Strong recovery on the Street sees Nifty end above 10,650; IT stocks gain
29 January 2019
Market at close: Benchmark indices has made strong comeback from the lows with Nifty finished just above 10,650 level.
At the close of market hours, the Sensex was down 64.20 points at 35592.50, while Nifty was down 9.30 points at 10652.20. About 1144 shares have advanced, 1346 shares declined, and 140 shares are unchanged.
Adani Ports, Bharti Infratel, Bajaj Finserv, Cipla and Sun Pharma are the top gainers on the Nifty, while top losers include Eicher Motors, GAIL, Yes Bank, HPCL and L&T.
Among the sectors, pharma, IT and FMCG index helped to market recovery, while some selling pressure seen in auto, bank and energy space.
CLSA on TTK Prestige: Retain buy with target at Rs 9,000 per share. Company remains one of preferred picks in the midcap space. The operating leverage helped deliver a 26-quarter high margin.
Market Update: Sensex is down 111.41 points or 0.31% at 35545.29, and the Nifty down 23.80 points or 0.22% at 10637.70.
About 1039 shares have advanced, 1138 shares declined, and 131 shares are unchanged.
Major results on January 30: ICICI Bank, Bajaj Auto, Indian Oil Corporation, NTPC, Jubilant Foodworks, Jindal Stainless (Hisar), Security and Intelligence Services (India), Castrol India, IIFL Holdings, EIH Limited, Torrent Pharmaceuticals, Tata Communications, JSW Energy, Ajanta Pharma, Bajaj Holdings & Investment, LIC Housing Finance, Dhampur Sugar Mills, Hexaware Technologies
Buzzing: Bank of India has recovered losses from the morning trade and is trading 3% higher. The stock had plunged 6% intraday after company's net loss widened in the quarter ended December 2018.
Buzzing: RBL Bank shares have fallen more than 2% intraday after the increase in provisions on higher slippages for December quarter, but analysts remained positive on the stock. The fall is in addition to 2% decline on January 28.
Market at open: Benchmark indices started the day on lower side with Nifty trading below 10,650 level.
At 09:16 hrs IST, the Sensex is down 114.76 points at 35541.94, while Nifty is down 41.00 points at 10620.50. About 241 shares have advanced, 397 shares declined, and 34 shares are unchanged.
Adani Port, HCL Tech, UltraTech Cement, are among major gainers on the indices, while losers are Bank of India, Yes Bank, Bajaj Finserv, M&M, Gail, Cipla, Dish TV, Zee Entertainment, Titan and Tata Power.
Market at pre-open: Indian indices are mixed in the pre-opening session with Nifty trading below 10,650 level.
At 09:03 hrs IST, the Sensex is up 112.55 points or 0.32% at 35769.25, and the Nifty down 13.60 points at 10647.
Tata Steel down 10 percent and Ceat down 5 percent in the pre-opening trade, while Zee Entertainment gained 3 percent.
Wall Street slips: Stocks on Wall Street, down more than 1 percent for most of the session, recouped some losses at the close. The Dow Jones Industrial Average fell 208.98 points, or 0.84 percent, to 24,528.22. The S&P 500 lost 20.91 points, or 0.78 percent, to 2,643.85 and the Nasdaq Composite dropped 79.18 points, or 1.11 percent, to 7,085.69.
SGX Nifty: Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 26 points or 0.24 percent. Nifty futures were trading around 10,661.50-level on the Singaporean Exchange.
Asian markets trade lower: Asian shares faltered on Tuesday and the dollar hovered near two-week lows as prospects for a Sino-US trade deal was dealt a blow after the United States charged Chinese telecom firm Huawei with bank fraud and for conspiring to steal trade secrets.