Nifty above 10,850; Sensex clocks 36K; financials rally
29 November 2018
Market at Close: A stronger rupee, falling crude oil prices along with a dovish commentary from the US central bank chief boosted markets across the globe, including India. Back home, the Nifty surged past 10,800 on a day when F&O contracts for November series expire.
The Sensex, meanwhile, hit 36,000 during the day’s trade, rising over 530 points intraday.
Both indices ended the session on a strong note, with the Nifty retaining 10,800 mark on expiry.
At the close of market hours, the Sensex closed up 453.46 points or 1.27% at 36170.41, and the Nifty up 129.80 points or 1.21% at 10858.70. The market breadth was narrow as 1300 shares advanced, against a decline of 1292 shares, while 145 shares were unchanged.
Bajaj Auto, Kotak Mahindra Bank, and Bajaj Finance were the top gainers, while Power Grid, NTPC, and HCL Tech lost the most.
Buzzing: Shares of Neuland Laboratories surged 13 percent after USFDA issued no observation to its manufacturing facility.
The USFDA (United States Food and Drug Administration) inspected one of the company's manufacturing facilities , located at Pashmylaram, Patancheru Mandal, Sangareddy District, from November 26-29, 2018.
The inspection at Unit 2 by the USFDA has been successfully completed, with no observations under Form 483.
TCS and Phoenix Group expand partnership: Tata Consultancy Services announced an expansion of its ongoing 12-year old partnership with the Phoenix Group, Europe's largest life and pensions consolidator.
Deutsche Bank on Zee Entertainment: Foreign research firm maintain buy on stock with a target of Rs 575 per share.
Promoters' plan to sell up to 50 percent stake is positive for minority shareholders. Ad revenue growth robust ahead of industry growth of 12 percent, it added.
Market Update: The Sensex is up 379.79 points or 1.06% at 36096.74, and the Nifty up 105.60 points or 0.98% at 10834.50. The market breadth is narrow as 1121 shares advanced, against a decline of 1135 shares, while 126 shares are unchanged.
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.
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.
Investec on L&T: Research house maintained buy rating on the stock and raised target to Rs 1,745 from Rs 1,725 per share.
According to firm, the performance of subsidiaries is consistently improving. Also, debt of several subsidiaries replaced with equity in the last three years.
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.
Market Headstart: Nifty likely to see a gap-up opening; 3 stocks which could give 5-9% return
Trends on SGX Nifty indicate a robust opening for the broader index in India, a rise of 100 points or 0.94 percent. Nifty futures were trading around 10,815-level on the Singaporean Exchange.
Crude Update: Oil prices fell about 2.5 percent on Wednesday after US crude inventories rose for the 10th straight week to the highest in a year, adding to worries about a worldwide supply glut.
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.