Investors were gripped with panic on Thursday morning as a plunging SGX Nifty on the Singapore Stock Exchange triggered fears of a meltdown.
The NSE Nifty that opened with a marginal downside and later tested a low at 8,056.75, finally closed at 8,130.65 - down 0.05 per cent. The BSE Sensex ended the day 0.09 per cent down at 26,813.42. The BSE Midcap index closed 0.17 per cent higher whereas as the BSE Smallcap index closed 0.04 per cent down.
"Domestic markets shut the day on a flat note after recent carnage in the last few trading sessions. Investors continue to stay sidelines with keeping an eye on Greece debt repayment outcome scheduled on Friday. Tough, late recovery was witnessed on the back of value based buying and the strengthening of rupee which opened lower," said Gaurav Jain, director, Hem Securities.
Here are five stocks that made news today:
- Eicher Motors:The share price of the company corrected by 5.64 per cent on news of Volvo selling its 3.7 per cent stake in the company and thus exiting its almost seven-year old investment. The scrip closed at Rs 17,182 - down Rs 1,027.40.
- Bank of India:Shares of the lender plunged over 3 per cent after global credit rating agency Standard & Poor's lowered its Standalone Credit Profile (SACP) to 'BB+' from 'BBB-'. Shares of the bank closed at Rs 183.25 apiece - down 3.50 per cent from their previous close.
- Nestle India: On concerns over the Maggi row, Barclays downgraded Nestle India shares to Rs 5,149 from Rs 5,593 earlier. The global financial services firm believes that the company's sales will be impacted in the near-term due to temporary ban on the popular snack by different states. "Product recalls or other remedial measures, if required, could put further pressure on the margins of Nestle India," Barclays said. Shares of the company fell further by 2.91 per cent to Rs 6,010.
- Tata Steel:Shares of the company dipped 2.58 per cent to 308.25 after the United Kingdom trade union - comprising smaller unions Community, GMB, UCATT and Unite - voted in favour of a strike against the steel major over a pension scheme. Of the 85 per cent members of the four unions, 96 per cent voted in favour of strike. A ballot of over 17,000 steel workers was sought over a dispute over the existing British Steel Pension Scheme (BSPS) being replaced with a 'money purchase' pension scheme. The scheme primarily hikes the retirement age from 60 to 65.
- Wipro:Wipro shares rose 1.38 per cent to Rs 553.05 after the IT major hiked salary for its staff by 7 per cent. In line with industry standards, Wipro announced a salary increase for eligible employees, effective June 1, 2015.