Penny Stocks: These companies are likely to be in focus tomorrow
Nifty finished close to the 19,400 mark. Gains were capped by weak global cues and moderate Service PMI data. Global investors' risk appetite was weakened by uncertainty around the upcoming release of FOMC minutes.
While banking and financial services companies fell, FMCG and auto shares rose. The BSE Sensex, dropped 33.01 points or 0.05% to 65,446.04 on Wednesday. The Nifty 50 ended the say at 19,398.50 level, gaining 9.50 points, or 0.05%.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.68% while the S&P BSE Small-Cap index gained 0.62%. HDFC Bank (down 3.20%), HDFC (down 2.93%) and Eicher Motors (down 2.71%) were major drags.
Today's top gaining stocks on the nifty were Bajaj Auto, Divis Labs, HDFC Life Insurance, Maruti Suzuki, Hero MotoCorp. Whereas the top losers were HDFC Bank, HDFC, Eicher Motors, UPL, and Tata Consumers. The growth of business activity in India's services sector slowed down to a three-month low in June.
The S&P Global India services Purchasing Managers' Index (PMI) dropped to 58.5 last month, compared to 61.2 in May. Additionally, output charges in the services sector witnessed the sharpest increase in almost six years. On the other hand, data from Tuesday revealed a decline in India's manufacturing PMI to 58.7 in June from 57.8 in May.
The composite PMI reading for the country also decreased to 59.4 in June from 61.6 in May. In the foreign exchange market, the rupee edged lower against the dollar. The rupee is hovering at 82.2575, compared with its close of 82.0100 during the previous trading session.
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