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Equity gauges end flat, realty and pharma shine but Titan slips 12 per cent

File photo. Photograph:( Reuters )

ANI New Delhi, Delhi, India Jul 09, 2019, 05.13 PM (IST)

Equity benchmark indices ended flat after a volatile session on Tuesday with investors still trying to assess the impact of a proposed tax on super-rich and foreign portfolio investors.

Traders also awaited corporate results for the April to June quarter of the current financial year for further cues. Market sentiment indicated that provisions in the Union Budget FY 20 lack immediate measures to boost consumption and put the economy on a fast-track mode.

The BSE S&P Sensex opened at 38,754, dipped to a low of 38,436 and closed at 38,731, up 10 points from its previous close. The Nifty 50 closed 3 points higher at 11,556.

The government`s proposal to increase minimum public shareholding in listed companies, a surcharge on foreign portfolio investors and 20 per cent tax on buyback of securities dealt a heavy blow on the stock market on Monday, wiping out nearly Rs 5 lakh crore of investors` wealth.

However, on Tuesday, sectoral indices at the National Stock Exchange were mixed. Nifty realty gained over 2.8 per cent, pharma by 2.7 per cent and PSU bank by 1.4 per cent.

All the others were in the red. Among stocks, Titan dropped 12.25 per cent after the company said that its first-quarter witnessed a tough macro-economic environment with consumption being hit. 

Jewellery segment`s revenue increased 13 per cent but a sharp increase in gold prices dented consumer demand significantly in June.UPL, Tata Consultancy Services, GAIL and HCL Tech were down between 1.9 and 3.6 per cent. 

However, Indian Oil Corporation bucked the trend and rose 5.7 per cent. Shares of Bajaj Finance rallied 6 per cent in the afternoon trade after the company updated its business first-quarter numbers. Its new loans booked during Q1 FY20 was 73 lakh as compared to 56 lakh in Q1 FY19. 

Hero MotoCorp closed over 3 per cent higher after the company announced a new leadership team to take care of e-mobility solutions in line with government initiatives. 

Reliance Industries, Sun Pharma, Larsen & Toubro, Ultra Cements, Grasim and Adani Ports were the other prominent gainers. Meanwhile, Asian stocks struggled to rebound after low expectations that the US Federal Reserve will deliver a large interest rate cut at the end of July.

Story highlights

All the others were in the red. Among stocks, Titan dropped 12.25 per cent after the company said that its first-quarter witnessed a tough macro-economic environment with consumption being hit.