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Markets extend gains for 4th day; Sensex up 118 pts, Nifty ends at 10,326

All that happened in Tuesday's trade

SI Reporter  |  New Delhi 

The benchmark indices extended gains for the fourth straight session on Tuesday thanks to gains in pharma stocks and index heavyweight Reliance Industries. Positive trend seen in Asian markets also contributed to the rally.   The Nifty Pharma index rose over 2% with Dr Reddy’s Laboratories gaining as much as 10% after the company got Establishment Inspection Report from the US FDA for its Duvvada facility at Vishakapatman. Reliance Industries gained after Goldman Sachs raised the target price on the company by 26% to Rs 1,205 and added the stock to its ...

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Markets extend gains for 4th day; Sensex up 118 pts, Nifty ends at 10,326

Anand James, Chief Market Strategist, Geojit Financial Services   Positivity in global peers and buoyancy in the pharma sector following USFDA clearances helped extend yesterday’s gains, but profit booking in the recent outperformers capped any further gains. Anticipations on further list of stressed assets should keep banking stocks in focus, in view of provisioning required.

Markets extend gains for 4th day; Sensex up 118 pts, Nifty ends at 10,326

Sectoral trend  Source: NSE

Markets extend gains for 4th day; Sensex up 118 pts, Nifty ends at 10,326

Sensex heatmap at close  Source: BSE

Markets extend gains for 4th day; Sensex up 118 pts, Nifty ends at 10,326

Markets at close   The S&P BSE Sensex ended at 33,478, up 118 points, while the broader Nifty50 settled at 10,326, up 28 points.  S&P BSE SENSEX 33,478.35 +118.45 +0.36   S&P BSE SENSEX 50 10,765.23 +34.51 +0.32   S&P BSE SENSEX Next 50 35,708.16 +63.81 +0.18   S&P BSE 100 10,793.18 +32.11 +0.30   S&P BSE Bharat 22 Index 3,738.41 -13.43 -0.36 Source: BSE

Markets extend gains for 4th day; Sensex up 118 pts, Nifty ends at 10,326

Tencent surpasses Facebook in market value   China's social media and video game giant Tencent overtook Facebook in market value today as investors sent the company soaring to the top five list of the world's biggest firms.   Tencent's shares, traded in Hong Kong, have doubled in value this year as the tech company's earnings have repeatedly outmatched analysts' expectations. READ FULL REPORT

Markets extend gains for 4th day; Sensex up 118 pts, Nifty ends at 10,326

Top five Nifty losers in last leg of trade Source: NSE

Markets extend gains for 4th day; Sensex up 118 pts, Nifty ends at 10,326

Buzzing stocks   Shares of six auto ancillaries companies – ABC Bearings, Automobile Corporation of India, Bharat Gears, Bharat Seats, Minda Industries and Timken India – hit their respective new highs on Tuesday.  These companies reported strong results for the quarter ended September 2017 (Q2FY18).   The aggregate net profit of these 6 companies increased by 65% to Rs 132 crore in Q2FY18 against Rs 80 crore in the same quarter last year. READ MORE

Markets extend gains for 4th day; Sensex up 118 pts, Nifty ends at 10,326

Vedanta set to overtake Aditya Birla group as largest aluminium maker   Anil Agarwal-owned Vedanta Ltd is poised to overtake Aditya Birla group as the largest producer of aluminium in the country in the current fiscal.   Vedanta, which produced 0.96 million tonne of aluminium across its two facilities in Odisha and Chhattisgarh, is on course to clock an annual output of 1.6 million tonne this year. READ FULL REPORT

Markets extend gains for 4th day; Sensex up 118 pts, Nifty ends at 10,326

HDFC Securities report on Strides Shasun   In another business restructuring, Strides Shasun (STR) sold its India-branded business to Eris Life Sciences, for a consideration of Rs 5bn. The business contributed only ~5% to the total topline in FY17, and would have required significant investment to scale it up further. This is the second such business rationalisation by STR in FY18, along with the hive-off of the commodity API business. We believe that these divestments would help narrow STR’s focus on the high potential business segments, i.e. the US and Australia, where investments are now complete, and strong growth is expected to kick-in over FY18-20E. At ~16x/12x FY19E/FY20E EPS, STR is available at attractive valuations. With debt expected to drop by ~Rs 8bn in FY19E (32% of Sep-17 net debt) owing to these divestments, we find more comfort with our FY19/20E earnings estimates. On the back of the launches of gLovaza and potassium citrate in the US, and an expected string of approvals over the next 12 months (new GDUFA guidelines), mgt has guided for a ~US$ 50mn/qtr rev run-rate for the US business from 4QFY18 (v/s our est. of US$ ~38mn). We believe that this is an opportune time to invest in STR, with strong sequential improvement likely from 2HFY18. Re-iterate BUY with a TP of Rs 1,200 (18x Sep19E + Rs 100/sh for Solara + Rs 30/sh for Biopharma).

Markets extend gains for 4th day; Sensex up 118 pts, Nifty ends at 10,326

Tea shares surge   Shares of tea companies have rallied up to 17% on the bourses in intra-day trade on expectations that lower production may boost tea prices.   Rossell India, Goodricke Group, McLeod Russel India, Warren Tea, Jay Shree Tea Industries, Harrisons Malayalam and Tata Coffee among few were trading higher by more than 4% on the BSE. On comparison, the S&P BSE Sensex was up 0.52% at 33,535 at 01:13 PM. READ MORE

Markets extend gains for 4th day; Sensex up 118 pts, Nifty ends at 10,326

Top Nifty gainers  Source: NSE

First Published: Tue, November 21 2017. 15:35 IST
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Markets extend gains for 4th day; Sensex up 118 pts, Nifty ends at 10,326

All that happened in Tuesday's trade

The benchmark indices extended gains for the fourth straight session on Tuesday thanks to gains in pharma stocks and index heavyweight Reliance Industries. Positive trend seen in Asian markets also contributed to the rally.   The Nifty Pharma index rose over 2% with Dr Reddy’s Laboratories gaining as much as 10% after the company got Establishment Inspection Report from the US FDA for its Duvvada facility at Vishakapatman. Reliance Industries gained after Goldman Sachs raised the target price on the company by 26% to Rs 1,205 and added the stock to its ...

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