Sensex up over 200 points
06 September 2018
Market at Close: Sentiment on the market moved in tandem with the rupee’s movement on Thursday. A recovery in the Indian rupee, after it fell to a record low of 72.10/USD, helped the market end the day in green as well. The Nifty reclaimed 11,500-mark and ended above the threshold.
Along with the currency, rally in index heavyweights such as Reliance Industries and HDFC twins helped indices see a strong surge as well. Among sectors, banks lost some sheen in the last half hour, but strength in pharmaceuticals, energy, and infrastructure names helped the bulls to hold their grip on the market.
Having said that, investors will make a note of rupee’s movements ahead, with the currency hitting 72 per dollar again at the time of market coming to close.
At the close of market hours, the Sensex ended higher by 224.50 points or 0.59% at 38242.81, while the Nifty closed higher by 59.90 points or 0.52% at 11536.90. The market breadth is positive as 1,582 shares advanced, against a decline of 1,105 shares, while 191 shares were unchanged.
Reliance Industries, Sun Pharmaceuticals, and Cipla were the top gainers, while Maruti Suzuki, Yes Bank, Zee Entertainment and Hindalco lost the most.
CLSA maintains buy on Reliance Industries: Shares of Reliance Industries added 3 percent as broking house CLSA has maintained buy call on company. The broking house raised target price to Rs 1500 from Rs 1365 per share with a potential upside of 22 percent.
According to firm, grand omni-channel strategy may be a big long-term promise for the stock.
It removed holding company discount on retail and Jio to raise target. Its high customer engagement is going to create a big market opportunity.
Buzzing: Share price of Power Grid Corporation of India surged 3.5 percent as broking house Axis Capital has maintained hold with a target of Rs 197 per share.
Broking house believes that era of high earnings growth is over and expect considerably lower earnings CAGR of 7% over FY18-20.
The upcoming CERC’s tariff policy for 2019-22 is a key overhang. At CMP, stock valuation appears cheap at 11x FY19/FY20 P/E, it added.
Market Update: Bulls seem to be taking charge on D-Street on Thursday even as the rupee touched fresh record low earlier. But a recovery in the currency along with a rally in index heavyweights such as Reliance Industries and HDFC twins is helping the market surge ahead.
Among sectors, pharmaceuticals have extended their surge while energy names are in the green too. Banks are trading strong, while auto, infra, IT, and metals are in the green. The Nifty Midcap index is up around half a percent.
The Sensex is up 258.97 points or 0.68% at 38277.28, and the Nifty up 67.70 points or 0.59% at 11544.70. The market breadth is positive as 1,532 shares advanced, against a decline of 1,037 shares, while 163 shares were unchanged.
Market Update: After seeing some weakness post the rupee’s fall, bulls are fighting it out on D-Street.
Banking names are trading in the green, while automobiles, FMCG and metals are marginally in the red. Pharmaceuticals continue to be the big gainers along with energy names too. Midcaps have recovered from their low points.
The Sensex is up 117.22 points or 0.31% at 38135.53, while the Nifty is higher by 27.40 points or 0.24% at 11504.40. The market breadth is positive as 1,356 shares advanced, against a decline of 1,147 shares, while 152 shares were unchanged.
Rupee hits 72/$: Equity markets have given up all their gains from Thursday morning, particularly after the rupee touched a record low. The Indian currency managed to hit 72 per US dollar mark. A strengthening dollar is seen as responsible for this upmove.
Among benchmarks, the Nifty has managed to stay below 11,500, while the Sensex is trading flat.
Sectorally speaking, pharmaceuticals continue to be the lead gainers along with banks, auto, FMCG and metals. Midcaps, too, have seen a sharp selloff, with the Nifty Midcap index down over one-third of a percent.
The Sensex is down 9.34 points or 0.02% at 38008.97, while the Nifty is down 11.70 points or 0.10% at 11465.30. The market breadth is narrow as 1,345 shares advanced, against a decline of 1,034 shares, while 144 shares are unchanged.
Buzzing: Shares of Bharti Infratel touched 52-week low of Rs 266, down nearly 2 percent as its consolidated revenue to reduce by Rs 780 crore per annum from the merger of Vodafone-Idea.
On completion of Vodafone-Idea merger Bharti Infratel and Indus Towers, where the company holds 42% equity, have received exit notices, which would result in exit of 27,447 co-locations for the company on a consolidated basis.
PSP Projects wins order worth Rs 226cr: Shares of PSP Projects rose 6 percent as company received orders worth Rs 226.07 crore (on standalone basis) from various clients for industrial and institutional projects.
