the Supreme Court, leaving the final decision to the court. The government also requested the court to spare 46 coal mines, of which 40 are functional and six are about to become operational.

Earlier, power minister Piyush Goyal had said that the government was not worried about cancellations, saying it would only lead to a short-term disruption of power generation. The government, Goyal had said, was ready to re-auction the blocks in such an eventuality.

However, analysts say if the apex court imposes a penalty or cancels allocations, it may lead to a huge increase in the cost of production and loans to these projects may turn bad.

In the power sector, Reliance Power Ltd rose 1.9% to 77.20, GMR Infrastructure Ltd rose 1.6% to 25.40, CESC Ltd rose 1.6% to 773.40, Jaiprakash Power Ventures Ltd rose 1.4% to 14.05, Reliance Infrastructure Ltd rose 1.3% to 698.40, Adani Power Ltd rose 1.1% to 50.70, Torrent Power Ltd fell 3.1% to 156.75, while Bharat Heavy Electricals Ltd (Bhel) fell 1.1% to 221.45.

Among metal companies, Coal India rose 1.7% to 380.7, Jindal Steel and Power Ltd rose 1% to 240.45 while Steel Authorities India Ltd (SAIL) was down 1.3% to 83.20, NMDC Ltd fell 1.3% to 181.50, Sesa Sterlite Ltd fell 0.7% to 281.70, Hindalco Industries Ltd fell 0.7% to 172.40.

Among banking companies IndusInd Bank Ltd rose 2.2% to 634.3, Bank of Baroda rose 1.5% to 903.30, Yes Bank Ltd rose 0.9% to 625.75, Punjab National Bank rose 0.8% to 952.55, Canara Bank rose 0.3% to 395.65, while ICICI Bank Ltd fell 1.3% to 1547.70, Federal Bank Ltd fell 1.2% to 125.30, Bank of India fell 0.9% to 282.90, Kotak Mahindra Bank fell 0.4% to 1,073.85.

Since the beginning of this year, the Sensex has gained 28.79%, while foreign institutional investors have bought $13.7 billion from local equity markets.​

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Published: 09 Sep 2014, 10:30 AM IST
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