MARKET COMMENT Mustafa Nadeem, CEO, Epic Research Market hits a new all-time high with S&P Sensex hitting 36902, just a tad below 37K mark while on the other side Nifty has been shy of testing its all-time high of 11171. Though, Nifty has given a definite breakout after consolidating in a flag pattern for a week. Further, We have seen a positive close above the resistance line of the flag which has turned bulls aggressively bullish. A flag is a continuation pattern which indicates the continuation of the preceding trend in the market. While its Pole being the previous rally we have observed from 10600 odd levels which come to be 500 odd points while the breakout has happened above at 11050, the point of inflection for the pattern. Nifty has successfully closed above this point for the second consecutive day which indicates the control of directional bulls. With that, 11450 is the conservative target for this pattern in short-term Nifty Metal index ends 2.99% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) HINDALCO INDS. 207.60 196.15 11.45 5.84 WELSPUN CORP 115.05 109.75 5.30 4.83 JINDAL STEEL 195.90 187.45 8.45 4.51 JINDAL STAIN .HI 130.25 124.70 5.55 4.45 NATL. ALUMINIUM 61.05 58.55 2.50 4.27 Nifty sectoral gainers of the day BSE Sensex: L&T, Asian Paints, Vedanta among top gainers of the day Market at close The S&P BSE Sensex ended at 36,825, up 106 points while the broader Nifty50 index settled at 11,134, up 50 points. IDBI Capital on L&T Infotech We factor Q1FY19 beat and increase FX rate to Rs68 vs. Rs65.5 earlier for rest of FY19E and FY20E. We increase FY19/20E revenue by 2.6%/3.2% and EPS by 6.3%/5.7%. We now forecast FY18-20E revenue (US$)/EPS CAGR of 16.9%/18.3%. We also raise our target price to Rs1,809 based on 20x FY20E and maintain HOLD
The benchmark indices ended at their record highs on Tuesday. The S&P BSE Sensex ended at 36,825, up 106 points. The index hit its intra-day high of 36,902.06 today. The broader Nifty50 index settled at 11,134, up 50 points. It had hit a fresh near six-month high of 11,143.40 in intra-day deals.
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Among sectoral indices, the Nifty Metal index moved up 3%, led by a sharp rise in Hindalco Industries and Jindal Steel & Power. The Nifty Realty index ended 2.5% higher, led by Unitech and DLF.
(with Reuters inputs)