Luck smiles on Tata Motors, Trident as Wipro wilts
The flower of optimism wilted on Dalal Street on Friday as Wipro hit its lowest level in more than two years.
The benchmark S&P BSE Sensex shed 54 points to end the day at 27,782. The 50-share gauge Nifty50 closed at 8,572, lower by 19 points.
Shares of Wipro tumbled to their two-year low during the session. The stock plunged another 3 percent after a 3 percent decline seen on Thursday. The company had posted weaker-than-expected numbers for June quarter and investors see it wilting under the pressure that the IT giants are facing this year.
Trident investors were a jumpy lot during the session after reports emerged that Target may shift its Welspun contract to the manufacturer. Its shares surged 12.85 per cent even as Welspun plunged another 8 percent.
Tata Motors produced yet another set of quarterly numbers and yet another stock rally. The company reported a 57 per cent drop in Q1 net profit, which was below what analysts had feared. Jaguar Land Rover continued to provide strength to the company with volumes showing strength during the quarter. The stock closed 4.24 per cent higher at Rs 514.
Welspun India continued its leadership as the most actively traded stock on NSE after slipping 8 percent. It was followed by Reliance Communication, which gained 5 percent while JP Associates declined 4 percent. Other big movers included SBI, which fell 1.5 percent, and GMR Infra that slipped 0.75 percent.
Here are some picks from the week gone by.