Mumbai: After falling 240 points in early trade on Monday, the 30-share benchmark S&P BSE Sensex erased most of the losses and closed marginally lower, led by decline in shares of information technology (IT) and consumer durable companies.
Investors were also cautious due to lower Index of Industrial Production (IIP) data along with weak global markets and falling international crude oil prices.
The Wholesale Price Index (WPI) was flat against a year earlier, compared with a 1.41% year-on-year jump forecast by economists in a Reuters poll. In October, wholesale prices rose 1.77% from a year ago.
The Sensex closed 0.11%, or 31.12 points, lower at 27,319.56, while the National Stock Exchange’s broader barometer 50-share CNX Nifty fell 0.05%, or 4.50 points, to end at 8,219.60 points.
Among gainers,
Housing Development Finance Corp. Ltd (HDFC) rose 4.94% to
Rs.1,123.10. Standard Life plans to increase its stake in HDFC Standard Life Insurance Co. after India amends the law increasing the limit of foreign investment in the insurance sector, reports
The Economic Times. HDFC Life is a joint venture between HDFC and Standard Life Plc.
Coal India Ltd rose 3.26% to
Rs.377.25 after a news report said that the government has decided to defer disinvestment plan until January. Shares of Oil and Natural Gas Corp. Ltd jumped 1.77% to
Rs.342.90.
Among losers,
Tata Consultancy Services Ltd (TCS) fell 3.78% to
Rs.2,362.80 after the company told analysts that growth is likely to be similar to what it had achieved in the year-ago December quarter. Back then, revenue had grown by a little over 2% in constant currency terms. This time around, adverse cross-currency movements are expected to impact dollar revenue growth by about 220 basis points. One basis point is one-hundredth of a percentage point. The upshot: reported dollar revenue growth is likely to be next to nothing,
Mint reported.
Wipro Ltd fell 0.38% to
Rs.541.55. Sesa Sterlite Ltd shed 2.39% to
Rs.210.40.
Cipla Ltd fell 1.27% to
Rs.631.70 after
Times of India reported that the government may not act on Cipla’s patent plea. The government has so far found little merit in its plea for waiver and cancellation of patent rights for five drugs over which
Novartis has exclusive rights, the report added.
Among the S&P BSE sectoral indices, realty index was the top loser, down 2.07%, followed by consumer durables index, which shed 2.02%.
SpiceJet Ltd fell 7.82% to
Rs.13.55, after
Mint reported that the company has warned its employee that its operations may be disrupted if it is not able to address concerns of India’s civil aviation regulator. The Directorate General of Civil Aviation (DGCA) had asked the airline to submit a plan by 15 December with details on how the carrier proposes to recapitalize itself and repay its dues.
Mastek Ltd rose 20% to
Rs.324.80 after the company reported in a notice to BSE that its subsidiary Majesco decided to merge Cover-All Technologies with itself in a 100% stock-for-stock transaction.
ING Vysya Bank Ltd rose 3.66% to
Rs.881.55, while
Kotak Mahindra Bank Ltd rose 4.57% to
Rs.1,303.95. Both companies will seek shareholder approval for merger as they hold an extraordinary general meeting on 7 January, according to a filing to BSE.
Career Point Ltd rose 20% to
Rs.143.10 after the company said in a notice to BSE that the Reserve Bank of India (RBI) has granted certificate of registration to Srajan Capital Ltd (a wholly owned subsidiary company of Career Point) to commence/carry on business of non-banking financial institution.
Retail inflation measured by the consumer price index (CPI) eased to 4.38% in November, compared with 5.52% a month ago, as vegetable prices fell 6.97%. While fuel and light inflation stood at 3.27%, clothing, bedding and footwear inflation was at 6.97%.
The index of industrial production (IIP) shrank 4.2% in October, data released by the statistics department showed on Friday. The IIP was dragged down by manufacturing, which contracted by 7.6%. Mining and electricity sectors grew by 5.2% and 13.3%, respectively, during the month.
Since the beginning of this year, the Sensex has gained 29.09%, while foreign institutional investors have bought $17.22 billion from local equity markets.
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