The NSE Nifty ended at 3,039, down 39 points. The market breadth was marginally positive - out of 2,616 stocks traded, 1,275 advanced, 1,258 declined and the rest were unchanged on Monday.
Investors' wealth rose by Rs 2,22,763.25 crore in three days of market rally, with the benchmark Sensex closing at an all-time high on Thursday. At close of trade, the 30-share BSE index gained 254.80 points or 0.48 per cent to 53,158.85, its lifetime closing high. During the day, the benchmark also reached its all-time intra-day peak of 53,266.12 points. The benchmark has gained 786.16 points in three days.
PowerGrid was the top gainer in the Sensex pack, rallying over 4 per cent, followed by NTPC, UltraTech Cement, Tech Mahindra, Reliance Industries and IndusInd Bank.
Taking a dig at China, Defence Minister Rajnath Singh on Sunday said 'some irresponsible nations' with their narrow partisan interests and hegemonic tendencies are coming up with wrong definitions of the UN Convention on the Law of the Sea.
Reliance Industries on Friday reported more than doubling of its March quarter net profit to Rs 13,227 crore as improvement in petrochemical and consumer business countered continued weakness in refining business.
Market benchmarks gave up intra-day gains to close in the red for the sixth session on the trot on Friday, capping a bruising week which saw a massive dash for safety amid rate hikes by global central banks and fears of slowing growth.
Among the Sensex stocks, HDFC emerged as the top gainer, rising by 2.06 per cent, followed by Axis Bank, Maruti, Reliance, Power Grid and Tata Steel.
Nestle India was the top loser in the Sensex pack, shedding 2.20 per cent, on its first day as part of the index.
Bajaj Auto was the top laggard in the Sensex pack, tumbling around 6 per cent, followed by M&M, Reliance Industries (RIL), Tata Steel, Tech Mahindra, SBI, Axis Bank and ICICI Bank. NSE Nifty tumbled 162.60 points or 1.36 per cent to 11,767.75.
Indian Oil Corporation (IOC), the nation's biggest oil firm, on Tuesday reported a 31.4 per cent drop in the fourth quarter net profit as record refining margins were wiped away by a margin squeeze in petrochemicals and losses on auto fuel sales. Standalone net profit of Rs 6,021.88 crore, or Rs 6.56 a share, in January-March, compared with Rs 8,781.30 crore, or Rs 9.56 per share, in the same period a year back, the company said in a stock exchange filing. Sequentially, the profit was higher than Rs 5,860.80 crore in the previous quarter.
The government on Thursday allowed free inter-state wheeling of renewable energy used in the production of green hydrogen and ammonia as it seeks to boost usage of the carbon-free fuel and make India an export hub. Unveiling the first part of the much-awaited National Hydrogen Policy, Power and New and Renewable Energy Minister Raj Kumar Singh said the government is targeting production of 5 million tonnes of green hydrogen by 2030. Oil refineries to steel plants require hydrogen to produce finished products.
He also stressed that whether we look from the world point of view or from the national viewpoint, the responsibilities of each member of the BJP are constantly growing. "Each and every worker of the BJP is a representative of the country's dreams," added PM Modi.
For India's upstream sector that has seen no new discovery coming into production.
Oil and Natural Gas Corp has surpassed the Tatas in market capitalisation, with its market value of Rs 104,114.5 crore (Rs 1,041.14 billion) being more than that of all the 26 listed firms of the Tata Group.
CAG, in a report tabled in Parliament today, said Oil and Natural Gas Corporation hired rig 'Actinia' from RIL for six months in 2009 for Rs 146.71 crore (Rs 1.46 billion) saying it needed urgently drill three wells but its actual usage indicated the hiring was 'not necessary'.
'It is very difficult to be an honest politician in a country where the system is absolutely corrupt. Jaipal Reddy is one up even on Prime Minister Manmohan Singh who is considered clean and honest. Reddy has gone a step ahead by playing an active role in stopping corruption. He has put things on record; he has walked the extra mile to ensure that public money is valued highly. One must recognise Reddy's efforts, and make it an example for India's younger generation.'
Richest Indian Gautam Adani's ports-to-power-to-cement conglomerate is "deeply overleveraged" with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said on Tuesday. In a report titled 'Adani Group: Deeply Overleveraged', CreditSights said, "In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies." Starting out as a commodities trader in the late 1980s, the Adani group has diversified from mines, ports and power plants into airports, data centers and defence.
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