Indian shares pared morning gains but ended in the green for a fifth straight session on Thursday, on the expiry day of derivative contracts for August.
Indian shares pared morning gains but ended in the green for a fifth straight session on Thursday, on the expiry day of derivative contracts for August. Gains in financials and realty stocks were capped by losses in index heavyweights RIL, Kotak Bank, HDFC Bank, and Infosys.
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The Sensex ended 39 points higher at 39,113 while the Nifty added 9 points to end at 11,559. Broader markets were also in the green for the day with the midcap and smallcap indices up 0.2 percent and 0.4 percent, respectively.
Nifty Auto also rose 1 percent for the day and Nifty Bank and Nifty Pharma added 0.8 percent and 0.9 percent, respectively. However, FMCG and IT indices were in the red for the day.
Here are the stocks that moved the most today:
Real estate stocks
Shares of real estate companies rallied 4-7 percent in the early trade on Thursday after the Maharashtra government decided to temporarily reduce stamp duty on flats.
The share price of Sunteck Realty jumped over 7 percent while Oberoi Realty and Kolte-Patil Developers gained over 5 percent each. Godrej Properties rallied more than 4 percent on the NSE. The Nifty Realty index closed over 6 percent higher.
The Maharashtra government on Wednesday announced its decision to reduce stamp duty on flats from 5 percent to 2 percent till December 31 and to 3 percent between January 1 and March 31.
Shares of the company ended nearly 7 percent higher after parliamentary panel recommended permitting regulated foreign direct investment (FDI) in the tobacco sector and establishing export-only tobacco farms to boost outward shipments.
“Committee is of the opinion that the FDI in tobacco sector albeit in a regulated manner would stimulate the production and processing of Indian tobacco thereby boosting its export. The Committee, therefore, recommends the Department to undertake a study to analyse the prospects of opening FDI investments in the tobacco sector at the earliest,” the report states.
IndusInd Bank's shares ended 6.53 percent higher to Rs 604.70 per share on the NSE after UBS upgraded the banking stock to 'buy' from sell.
The brokerage said that the valuations of most of the banks are below five-and 10-year average. Though the asset quality risk persists, the current valuations reflected most negatives, driving upgrades.
Hindustan Aeronautics & Bharat Dynamics
Shares of Hindustan Aeronautics (HAL) and Bharat Dynamics (BDL) fell up to 11 percent after sources told CNBC-TV18 that the government plans to sell stake in both firms through the offer for sale (OFS) in the second quarter of this fiscal. As per the sources, the government will sell a 15-18 percent stake and is looking to raise Rs 3,000 crore from HAL and Rs 600-700 crore from BDL sale.
The government shareholding in Hindustan Aeronautics currently stands at 89.97 percent and for Bharat Dynamics, it currently stands at 87.75 percent.
Ramco Systems' share price were locked in an upper circuit on Thursday after HDFC Mutual Fund acquired 1.57 lakh shares of the company at Rs 240/share, as per the exchanges data. The fund house bought 0.51 percent stake in the company.