Indian equity market closed higher for the third straight session, despite pressure in broader Asian markets.
S&P Sensex closed above 39K at 39,215, up 84 points, and NSE
Nifty50 closed 24 points higher at 11,687. Market breadth was in favour
of bears today, registering advance-decline ratio of less than one on
both the bourses.
PSU Bank and FMCG stocks offered mild support to the indices but Energy and Auto stocks restricted the upside move.
major result announcements, YES Bank reported net profit below
expectations at Rs 113.8 cr for the June quarter but recorde gross
slippages at Rs 6,632 cr, following which the stock fell 6.11% intraday
and closed 5% down at Rs 98.45 on BSE. Wipro's net profit surged 13% up
to Rs 2,387.60 crore, however, the revenue & EBIT slipped on a
sequential basis and missed estimates. Wipro stock closed down at Rs
259.70 on BSE.
In other stock related news, media
reports suggested that the Reddy family was looking to sell assets or
bring an outside investor so as to reduce debt. Meanwhile, Apollo
Hospital's stock rose 2.62% to touch a fresh 2-week high of Rs 1,427.05.
the Interbank Foreign Exchange, Indian rupee opened unchanged compared
to yesterday's close of 68.71 against the dollar and later fell 11 paise
to 68.82 per dollar amid rising crude oil prices and foreign fund
Globally, MSCI's index of Asian shares outside
of Japan fell 0.25%, while a pan-European index opened flat. Wall
Street, which had surged to record highs last week on Federal Reserve's
rate-cut expectations, was disappointed on quarterly earnings reported
by the big banks.
A threat from US President Donald
Trump, to put tariffs of $325 billion on Chinese goods, also added to
the jitters in the global market. Meanwhile, United States too could
face Chinese sanctions following a World Trade Organization ruling on
Brent crude futures, that ended 3.2 % down the
previous session, were up 16 cents at $64.51, or 0.3% at the
international commodity market.