Sensex up 350 points, Nifty continues to hold 10,800; IT stocks slip as rupee hits 3-month high
28 November 2018
Cadila Healthcare gets USFDA approval: Zydus Cadila has received the final approval from the USFDA to market Lansoprazole delayed release orally disintegrating tablets (US RLD- Prevacid), 15 mg and 30 mg and tentative approval for Linagliptin tablets (US RLD- Tradjenta), 5 mg.
Market Update: Benchmark indices continues to trade strong on Thursday as Nifty holding above 10,800, while Sensex is up 350 points.
At 12:04 hrs IST, the Sensex is up 345.14 points or 0.97% at 36062.09, and the Nifty up 94.10 points or 0.88% at 10823.About 1066 shares have advanced, 1127 shares declined, and 117 shares are unchanged.
Barring IT index all the sectoral indices are trading in green. Rupee is trading near the day's high level at 69.92 per dollar.
Piramal Enterprises gains 4%: The company approved the allotment of 5,000 secured redeemable non-convertible debentures (NCD's), having the face value of Rs 10,00,000 each, aggregating to Rs 500 crore on private placement basis.
Jefferies on tyre stocks: Global investment firm Jefferies turned bullish on tyre stocks with initiating coverage on Apollo Tyres & Ceat with a buy call. Both stocks gained more than 2 percent in morning on Thursday.
The research house sees earnings for tyre companies to be turning now and margins expanded from current lows helped by lower raw material prices.
Market opens: It’s a gap-up opening for the market on Thursday morning, with the Nifty hitting 10,800. The Sensex is up around 270 points.
Among sectors, banks, autos, consumption, and metals traded in the green. The Nifty Midcap index is up over half a percent.
The Sensex is up 269.12 points or 0.75% at 35986.07, while the Nifty is higher by 67.10 points or 0.63% at 10796.00. The market breadth is positive as 323 shares advanced, against a decline of 76 shares, while 16 shares were unchanged.
Bharti Airtel, Vedanta, and HPCL are the top gainers, while Yes Bank is the sole loser among both indices.
Market at pre-open: It’s a gap-up opening on the market in pre-opening, with the Nifty surpassing 10,750.
The Sensex is up 304.88 points or 0.85% at 36021.83, and the Nifty up 35.30 points or 0.33% at 10764.20.
The rupee has opened at 70.09 per US dollar, a three-month high for the currency.
Wall Street surges: Comments by Federal Reserve Chair Jerome Powell that benchmark US interest rates were "just below" neutral sparked a sharp rally on Wall Street on Wednesday, easing investor worries about the pace of rate hikes by the US central bank next year.
SGX Nifty: Trends on SGX Nifty indicate a gap up opening for the broader index in India, a gain of 96.50 points or 0.90 percent. Nifty futures were trading around 10,811.50-level on the Singaporean Exchange.