MUMBAI: The stock market indices, Sensex and Nifty, failed to make a reversal from the losing streak on the fifth straight trading session on Thursday as the metal, banking and finance stocks continued to witness offloading of shares by the investors.
The hike in securities transaction tax and short-term capital gains tax also impacted markets’ sentiment negatively prompting heavy foreign fund outflows.
Tata Motors jumps 6%
After a sharp fall in intra-day trade, the 30-share BSE Sensex managed to recover some of the lost ground to settle at 109.08 points or 0.14 per cent lower at 80,039.80, as a sharp rally in Tata Motors and Larsen & Toubro (L&T) restricted market’s fall.
During the day, it tanked 671 points or 0.83 per cent to 79,477.83.
The NSE Nifty dipped 7.40 points or 0.03 per cent to 24,406.10. Intra-day, it had tumbled 202.7 points or 0.83 per cent to 24,210.80.
From the Sensex pack, Axis Bank declined over 5 per cent after the company’s June quarter earnings failed to cheer investors.
Nestle, Titan, ICICI Bank, Tata Steel, IndusInd Bank, ITC, JSW Steel and State Bank of India were the other laggards during today’s trading.
Among the gainers, Tata Motors jumped nearly 6 per cent. Larsen & Toubro, Sun Pharma, Kotak Mahindra Bank, Bajaj Finance and Power Grid also ended in the positive territory.
Overseas markets
 In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower.
European markets were trading in the negative territory. The US markets ended significantly lower on Wednesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs5,130.90 crore on Wednesday, according to exchange data.
Global oil benchmark Brent crude declined 1.73 per cent to USD 80.31 a barrel.
The BSE benchmark declined 280.16 points or 0.35 per cent to settle at 80,148.88 on Wednesday. The NSE Nifty dropped 65.55 points or 0.27 per cent to 24,413.50.
Corporate results
Adani Energ Solutions loss at Rs1190cr
NEW DELHI: Adani Energy Solutions Ltd on Thursday reported a net loss of Rs1,190.66 crore during the June 2024 quarter, mainly on account of increased expenses. It had clocked a net profit of Rs181.98 crore during the April-June period of the preceding 2023-24 fiscal, the company said in a regulatory filing.
The company’s total income, however, rose to Rs5,489.97 crore from Rs3,772.25 crore in the year-ago period.
Tech Mahindra Q1 profit at Rs851cr
MUMBAI: IT services company Tech Mahindra on Thursday said it has posted a 23 per cent increase in its consolidated profit after tax to Rs851 crore in the June 2024 quarter.
During the April-June quarter, the Mumbai-headquartered company’s revenue declined 1.2 per cent year-on-year to Rs13,005 crore and rose 1 per cent quarter-on-quarter. Its operating profit margins widened 1.90 per cent to 12 per cent.
