Indian equity markets witnessed almost flat session with negative bias throughout the day but in the last half an hour market responded to the momentum led by position squaring-off on expiry in derivatives segment and recovered its losses and ended the day in positive territory. Nifty ended the day at 6124.05 up by 19.75 points meanwhile Sensex closed at 20215.40 and gained 67.76 points.
Utility vehicle maker Mahindra & Mahindra reported a better-than-expected fourth quarter net profit of Rs 889 crore, up near 2 percent year-on-year, helped by sales growth, which was also ahead of street expectations and exceptional gain from sale of Mahindra Holidays and Resorts shares.
IOC's net profit rose to Rs 14512 crore from Rs 3332 crore quarter-on-quarter. Its revenue stood at Rs 1.28 lakh crore while gross refining margin was at USD 2.39 per barrel.
Cipla was under pressure after its reported net profit for quarter ended March 2013 was below analysts and street estimates. The Pharma major reported 8.3 per cent Y-o-Y drop in its net profit to Rs 268 crore, weighed down by higher interest expenses.
Among the sectoral indices CNX Auto surged 2.17% and was the biggest gainer of the day followed by CNX FMCG (1.92%) and CNX Consumption (0.62%) while CNX Realty (-2.61%) was the top loser.
Out of 50 stocks of Nifty 21 stocks ended in green, 28 stocks in red and 1 remain unchanged.
Top 5 Nifty gainers: M&M (4.93%), Tata Motors (3.69%), ITC (3.60%), Asian Paints (2.55%) and Kotak Bank (2.41%) were Nifty top gainers.
Top 5 Nifty losers: CIPLA (-4.72%), Tata Steel (-3.80%), JP Associate (-3.47%), Hindalco (-3.36%), ICICI Bank (-3.04%) were top losers.
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