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Profit booking, global cues subdue markets; Nifty holds 8,300

By Surabhi Roy
Last updated on: July 08, 2016 17:21 IST

The Bombay Stock Exchange

 

Markets finished the session on a lower note amid choppy trades after investors booked profits at higher and attractive levels. Also, dismal global cues and fall in crude oil prices further dented sentiments.

The S&P BSE Sensex shed 75 points to close at 27,127 and the Nifty50 lost 15 points to end at 8,323.

However, midcap stocks continued to remain on buyers' radar with BSE Midcap index up 0.1%.

In overseas stock markets, European stocks reversed initial losses. Asian stocks edged lower as investors awaited US jobs data to get a clearer picture of the health of the world's biggest economy.

US stocks closed mostly lower yesterday tracking sinking oil prices, but the market pared losses late in the session as investors sought bargains ahead of the closely watched jobs report.

As per data released by Automatic Data Processing Inc., US private-sector employment picked up a bit in June.

Meanwhile, initial jobless claims fell last week to a nearly three-month low. The US government will announce nonfarm payroll report for June 2016 later in the global day today.

Back home, the Southwest Monsoon was 35% above average during the week ended Wednesday, pushing overall rainfall numbers since the start of the season to one per cent above average.

Telecom stocks declined after reports suggested that that the telecom department is likely to soon send out demand notices to some carriers for under reporting of revenues. Reliance Communications, Bharti Airtel, Tata Teleservices (Maharashtra) and Idea Cellular declined 1%-3%.

Other notable losers are Adani Ports, L&T, ICICI Bank, GAIL, ONGC and Coal India, all declining between 1.5%-2%.

Tata Motors gained over 2%. Tata Motors-owned Jaguar Land Rover on Thurady reported 22 per cent jump in global retail sales to a record 2,91,556 units in the first half this year riding on robust demand in Europe and the UK.

BSE intraday tradingLupin has secured a partial relief as the US Food and Drug Administration has closed the July 2015 inspection of its Goa plant. The stock rose 1%.

Shares of print media companies were up on reports that the government is planning to raise the foreign direct investment limit in newspapers and periodicals to 49% from 26% at present.

H T Media, Jagran Prakashan and D B Corp edged higher between 1%-3%. Currently, the foreign direct investment (FDI) policy permits 26% FDI in the publishing of newspapers and periodicals dealing with news and current affairs through government approval route.

Gujarat Gas ended higher by 5% after the company announced that it has received approval from the Petroleum and Natural Gas Regulatory Board’s (PNGRB) to lay, build, operate or expand city or local natural gas distribution networks (CGD) in Panchmahal and Anand districts of Gujarat.

Zee Learn surged 8% on back of heavy volumes after its net profit for the first quarter ended June 2016 (Q1FY17) more than doubled to Rs 8.02 crore. Essel Group Company engaged in education business had profit of Rs 3.96 crore in June 2015 quarter.

8K Miles Software Services moved higher by 10% after the company reported 57% jump in consolidated net profit at Rs 19.33 crore for the quarter ended June 2016 (Q1FY17) on a sequential basis.

Surabhi Roy in Mumbai
Source: source
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