Sensex ends 50 points higher, Nifty holds 10,900; Sun Pharma down 6%

17 Jan 2019

Market at close: Benchmark indices remained volatile during the day but ended on the positive side with Nifty finished above 10,900 mark.

The Sensex was up 52.79 points at 36374.08, while Nifty was up 14.90 points at 10,905.20. About 1046 shares have advanced, 1496 shares declined, and 173 shares are unchanged.

HCL Tech, Axis Bank, HDFC, TCS and M&M were the top gainers on the Sensex, while top losers were Sun Pharma, Yes Bank, SBI, Bajaj Finance and HUL.

Among the sector pharma and PSU bank stocks were under pressure as indices lost 1.3 percent, while some buying was seen in the IT stocks.

Axis Bank hits 52-week high: Shares of Axis Bank touched a 52-week high of Rs 678.90 on Thursday. It was quoting at Rs 676.65, up Rs 13, or 1.96 percent on the BSE.

Share price gained 29 percent in last 6 months.

Market Update: Benchmark indices recovered sharply from the day's low with Nifty trading above 10,900 level.

The Sensex is up 90.55 points at 36411.84, while the Nifty is up 25 points at 10915.30. About 1004 shares have advanced, 1432 shares declined, and 154 shares are unchanged.

Results reaction: Share of Fibeweb India slipped 5.6 percent after company reported poor set of numbers for the quarter ended December 2018 (Q3FY19).

Its consolidated net profit was down 40.6 percent at Rs 6.1 crore against Rs 10.3 crore in the same quarter last fiscal.

Market Update: Equity benchmarks have extended their losses, with the Sensex losing over 100 points. The Nifty is near 10,850-mark.

The Sensex is down 113.33 points or 0.31% at 36207.96, and the Nifty down 32.30 points or 0.30% at 10858.00. The market breadth is negative as 897 shares advanced, against a decline of 1440 shares, while 141 shares were unchanged.

HCL Tech, M&M, Bharti Infratel, and HPCL have gained the most, while Yes Bank and Sun Pharma lost the most.

HSBC view on steel stocks: Research house HSBC has upgraded Jindal Steel and JSW Steel to buy with target Rs 180 and 340 per share respectively. Meanwhile, it has maintained buy on Tata Steel with target of Rs 600 and downgraded SAIL to hold with target Rs 57.

It firm is cutting the earnings to reflect weak prices. According to HSBC, the company reported stellar results for 9M CY18, but stocks corrected on macro concerns.

The market is ignoring robust domestic fundamentals and downplaying China’s ability to stimulate domestic demand.

5paisa Capital locked at circuit: 5paisa Capital shares were locked in 5 percent upper circuit at Rs 279.30 on Thursday after the loss for December quarter narrowed.

Consolidated loss for the quarter stood at Rs 3.5 crore, which narrowed sharply against loss of Rs 6.7 crore in same period last year and loss of Rs 7.07 crore in September quarter.

Raymond Subsidiary Gets Registration Certificate of Project

Colorplus Realty, a subsidiary company of Raymond, has obtained 'Registration Certificate of Project: Raymond Realty Phase I from Maharashtra Real Estate Regulatory Authority (MAHA RERA).

This registration is valid from January 15, 2019 till March 31, 2024.

Raymond Limited will also perform a bhoomi pujan at the project site on January 21, 2019.

SBI on Jet Airways

With respect to resolution plan for Jet Airways, SBI spokesperson said, "The bank would like to state that lenders are considering a restructuring plan under the RBI framework for resolution of stressed assets that would ensure a long term viability of the company."

"Any such plan would be subject to approval of boards of the lenders and subject to adherence and clearance, if required, from the RBI and / or SEBI (takeover code, ICDR regulations etc.) and / or Ministry of Civil Aviation and in compliance with all regulatory prescriptions," he added.

CLSA on Axis Bank: Axis Bank gained a percent in morning on Thursday after global brokerage house CLSA increased price target to Rs 800 from Rs 750 earlier, implying 20.5 percent potential upside from January 16's closing levels.

While maintaining a buy call on the stock, the research hosue said more management changes are likely at the top level as new CEO has been preparing a new team.

Manali Petrochemicals: The operations at plant 1 have been restarted on 16-01-2019 pursuant to Central Pollution Control Board revoking its earlier direction issued under Section 5 of the Environment Protection Act, 1985.

Buzzing: Share price of DCB Bank added a percent in the early trade on Thursday after research house Kotak Institutional Equities has maintained buy rating on the stock and raised target to Rs 210 from Rs 185 per share.

The company has reported 51 percent YoY earnings growth led by 42% YoY operating profit growth. Also, most of the key metrics were stable on QoQ basis.

Market opens: Equity benchmarks have started the day on a positive note, with the Nifty is trading above 10,900 level.

The Sensex is up 137.17 points at 36458.46, while Nifty is up 36.40 points at 10926.70. About 472 shares have advanced, 170 shares declined, and 46 shares are unchanged.

All other sectoral indices are trading in the green, while Midcap index is up 0.35 percent.

Zee Entertainment, Bharti Airtel, Indiabulls Housing, HDFC, Axis Bank, Bajaj Finance are trading higher, while HCL Tech, Bajaj Auto, Jet Airways, Mindtree, Infosys, BPCL have lost the most.

Shares of Reliance Industries and Hindustan Unilever are trading higher ahead of third quarter numbers.

Market at pre-opening: Benchmark indices are trading mixed in the pre-opening trade with Nifty is below 10,850 level.

At 09:02 hrs IST, the Sensex is up 168.15 points or 0.46% at 36489.44, and the Nifty down 58.60 points or 0.54% at 10831.70.

Infosys, IndusInd Bank are trading higher in pre-opening trade, while Hero Motocorp and Jet Airways are trading lower.

Crude Update: US oil prices inched down on Thursday, with traders worried about the strength of demand in the United States after gasoline stockpiles there grew last week by far more than analysts had expected.

Wall Street ends higher: Wall Street's major indexes hit one-month highs on Wednesday as strong earnings from Bank of America Corp and Goldman Sachs Group Inc boosted investor sentiment.

SGX Nifty: Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a gain of 23 points or 0.21 percent. Nifty futures were trading around 10,948-level on the Singaporean Exchange.