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Sensex ends 41 points higher, Nifty above 8,500; Hindustan Unilever hit by Q1 earnings

The headline indices traded flat as sentiment was subdued after falling oil prices hit Asian markets and after retail heavyweight Hindustan Unilever posted disappointing volume growth.

BT Online   New Delhi     Last Updated: July 20, 2016  | 09:14 IST
Photo: Reuters

The S&P BSE Sensex on Tuesday settled the day 41 points higher, while the broader Nifty50 managed to hold above its key 7,500-mark.

The headline indices traded flat as sentiment was subdued after falling oil prices hit Asian markets and after retail heavyweight Hindustan Unilever posted disappointing volume growth.

The 30-share index ended the day at 27,787, up 40.96 points, while broad-based 50-share index quoted 8,528, up 19.85 points at close.

Trading volumes were thin, with investors also waiting for other corporate earnings and the progress of the monsoon session of parliament amid hopes the government would be able to push through a revamp of the goods and services tax.

"I think some amount of selling is being experienced because technically the market is overbought. That is why we see pressure on the selling side," said Deven Choksey, Managing Director at KR Choksey Securities.

Hindustan Unilever fell as much as 3.40 per cent after its volumes growth in the April-June quarter disappointed some investors even as its net profit beat estimates.

Meanwhile, adding to the woes of IT companies, MindTree fell to a more than one-and-a-half year low after profit fell and Credit Suisse cut its rating on the stock.

Among gainers, indebted infrastructure firm Jaiprakash Power Ventures rose as much as 13.1 per cent to its highest since January 13 after saying it will sell a 500 megawatt thermal power plant in central India to JSW Energy Ltd for 27 billion rupees ($401.8 million) including debt.

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