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MARKET WRAP: Indices settle at record high led by L&T, Infosys, HDFC

Among sectoral indices, the Nifty Metal index settled 3% higher led by a sharp rise in the shares of Hindalco Industries and Jindal Steel & Power.

SI Reporter  |  New Delhi 

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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 ended at their record highs on Tuesday. The S&P 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.

CLICK HERE TO SEE WHICH CONTRIBUTED TO SENSEX'S GAIN TODAY


Among sectoral indices, the Metal index moved up 3%, led by a sharp rise in Hindalco Industries and Jindal Steel & Power. The Realty index ended 2.5% higher, led by Unitech and DLF.

GLOBAL MARKETS

Shanghai got a boost from that Beijing would adopt a more "vigorous" fiscal policy, including company tax cuts. Chinese blue chips rose 1.6 per cent to a one-month high, while MSCI's broadest index of Asia-Pacific outside Japan added 0.47 per cent. Japan's Nikkei edged up 0.5 per cent even as a disappointing reading on local factory activity suggested the threat of a trade war was starting to bite.

OIL PRICES

extended losses on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran.

Brent crude oil was down 10 cents (0.14 per cent) at $72.96 a barrel, after settling down 1 cent on Monday. US crude was down 9 cents (0.13 per cent) at $67.80 a barrel. The contract fell 37 cents the previous day.

(with Reuters inputs)

First Published: Tue, July 24 2018. 08:15 IST
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MARKET WRAP: Indices settle at record high led by L&T, Infosys, HDFC

Among sectoral indices, the Nifty Metal index settled 3% higher led by a sharp rise in the shares of Hindalco Industries and Jindal Steel & Power.

The benchmark ended at their record highs on Tuesday. The S&P 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.

CLICK HERE TO SEE WHICH CONTRIBUTED TO SENSEX'S GAIN TODAY

Among sectoral indices, the Metal index moved up 3%, led by a sharp rise in Hindalco Industries and Jindal Steel & Power. The Realty index ended 2.5% higher, led by Unitech and DLF.

GLOBAL MARKETS

Shanghai got a boost from that Beijing would adopt a more "vigorous" fiscal policy, including company tax cuts. Chinese blue chips rose 1.6 per cent to a one-month high, while MSCI's broadest index of Asia-Pacific outside Japan added 0.47 per cent. Japan's Nikkei edged up 0.5 per cent even as a disappointing reading on local factory activity suggested the threat of a trade war was starting to bite.

OIL PRICES

extended losses on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran.

Brent crude oil was down 10 cents (0.14 per cent) at $72.96 a barrel, after settling down 1 cent on Monday. US crude was down 9 cents (0.13 per cent) at $67.80 a barrel. The contract fell 37 cents the previous day.

(with Reuters inputs)

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