Indian equity market indices extended their intraday loses and fell over 1.40% on the day of F&O July month expiry. Nifty test the 5900 level and ended at 5907.50 shedding 83 points while Sensex tanks 285.92 points and ended the day below 19804.76.
ITC India's largest cigarette maker fell after its revenue missed analysts' expectations on lower-than-expected volume growth in cigarette segment. ITC posted an 18% jump in quarterly net profit on Thursday, in line with market expectations.
Ambuja Cements plunged after the cement maker's Swiss parent Holcim said it will raise its stake in the company in a bid to cut costs. Under the deal, Ambuja will pay Rs. 3,500 crore to buy a 24% stake in Holcim India, the Swiss cement maker's local holding company and then Holcim India will be merged into Ambuja through a share swap. Ambuja will also issue to Holcim 58.4 crore new shares, valued at about Rs. 11,200 crore at current market value. This will increase Holcim's stake in
Ambuja to 61.3% from just over 50%. Ambuja will in turn acquire Holcim's 50.01% stake in ACC.
Among the sectoral indices CNX Metal rose by 2.97% while CNX FMCG fell down by -3.40% followed by CNX MNC (-2.69%) and CNX Commodites (-2.04%).
Out of 50 stocks of Nifty 14 stocks advanced while 36 declined.
Top 5 Nifty gainers: Hero Motorcorp (4.41%), Asian Paints (2.29%), BPCL (1.22%), Tata Motors (0.91%) and Axis Bank (0.43%) were among the top index gainers.
Top 5 Nifty losers: Ambuja Cement (-10.62%), JP Associate (-9.31%), ITC (-4.74%), HUL (-3.66%) and Tata Powe (-3.41%) were among top losers.
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