Wednesday – Daily Market Wrap Up

Highlights of the Day

• Engineers India reported stellar performance with 50% rise in Net Profit for the quarter ended 30^th June 2016. The stock was up 8.16% and closed at Rs. 251.
•  Aurobindo Pharma Ltd also enthralled stock markets with 24% rise in its consolidated Net Profit and 13% rise in income from operations in Q1 FY17. The scrip closed at Rs. 787.55 or 7% up by the end of the day.
•   Vardhaman Textiles reported 4% rise in Net Profit for the period ended June 30^th 2016. The stock gained Rs. 44.35 to close at Rs. 1024.45 or 4.53% up by end of the day.
• Nifty closed 0.21% up at 8650.30 for the day with 24 advances and 27 declines. S&P BSE 30 closed at 28059.94 up 0.25% or 69.73 points for the day.

Major Developments                          

•     Central government has cleared the revised double taxation avoidance agreement (DTAA) with Cyprus. The agreement will allow India to tax capital gains from April 1 2017.

• Citibank is in initial stages of launching the largest digital contract of USD 1 billion. The contract is for end-to-end transformation of the company’s global operations.

Market Mood   

Stock markets were range-bound with small and midcaps stealing the show. S&P BSE Mid & Small cap were up by 0.61% and 0.65% respectively.