Indian benchmark indices ended flat on Wednesday as gains in tech, metal and FMCG stocks were offset by losses in banking and pharma stocks. The Sensex closed 0.03% down to 55,944.21 and Nifty inched up 0.06% to 16,634.65.
Nifty Bank and Nifty Pharma fell 0.35% and 0.33%, respectively. Top sectoral gainers in Nifty were IT (0.73%), FMCG (0.56%) and metals (0.54%).
Indian rupee fell 5 paise to 74.24 against the US dollar on Wednesday.
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ICICI Bank: The lender has filed a case against Karvy Stock Broking promoter C. Parthasarathy and others for allegedly cheating the bank to the tune of Rs 563 crore. Funds raised by Karvy by pledging shares of its six bankers were transferred to the Karvy’s own bank accounts, and not into ‘Stock Broker Client Account’, which is not according to SEBI guidelines.
Maruti Suzuki: RC Bhargava, chairman of the company, said that government officials made a lot of statements supporting the automobile industry but no concrete actions have been taken that will help improve sales. The veteran industry leader was speaking at industry body SIAM’s 61st Annual Convention and also noted that the automobile sector in the country was at a very crucial juncture with declining fortunes in the last few years.
Indian Oil Corp: The oil marketing company is using drones to monitor its vast network of pipelines across the country and it plans to doubles down on the use of technology to prevent attempts to steal fuel. This is expected to help save the commodity and also avoid accidents. The company already uses a combination of sophisticated technology and patrolling to check any leakage from the network spanning over 15,000-kilometers.
Britannia Industries: Jehangir Wadia has quit from the board of the company and Bombay Burmah Trading withdrawing from all listed businesses of the $15-billion Wadia Group. Britannia in its latest annual report last week said Jehangir did not offer himself to be reappointed to the board.