Markets continued to remain weak after the first hour of trade with FMCG majors leading the decline.
the S&P BSE Sensex was down 140 points at 27,842 and the Nifty50 was down 33 points at 8,590. In the broader market, the BSE Midcap and Smallcap indices were down 0.4%-0.7% each. Market breadth was weak with 1302 losers and 792 gainers on the BSE.
FMCG major ITC was among the top losers down over 2% on concerns that the effective tax rate on the goods manufacture would increase substantially after implementation of the amendments to the GST Bill. Its peer Hindustan Unilever was down nearly 1%.
IT majors Infosys and TCS were down 0.7%-1% each.
Among other index heavyweights, Reliance Indsutries and HDFC were down over 1% each.
Zydus Wellness was up over 1% after it reported 20% rise in consolidated net profit for the quarter ended June 30, 2016 to Rs 23.5 crore on the back of a 12% rise in consolidated total income.
Torrent Power was down nearly 2% after the company reported nearly 80% drop in consolidated net profit at Rs 46.52 crore for the quarter ended June 2016.
CapitalStars Giving 2 Days Free Trial Calls..... Hurry Up
CapitalStars Financial Research Financial Advisory Services
www.capitalstars.com |T:+91-731-6790000,6669900
No comments:
Post a Comment