Poor L&T earnings cast shadow on market; Nifty ends flat

Weighed down by lower-than-expected earnings from L&T and investor selling, the benchmark CNX Nifty today erased most of its initial gains and closed virtually flat on the National Stock Exchange (NSE).
The 50-share Nifty touched a high of 6,064.15 and a low of 6,004.25 before settling at 6,031.80, a marginal gain of 2.60 points, or 0.04 per cent, over its last close.
Disappointing first quarter numbers from Larsen and Toubro was the biggest drag on the market. The engineering and construction giant posted a 12.46 per cent decline in standalone net profit for the quarter ended June 30 on subdued revenue growth and drop in other income.

Capital goods, infra, metal and healthcare counters witnessed heavy unwinding of positions.
The market opened on a subdued note following selling in select frontline counters. The benchmark index recouped early losses and rallied smartly before giving away most of the gains after L&T's numbers came in.
However, heavy buying in banking, auto, FMCG and technology stocks cushioned the fall.

The market is likely to witnessed heavy volatility due to expiry of July derivatives this week and ahead of the RBI policy meet on July 30, traders said.
Elsewhere in Asia, equities ended marginally higher amid optimism over future monetary stimulus after Japanese Prime Minister Shinzo Abe's landslide victory in Sunday's Upper House elections.

HDFC, IndusInd Bank, Sun Pharma, M&M, Bank of Baroda, PNB, HUL, Bharti Airtel, ICICI Bank and Kotak Bank were among the index gainers.
L&T topped the losers' list, with its share plunging by over 7 per cent with heavy volumes. Other laggards included BHEL, Ambuja Cement, ONGC, Tata Steel, ACC, Ranbaxy, Asian Paints, Reliance and Dr Reddy's.
Turnover in the cash segment dropped sharply to Rs 8,785.56 crore from Rs 12,330.44 crore last Friday. A total of 4,478.05 lakh shares changed hands in 46,08,791 trades. The market capitalisation stood at Rs 64,25,696 crore.