, Sensex, Nifty End With Muted Gains As Tech Shares Drag

Sensex, Nifty End With Muted Gains As Tech Shares Drag


Closing Bell: Sensex, Nifty End With Muted Gains As Tech Shares Drag

Indian equity benchmark NSE Nifty 50 rose for the fifth consecutive trading session, its longest stretch of gains in nearly six months.

Besides, the S&P BSE Sensex extended gains for the third consecutive trading session.

The benchmark indices closed marginally higher as gains in Reliance Industries Ltd. and Maruti India Ltd. were offset by losses in Infosys Ltd. and Tata Consultancy Services Ltd.

The 31-stock index closed 0.34 percent higher at 37,270.82 and the NSE Nifty 50 ended 0.3 percent higher at 11,035.70. The broader markets represented by the NSE Nifty 500 Index closed 0.48 percent higher.

“It is too early to conclude that the markets are turning in favour of investors,” Valentis Advisors’ Fund Manager Daljeet Singh Kohli said as Indian equity benchmark extended gains.

“The recovery in market is good. However, it is difficult to say that the movement has turned the tide at present. There are a lot of structural and fundamental changes required as markets are ultimately ‘the slave’ of earnings,” Kohli told BloombergQuint in an interaction.

Kohli foresees more earnings pain in September quarter than what was witnessed in the previous quarter.

The Nifty is expected to touch 11,100-11,180 soon, considering the Monday’s move in the broader markets, according to Angel Broking.

“The immediate supports for the index are placed around 10,950 and 10,880 in the downside,” the homegrown research firm said in a note today.

The 500-share index extended gains for the fourth consecutive trading session. It had ended 0.58 percent higher on Monday.

Traders are advised to trade with a positive bias and look to pick stocks from the mid-cap space which are likely to provide outperformance in the short term.

Angel Broking Research Report

The market breadth was tilted in favour of buyers. About 1,337 stocks advanced and 472 shares declined on National Stock Exchange.

Read this:  Transfer news and rumours LIVE: Paul Pogba's Real Madrid move vetoed by adidas

Eight out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Realty index’s 4 percent advance. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 1.4 percent.

, Sensex, Nifty End With Muted Gains As Tech Shares Drag

Bloomberg Exclusive: Blackstone Said To Plan Investing In Allcargo’s Logistics Unit

Blackstone Group is in talks to invest $209 million in a venture with Allcargo Logistics to build warehouses in India, Bloomberg reported quoting people familiar with the matter.

“A real estate unit of the U.S. private equity firm is considering owning 51 percent of the venture,” unidentified sources told Bloomberg.

Market Commentary: Too Early To Say Things Are Turning In Favour, Valentis Advisors Says

It is too early to comment that the markets are turning in favour of investors, Valentis Advisors’ Fund Manager Daljeet Singh Kohli said as Indian equity benchmark extended gains.

“The recovery in market is good. However, it is difficult to say that the movement has turned the tide at present. There are a lot of structural and fundamental changes required as markets are ultimately ‘the slave’ of earnings,” Kohli told BloombergQuint in an interaction.

Kohli foresees more earnings pain in September quarter than what was witnessed in the previous quarter.

Stocks Moving On Heavy Volumes

Kalpataru Power Transmission

  • Stock rose as much as 5.2 percent to Rs 474.
  • Trading volume was more than 60 times its 20-day average.

ICICI Lombard

  • Stock fell as much as 4.9 percent to Rs 1,148.90
  • Trading volume was 50 times its 20-day average.

KPR Mill

  • Stock rose as much as 1.1 percent to Rs 559.65.
  • Trading volume was more than 17 times its 20-day average.
Read this:  England in control as Australia wilts in fifth Ashes Test

Eris Lifescience

  • Stock rose as much as 6.6 percent to Rs 394.70.
  • Trading volume was more than 10 times its 20-day average.

Emami

  • Stock fell as much as 1.6 percent to Rs 290.
  • Trading volume was more than eight times its 20-day average.

Market Check: Sensex, Nifty Extend Gaining Streak

Indian equity benchmark NSE Nifty 50 is set to extend gains for the fifth consecutive trading session.

The 50-stock index rose 0.35 percent to 11,041 as of 3 p.m.

Besides, The S&P BSE Sensex is set to extend gains for for the third consecutive trading session and rose 0.45 percent to 37,312. The broader markets represented by the NSE Nifty 500 Index rose 0.54 percent.

Fab Four Stocks Of The Day

Meghmani Organics

  • Stock rose as much as 9.7 percent to Rs 56.
  • Company plans to set up project for Epichlorohydrin with capacity of 50,000 TPA at a capex of Rs 275 crore and is expected to generate a revenue of Rs 460 crore.
  • At present, the product in imported entirely for domestic consumption

Jindal Steel & Power

  • Stock rose as much as 11.2 percent to Rs 106.15.
  • “The company has orders to manufacture more than 3.5 lakh tonnes of railway tracks. The business amounts to about a quarter of Indian Railways’ planned purchase in the current financial year,” Bloomberg reported quoting JSPL’s Managing Director VR Sharma.

Wockhardt

  • Stock hit 20 percent upper circuit at Rs 291.30
  • Trading volume was more than six times its 20-day average.

Escorts

  • Stock rose as much as 5.1 percent to Rs 529.90.
  • Fresh longs seen with high open interest of 21 percent.

TCS Falls For Sixth Consecutive Trading Session

Market Check: Sensex, Nifty Rangebound

Bond Market Update: 10-Year Yield Jumps Nearly 6 Basis Points

Jindal Steel & Power Jumps The Most In Nearly A Month

Tata Motors Extends Gain For Fourth Day; Shares Jump Over 8%

Market Commentary: Nifty May Touch 11,180-Mark In Near-Term, Angel Broking Says

Reliance Nippon Recovers From 4% Fall

BHEL Commissions 1,320 Megawatt Power Project In Odisha; Shares Pare Losses

Sectoral Indices Check: Nifty Realty Index Top Sectoral Performer

Market Check: Sensex, Nifty Hold Gains

Indiabulls Real Estate Pare Opening Gains On Stake Sale Plans

F&O Check: Nifty 11,000 Put Option Falls 43%

Large Trade Alert: Cox & Kings, ITC, Kalpataru Power

Strides Pharma Swings After Stake Acquisition

Yes Bank Top Performer On Sensex, Nifty

ICICI Lombard Falls After Large Trade

Opening Bell: Sensex, Nifty Set Open Higher

Your Complete F&O Trade Setup

BQ Heads-Up: Insider Trading

BQ Heads-Up: Who’s Meeting Whom

Money Market Update: Rupee Opens Lower

Market Check: Sensex Nifty Set For Positive Start

Market Commentary: Credit Suisse’s Dan Fineman downgrades India To Market Weight

Insider Trading: Anant Raj, Elpro International, Panama Petrochem

Trading Tweaks: Essar Shipping, Jaypee Infatech, Rajratan Global Wire

Stocks To Watch: DFM Foods, Indiabulls Real, Reliance Nippon Life, Sun Pharma, Yes Bank

Nifty Futures Suggests Positive Start; Asian Stocks Edge Higher

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *