Stock markets closed marginally lower for the fifth consecutive session today. The markets were dragged down due to weaker-than-expected results from Axis Bank and Nestle India, as well as declines in global markets. NASDAQ crashed 4% overnight, top euro markets were also down due to weak corporate earnings.
Sensex was down 109 points and closed at 80,039 while Nifty was down 7 points and closed at 24,406.
Stocks in news
Nestle India closed 2.6% lower after both the topline and bottomline figures were below Street estimates for Q1
Tata Motors closed over 6% up after Nomura upgraded the stock to buy with a target price of Rs 1,294
ICICI Bank was down 2%
JK Paper dropped 7.7% after its June-quarter profit fell 54%
PG Electroplast surged 12.4% as its Q1 profit more than doubled
Gainers and losers
From the Sensex pack, Axis Bank, Nestle India, ICICI Bank, and Titan were the top laggards, falling 2-5%. Tata Steel, IndusInd Bank, ITC, JSW Steel, and SBI also ended in the red, while Tata Motors, L&T, Sun Pharma, Kotak Bank, and HDFC Bank closed with gains.
Sectoral performance
Sector-wise, Nifty Oil & Gas closed 2.2% higher, led by Hindustan Petroleum, Oil Indian and IOC. Nifty Auto also closed 1.3% higher, led by Tata Motors, and Bosch. Nifty Bank, Financial IT, Metal, and Realty closed lower. In the broader market, Nifty Midcap and Smallcap closed over 0.2% lower.
Rupee
Rupee closed higher today aided by yuan rally; forward premiums ticked up
The rupee ended at 83.6975 against the U.S. dollar.
