Market closes in red, Nifty ends above 8500; Maruti down 1%

The market on Wednesday ended in red with the Nifty maintaining its mark of 8500. The index was down 1.55 points at 8519.50 while the Sensex was up 7.04 points at 27815.18.

Shares such as Tata Steel, GAIL, ONGC, Coal India and BHEL were top gainers while Lupin, Maruti, Asian Paints and Axis Bank were losers in the Sensex. The market witnessed hike in Gold prices marginally, recovering from selling pressure in early trade that pushed bullion to a near two-week low, with investors using the opportunity to hunt for bargains even as improved risk appetite helped global equities rally.

Asian shares came within reach of testing their 2016 peak on Wednesday as prospects of solid US growth and accommodative economic policy in major countries whet investors' risk appetite damaged by uncertainty from Brexit. On the other hand, RPP Infra 's wholly owned subsidiary in Sri Lanka has bagged order from High Commission of India, Colombo worth US $10.36 million.

The order includes construction and completion of cultural centre at Jaffna. The new order will be completed in 24 months and margins from that are expected to be around 10-12%, said A Nithya, Whole Time Director, RPP Infra in an interview to CNBC-TV18.

She estimated the company's current order book to be around Rs. 820 crore but she expects it to touch Rs 1000 crore by September. Currently they are L1 in four orders. The growth is expected around 25-30%, including new orders, she said.