Sensex, Nifty End Lower As Infosys’ Decline Offsets RIL’s Gain
Closing Bell: Sensex, Nifty End Marginally Lower As Infosys’ Decline Offsets RIL’s Gain
Indian equity benchmarks ended marginally lower as the gains in Reliance Industries Ltd. were offset by the losses in Infosys Ltd.
The S&P BSE Sensex fell 0.1 percent to close and 39,020 and the NSE Nifty 50 declined 0.19 percent to end at 11,582. The boarder markets represented by the NSE Nifty 500 Index fell 0.22 percent.
The market breadth was tilted in favour of sellers. About 1,008 stocks declined and 753 shares advanced on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty PSU Bank Index’s 3.5 percent fall. On the flipside, the NSE Nifty Realty Index was the top sectoral gainer, up 0.9 percent.
Bloomberg Exclusive: Government Said To Mull Personal Income Tax Relief; Scrap Exemptions
The government is considering tax relief for individuals as it looks at measures to accelerate consumer demand and boost economic growth, Bloomberg reported quoting people with direct knowledge of the matter.
“Prime Minister Narendra Modi’s government is mulling a proposal to hike the taxable income limits, especially the Rs 10 lakh slab, which attracts a 30 percent rate at present,” the people told Bloomberg, asking not to be identified as the discussions are private.
Fab Four Stocks Of The Day
- Stock rose as 7.2 percent to Rs 837.
- Strong Performance seen in wire, cables and FMEG segment
- Revenues up 23.7 percent to Rs 2,241.9 crore.
- Net profit up 2.2 times to Rs 191.8 crore.
- Ebitda up 25.5 percent to Rs 271.6 crore.
- Wires & cables segment revenue up 21 percent to Rs 1,922 crore.
- FMEG segment revenue up 42 percent to Rs 195.6 crore.
- Stock rose as much as 4.9 percent to Rs 1,858.15.
- Shares snap three-day losing streak
- The company may launch a qualified institutional placement within two weeks to raise nearly Rs 700 crore, or $100 million, two people aware of the development told BloombergQuint.
- Stock extended gains for the fourth consecutive trading session and rose as much as 4.3 percent to Rs 6.10.
- The Narendra Modi government has given its in-principle approval to merger of two state-run telecom companies Bharat Sanchar Nigam Ltd. and Mahanagar Telephone Nigam Ltd. as part of a revival plan.
- Stock rose as much as 1.8 percent to Rs 1,709.
- Revenue up 5.9 percent to Rs 2,005 crore.
- Net profit up 36.3 percent to Rs 244 crore.
- Ebitda up 14.4 percent to Rs 541 crore.
- Margin at 27 percent versus 25 percent.
- Other income up 3.4 times to Rs 34 crore.
- India revenue up 10 percent to Rs 899 crore.
- U.S. revenue down 3 percent to Rs 380 crore.
- Gross margin at 73 percent.
Market Check: Sensex, Nifty Head For A Volatile Close
Indian equity indices are set for a volatile close as gains in Reliance Industries Ltd. were offset by the losses in Infosys Ltd.
The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 39,041 and 11,587 respectively as of 3 p.m. The broader markets represented by the NSE Nifty 500 Index fell 0.2 percent.
Bharti Airtel Recovers After 10% Fall
Shares of Bharti Airtel recovered after falling as much as 10 percent. The stock traded 2 percent higher at Rs 368.20.
The Supreme Court rules in favour of the government in definition of adjusted gross revenue.
- Supreme Court upholds government's Rs 92,000 crore demand from telcos.
- The apex court says most of the things will come under definition of adjusted gross revenue (AGR) as argued by government.
- Penalty and interest on penalty has to be paid.