Markets continue to trade flat; Tata Motors up 3%

TIL Desk/Business/Mumbai-Markets continued to trade flat with negative bias amid mixed global cues with select index heavyweights leading the decline. At 9:35am, the S&P BSE Sensex was down 25 points at 27,757 and the Nifty50 was down 11 points at 8,562. Foreign investors were net buyers in equities worth Rs 341 crore on Friday, as per provisional stock exchange data.

Tata Motors was the top gainer up 3% on better-than-expected revenues. The auto major reported 9% growth in consolidated net income and JLR revenue for the June 2016 quarter. However, consolidated net profit for the quarter was down 57% at Rs 2,236 crore.

Axis Bank, Reliance Industries and ICICI Bank were among the top gainers. Adani Ports was down over 2.5% after the promoters plesged shares of the company.  In a disclosure on BSE, Adani Ports and Special Economic Zone’s (APSEZ) said Gautam Adani. Rajesh S Adani have pledged over 1.34 crore shares or 0.66 per cent stake in the company to STCI Finance Ltd. ITC, HDFC Bank and TCS were among the other losers.