Nifty ends below 8550, Sensex down 284 pts; ITC down

New Delhi, Aug 3 : The market on Wednesday ended in red after a lot of struggle that dragged Sensex to close down at 284.20 points or one percent at 27697.51.

On the other hand, the Nifty slipped down 78.05 points or 0.9 percent at 8544.85. Shares such as Asian Paints, Cipla, Sun Pharma, Coal India and Bharti Airtel were amongst the top gainers while ITC, Tata Motors, BHEL, Maruti and Reliance were losers in the Sensex.

Indian designer and manufacturer of watches Titan Company posted its first quarter profit and revenue, which missed analysts' expectations.

The company posted a net profit at Rs. 126.6 crore against forecast of Rs. 184 crore hit by exceptional loss of Rs. 97 crore. Revenue stood at Rs. 2,791 crore against forecast of Rs. 3,111 crore by analysts. Operating profit was at Rs. 292.2 crore and margin at 10.44 percent against estimates of Rs. 283 crore and nine percent. Also, the pension fund regulator PFRDA announced the launch of two new schemes with aggressive and conservative options of investing up to 75 percent of funds in equity by subscribers in a month's time.

The regulator will launch two life coverage schemes with aggressive and conservation investment options in equity in a month's time, said Pension Fund Regulatory and Development Authority chairman Hemant Contractor.

Source: ANI