Sensex ends 130 points higher, Nifty above 10,800; Sun Pharma up 4%
08 January 2019
Market at Close: A recovery in the final hour of trade ensured that benchmarks maintained their positive streak.
Among sectors, weakness was visible in energy, infra and IT names, while the Nifty Midcap index also fell one-fifth of a percent.
Pharmaceuticals gained the most, courtesy a huge rally in Sun Pharmaceuticals.
At the close of market hours, the Sensex was up 130.77 points or 0.36% at 35980.93, and the Nifty up 30.40 points or 0.28% at 10802.20.
The market breadth was narrow as 1248 shares advanced, against a decline of 1297 shares, while 173 shares were unchanged.
Sun Pharma, SBI, and ICICI Bank were the big gainers, while Kotak Mahindra Bank, NTPC, Zee Entertainment and UPL have lost the most.
Market Update: Benchmark indices are trading higher in the afternoon trade with Nifty above 10,800, while Sensex gained 150 points.
The Sensex is up 147.70 points at 35997.86, while Nifty is up 36.10 points at 10807.90. About 1140 shares have advanced, 1209 shares declined, and 157 shares are unchanged.
Sun Pharma, ICICI Bank, SBI, Tata Motors and Yes Bank are the top gainers on the Sensex.
Credit Suisse on Nestle India: Research house maintained outperform call on stock with a target at Rs 12,300 per share.
The legal risks in Maggi case is low, while managing consumer perception is a key. There is no impact on Maggi offtake in the last few days.
Essar Steel update: The Ahmedabad bench of the NCLT on Monday reserved its verdict on the maintainability of the bid by Essar Steel Asia Holdings to retake the management of the crippled company.
The NCLT bench comprising BP Chaturvedi and Manorama Kumari said they will pass an order on the plea by January 31. ArcelorMittal, whose Rs 42,000-crore offer to take over the bankrupt Essar Steel was accepted by the committee of creditors, Monday told NCLT that there is no right to redemption under the bankruptcy laws as being sought by Essar Steel Asia Holdings.
It said as per section 12A of the IBC Act only resolution professional has right to file such an application after getting the approval of 90 percent of the lenders.
Market opens: It’s a flat start for the market on Tuesday morning, with the Nifty trading around 10,760.
A brush of red is visible among majority of sector, while defensives such as IT and pharma are trading in the green.
The Sensex is up 51.33 points or 0.14% at 35901.49, and the Nifty down 9.60 points or 0.09% at 10762.20. The market breadth is positive as 259 shares advanced, against a decline of 120 shares, while 32 shares were unchanged.
ONGC, Sun Pharma, and Tata Motors are the top gainers, while M&M, Power Grid, and UltraTech Cement lost the most.
Market at pre-open: Benchmark indices are trading mixed in the pre-opening session with Nifty is below 10,800 level, while Sensex is up 90 points.
At 09:01 hrs IST, the Sensex is up 90.04 points or 0.25% at 35940.20, while the Nifty up 6.20 points or 0.06% at 10778.00
Bandhan Bank is down over 1 percent, while Share of Gruh Finance was down 10 percent in the pre-opening trade after Bandhan Bank board approved amalgamation of Gruh Finance, subsidiary of HDFC, into the bank.
Asian markets trade higher: Asian shares rose for the third straight session on Tuesday as investors bet that Washington and Beijing are inching towards a trade deal and that US Federal Reserve would halt its tightening if economic growth slows further
SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader index in India, a gain 4.5 points or 0.04 percent. Nifty futures were trading around 10,809.50-level on the Singaporean Exchange.