With receipt of the above work orders, the total work orders received during the financial year 2018-19 (till date) on standalone basis amounts to Rs 419.97 crore.
Buzzing: Shares of Persistent Systems added 5.2 percent as company acquired Herald Health, a startup created to transform the data overload swamping healthcare professionals into clear and actionable insights.
The enterprise value payable for the acquisition of 100 percent shares of Herald is USD 5.2 million, subject to customary adjustments for working capital.
Market Update: Equity benchmarks have held on to their morning gains, with the Sensex rising over 100 points. The Nifty has maintained trading above 11,500-mark as well.
All major sectors are trading in the green, with maximum surge seen among pharmaceuticals, PSU banks and energy names, among others. The Nifty Midcap index is higher around half a percent.
Among stocks, Power Grid, Tata Steel, and UltraTech Cement are the top gainers, while ONGC, Vedanta, Zee Entertainment and Hindalco have lost the most.
The Sensex is up 133.57 points or 0.35% at 38151.88, and the Nifty up 36.20 points or 0.32% at 11513.20. The market breadth is positive as 1,393 shares advanced, against a decline of 729 shares, while 131 shares were unchanged.
Adani Ent goes ex-gas biz: Shares of Adani Enterprises have gone ex-gas business from Thursday as the company had decided to hive off the businesses separately.
Investors will get one share of Adani Gas for every share of Adani Enterprises held.
As an effect of the split, shares of Adani Enterprises, effectively fell over 30 percent, discounting for the value of gas business. This segment will be later listed on the exchanges.
Buzzing stock: Shares of Bharat Forge were higher by 3 percent on Thursday morning as investors cheered Credit Suisse’s maintaining outperform rating on the stock with a target of Rs 750.
The stock touched an intraday high of Rs 681.95 and an intraday low of Rs 669.70.
The global research firm highlighted how the macro situation is still favourable amid strong execution by the firm as well.
With the depreciation in rupee, it reckons that companies exporting to developed markets will benefit. It also observed that 60 percent of the revenues come from exports to the US and Europe.
Market Update: Benchmark indices have had a good start on this Thursday morning, even as D-Street tries to look past weak rupee. The currency has been weighing on the indices in the past few sessions. The Sensex is currently higher by 100 points, while the Nifty is hovering around 11,500. Major sectoral indices are trading in the green, with pharmaceuticals, metals and auto leading the charts, while PSU banks and energy names, too, are higher.
Midcaps are seeing some recovery today after the beating it took yesterday. The Nifty Midcap index is up around a percent. Among stocks, Aurobindo Pharmaceuticals is up 4 percent after it acquired commercial operations and three manufacturing units from Sandoz, a Novartis generic division, in the US. Power Grid, Tata Steel, and GAIL were the top gainers, while Airtel, TCS, Zee Entertainment and Hindalco have lost the most.
The Sensex is up 136.29 points or 0.36% at 38154.60, while the Nifty is higher by 31.80 points or 0.28% at 11508.80. The market breadth is positive 1,258 shares advanced, against a decline of 519 shares, while 129 shares were unchanged.
Market opens: After sluggish moves on Wednesday, the market has made a good start on Thursday morning. The Nifty hit 11,500 in the opening tick. The Sensex is higher by 100 points.
Major sectoral indices are trading in the green, with pharmaceuticals, metals, auto and FMCG leading the charts, while there is weakness in IT names. Among broader markets, the Nifty Midcap index is higher by almost a percent.
Among shares, Tata Motors, Coal India, and UltraTech Cement have gained the most, while NTPC, Adani Ports, Zee Entertainment and Bharti Infratel are the top losers.
The Sensex is up 102.49 points or 0.27% at 38120.80, and the Nifty up 11.60 points or 0.10% at 11488.60. The market breadth is positive as 539 shares advanced, against a decline of 164 shares, while 44 shares were unchanged.
Rupee Opens: The Indian rupee opened higher by 13 paise at 71.62 per dollar on Thursday versus 71.75 Wednesday.
In yesterday's session the rupee plunged to a record low of 71.96 per dollar before it finish the day at 71.75, down 19 paise from the Tuesday's closing of 71.56.
The rupee fell for sixth consecutive day and lost 165 paise in the last six trading sessions.
Market at pre-open: Equity benchmarks are trading higher in Thursday pre-opening trade with Nifty is trading above 11,500.
At 09:03 hrs IST, the Sensex is up 172.48 points at 38,190.79, while Nifty up 49 points at 11,526.
Bharat Forge, HUDCO, HDIL, SREI Infra, Tata Motors gained 2-10 percent in the pre-opening trade.