Indian Market Ends Flat; L&T Numbers Disappoint

Larsen CEO ResultsIndian Stock Market opened the week positive but ended flat by the end of trading session. BSE Sensex ended the day at 20159 while NSE Nifty closed at 6031. Among major losers of the day was Larsen as the company announced weak Q1 numbers.

Larsen & Toubro registered a fall of 12.5 per cent in quarter first earnings at Rs 756 crore compared on yearly basis. The net sales were higher by 5% at Rs 12555 crore for the quarter ending June 2013. The stock witnessed decline of 7.44% on NSE on back of high volumes. Stock Market expert Sandeep Bhatia from Kotak Institutional Equities has advised investors to hold L&T. Other market experts also believe that L&T is a good stock to hold. The company may face further decline in next 2-3 trading sessions.

Among major gainers in today's trade were banking stocks. HDFC was up by 3.37% at Rs 830. IndusInd Bank gained 3.16% to end the day at Rs 459. Bank of Baroda also ended the day 3% higher. PNB, M&M, Bharti Airtel, HUL, ICICI Bank, Kotak Mahindra Bank and Tata Power ended the day with decent gains.

BHEL was another stock which faced selling pressure and lost over 7% by the end of trading session. Ambuja Cements, ONGC, Tata Steel, Ranbaxy Labs, Asian Paints and Reliance ended the day negative.

Gold prices were trading positive in the international market. Gold registered the highest single-day gain over the year as it was trading higher by $42 per ounce. Asian markets ended positive while European markets were flat on Monday.