Mapping the market: PSU banks rallied; bad day for logistics players, Mindtree

NEW DELHI: Amid a war of words between the Congress and the BJP, the much-awaited discussion on the goods and services tax (GST) bill remained elusive, but Dalal Street still looked hopeful.

It is this hope that helped the domestic market withstand weak European cues and pushed the market into the positive territory at close. Sensex ended the day 41 points higher at 27,787, while Nifty settled at 8,528, up 0.23 per cent.

Here is a wrapup of the major trends across stocks and sectors that hogged limelight during the session:

Mindtree tanked, UltraTech rose post Q1 nos: Shares of Mindtree plunged 8.37 per cent to Rs 562.45 after the midcap IT firm reported a 3.7 per cent fall in consolidated June quarter profit at Rs 123.50 crore, despite a 35.8 per cent YoY jump in revenues to Rs 1,327.60 crore. UltraTech Cement, meanwhile, rose 0.18 per cent to Rs 3,505.90 after the company reported a standalone net profit of Rs 774.92 crore for the quarter, which was higher than the consensus estimate in an ET Now poll at Rs 725 crore.



Select PSU banks cheered fund infusion: Select PSU banking stocks rallied up to 6 per cent after the government announced Rs 22, 915 crore capital infusion in 13 state-run lenders to provide liquidity support for their lending operations in addition to helping them raise funds from the market. Shares of Canara Bank surged 6.01 per cent to Rs 261.85. Syndicate Bank, Allahabad Bank and IDBI Bank gained 1.08 per cent, 0.99 per cent and 0.96 per cent, respectively.




Logistics stocks down as GST hope waned: Logistics stocks fell up to 5 per cent amid fears of possible delay in GST implementation. Arshiya International tanked 4.85 per cent, followed by MFL India, KTIL, Blue Dart and Allcargo Logistics, which fell between 1.40 per cent and 4.35 per cent during the day.



JP Power advanced on JSW Energy deal: Shares of JP Power Ventures soared 5.44 per cent to Rs 6.40 after the company agreed to sell its 500 mw thermal power plant at Bina in Madhya Pradesh at a base enterprise value of Rs 2,700 crore. The plant accounted for 22.55 per cent, or Rs 895 crore, of the company’s total revenues in FY16. The step was taken to deleverage balance sheet, the company said. JSW Energy rose 1.43 per cent to Rs 81.30.



Wipro, Mindtree saw spurt in OI: The counter of Wipro saw a 64.49 per cent jump in open interest (OI) during the day even as the stock fell 0.6 per cent. A decrease in price with an increase in open interest indicates a bearish signal. Mindtree too saw a similar pattern with the scrip falling over 8 per cent for the day while open interest on the counter rose 46.65 per cent. UltraTech Cement (up 41.79 per cent), OBC (per cent 23.30) and PNB (up 15 per cent) witnessed a jump in open interest during the session. Shares of PNB and OBC fell for the day. Ultratech Cement ended flat.



Infy, SBI among most active stocks: Infosys logged a turnover of Rs 563 crore to emerge the most active stock in terms of turnover on NSE. SBI (Rs 454 crore), PNB (Rs 444 crore) and Reliance Industries (Rs 384 crore) were among the stocks that clocked highest turnovers on NSE during the day.