Sensex, Nifty erase early gains; RIL, Kotak Bank gain ahead of Q1 nos
Equity benchmarks opened moderately higher, with the Sensex reclaiming 32,000 level, backed by Reliance Industries and ITC. Nifty Bank also started off with 100 points gains.
The 30-share BSE Sensex was up 62.88 points at 32,018.23 and the 50-share NSE Nifty gained 14.40 points at 9,914.00. About two shares advanced for every share falling on the BSE.
HPCL was down 4 percent while ONGC gained 1.6 percent after cabinet gave ONGC in-principle approval to buy government’s stake in HPCL.
Coal India, ITC, Kotak Mahindra Bank and Bharti Airtel were early gainers among largescaps.
Share price of Sutlej Textiles and Industries declined 7.6 percent intraday on the back of poor numbers declared by the company in the quarter ended June 2017 (Q1FY18).
The company has reported 47.7 percent declined in its net profit at Rs 23.6 crore against Rs 45.1 crore, in the same quarter last fiscal.
The operating profit (EBITDA) was down 10.5 percent at Rs 69.5 crore and EBITDA margin slipped 330 bps at 10.7 percent.
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