Business

TCS, HDFC Bank, Hindustan Unilever Limited (HUL), HDFC, Infosys, ITC, Kotak Mahindra Bank, ICICI Bank and SBI closed the week with losses.

The Nifty 50 index slipped 29.15 points, or 0.26%, to 11,000.25. IDBI Bank, Tata Motors, HEG, Yes Bank, Reliance capital (R-Cap) and Indiabulls Housing Finance were among the key stocks in news today.

Top gainers in the Sensex pack included Vedanta, Tata Steel, Yes Bank, Tech Mahindra, Hero MotoCorp, Bharti Airtel, SBI and Bajaj Finance and IndusInd Bank, which rose up to 4.83 per cent.

Easing inflation numbers, released after market hours on Tuesday, too helped the recovery in domestic market sentiment, traders said.

BSNL said that while it is difficult to give a definite timeline for recovery of the full amount which is due, it hopes to recover a "substantial" portion of its receivables from clients in the next two-three months.

The US rolled back export benefits to over 1,900 Indian goods from June 5. These incentives were provided by America under its Generalised System of Preference (GSP) programme.

The sectoral meetings with the representatives of various sectors, including banking, MSME and auto, over the last few days have highlighted some of the pain points.

Shares of Page Industries, which is the seller of Jockey International and Speedo brands in India, were trading at Rs 17,651, down 4.5%, on BSE at 11:20 am, after hitting an intra-day low of Rs 17,449 earlier.

After gyrating 750 points during the day, the 30-share Sensex settled 636.86 points or 1.74 per cent higher at 37,327.36. It hit an intra-day high of 37,405.48 and a low of 36,655.41.

Tata Steel Ltd shares dropped 4.4% after consolidated profit fell 64.3% to Rs 693 crore in the June quarter compared with Rs 1,940.8 crore a year ago, while revenue rose 1.27% to Rs 35,947.1 crore.

Earlier in the day, the Reserve Bank of India (RBI) cut interest rate by an unusual 35 basis points to a nine-year low in an attempt to boost an economy growing at its slowest pace in nearly five years.

With over 10 years of experience, Gaurav will play a key role in growing OYO's business in South Asia, the company's statement said.

The 30-share index was trading 214.96 points, or 0.59 per cent, higher at 36,914.80 at 0930 hours. Similarly, the broader NSE Nifty was quoting 68.65 points, or 0.63 per cent, up at 10,931.25.

After cracking over 700 points in day trade, the 30-share index pared losses to close at 36,699.84, still down by 418.38 points, or 1.13 per cent. It hit a low of 36,416.79 and a high of 36,844.05.

Kashmir issue also spooked investors' sentiment after the authorities stepped up security in sensitive areas, suspended mobile internet services and either "arrested" or "detained" several leaders.

There are concerns that private equity players do not make sufficient disclosures about their investment pacts and the same is also not disclosed by the respective companies which receive such funds, officials said.