MARKET COMMENT Jayant Manglik, President, Religare Broking In yet another volatile trading session, the Indian equity benchmark indices ended Friday’s session on the flat note. Throughout the day, markets remained range bound and the Nifty index swung both ways touching intra-day high of 10,834 in first half and intra-day low of 10,755 in second half and finally ended flat at 10,818 levels. BSE Midcap & Smallcap, underperformed the benchmark, to close with losses of 0.4% and 0.5%, respectively. Barring Healthcare and IT, which closed nearly 2% higher, selling pressure was witnessed among all the other sectorial indices.Capital Goods, Metals, Oil & Gas and Power remained the top losers. Amongst the global indices, both European and Asian markets traded on a mixed note. We continue to remain cautious on the markets in the coming sessions. With lack of any fresh positive domestic triggers in the near term, volatility is likely to remain high with stock specific movement. Market participants will closely monitor global developments, especially in US, Europe and China. Any further correction should be considered as a good buying opportunity for investors in quality counters Nifty IT index settled 2.14% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) INFOSYS 1281.65 1239.70 41.95 3.38 ORACLE FIN.SERV. 4140.00 4008.70 131.30 3.28 TCS 1844.90 1787.55 57.35 3.21 TECH MAHINDRA 709.60 698.80 10.80 1.55 MINDTREE 1003.15 992.75 10.40 1.05 Nifty Pharma index ended 2.24% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) CIPLA 612.00 588.05 23.95 4.07 DR REDDY'S LABS 2351.45 2269.40 82.05 3.62 PIRAMAL ENTERP. 2501.00 2427.40 73.60 3.03 SUN PHARMA.INDS. 572.00 559.25 12.75 2.28 BIOCON 625.30 614.35 10.95 1.78 Nifty sectoral gainers and losers of the day BSE Sensex: Dr. Reddy's, Infosys, TCS among top gainers of the day. ONGC top loser. Market at close The S&P BSE Sensex ended at 35,622, up 22 points while the broader Nifty50 index settled at 10,818, up 10 points.
Among sectoral indices, the Nifty Pharma index ended over 2% higher led by rise in the shares of Dr. Reddy's Laboratories, Cipla and Piramal Enterprises. The Nifty IT index too settled over 2% led by a rally in Infosys and Tata Consultancy Services (TCS).
TCS hit a new high of Rs 1,849 per share on the BSE during the day, after the IT major said that its board has approved a proposal of buyback upto 76.19 million equity shares at price of Rs 2,100 per share through tender offer. The stock eventually settled 2.75 per cent higher at Rs 1841.45 on the BSE.
Commerce Minister Suresh Prabhu said exports in May rose by 28.18 per cent to $28.86 billion while imports were up 14.85 per cent to $43.48 billion.
(with Reuters inputs)