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MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains

Markets edged up on Friday, even as broader global markets remained weak

SI Reporter  |  New Delhi 

Markets edged up on Friday with Nifty50 closing above 10,800-levels, even as broader global markets remained weak. The S&P BSE Sensex ended the day at 35,689, up 257 points while the broader Nifty50 index settled at 10,822, up 81 points The top gainers on the Sensex include Sun Pharma, HDFC, Mahindra and Mahindra (M&M), and Axis Bank whereas Reliance Industries (RIL), and Coal India were the major losers. Among sectoral gainers, banking and finance sectoral indices gained with Nifty Bank, Nifty PSU Bank and Nifty Private Bank index up over 1% each. Meanwhile, ...

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MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains

Top gainers from the Nifty Bank index COMPANY LATEST PREV CLOSE GAIN() GAIN(%) VOLUME RBL BANK 552.80 538.95 13.85 2.57 933622 AXIS BANK 526.00 513.05 12.95 2.52 5562344 ST BK OF INDIA 272.95 268.65 4.30 1.60 19810021 HDFC BANK 2085.60 2057.60 28.00 1.36 1752984 ICICI BANK 300.15 297.95 2.20 0.74 16394212

MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains

Nifty Pharma gains 1.8%; Top gainers in the pack COMPANY LATEST PREV CLOSE GAIN() GAIN(%) VOLUME SUN PHARMA.INDS. 580.30 554.50 25.80 4.65 9380404 PIRAMAL ENTERP. 2591.60 2536.40 55.20 2.18 351260 CIPLA 615.50 603.50 12.00 1.99 3122103 BIOCON 629.10 620.35 8.75 1.41 1977618 DR REDDY'S LABS 2342.00 2316.40 25.60 1.11 1619254

MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains

Sectoral Trend

MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains

Top Sensex gainers and losers

MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains

Markets at Close The S&P BSE Sensex ended the day at 35,689, up 257 points while the broader Nifty50 index settled at 10,822, up 81 points

MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains

Bajaj Finance surpasses Axis Bank in market-cap ranking   Bajaj Finance, which hit a new high of Rs 2,330, up 3% on the BSE in late noon deal on Friday, has surpasses private sector lender Axis Bank in market capitalisation (market-cap) ranking.   Thus far in the calendar year 2018 (CY18), Bajaj Finance has outperformed the market by surging 33% as compared to 4% rise in the S&P BSE Sensex. Axis Bank has underperformed the market by falling 8% during the period. READ MORE

MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains

Opec meet in Vienna: Oil ministers back output hike despite Iran's walkout   Opec and its allies reached a preliminary agreement in the face of strong opposition from Iran to boost production by a theoretical 1 million barrels a day -- the actual increase will be smaller as several countries are unable to raise output.   In a night of drama in Vienna, the Joint Ministerial Monitoring Committee, which recommends policy to the group, reached an agreement despite Bijan Zanganeh, the Iranian oil minister, walking out of the meeting and predicting Opec won't reach a final deal when it meets formally on Friday. READ MORE

MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains

Reliance Securities on Ahluwalia Contracts​​  (ACIL) ACIL added orders worth Rs16.2bn in the first two months of FY19 taking its total order backlog to Rs47bn, which offers decent visibility. Further, Rs1.8bn of order is L1 and ACIL expects to add Rs5-6bn more in remaining 10 months of FY19.   We further believe that asset light business model, best in class ​​return ratios and healthy balance sheet augur well for ACIL. We expect the company to report revenue and earnings CAGR of 12% and 21%, respectively through FY18-20E. At the CMP, the stock trades at 16x and 14.2x for FY19E and FY20E earnings, respectively. ​​We have BUY recommendation on the stock with a Target Price of Rs450.

MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains

SECTOR WATCH HDFC Securities on cooling products industry We expect low single digit growth in 1QFY19 for Voltas (UCP) and Symphony (domestic) owing to a pickup in the second half of the quarter. We believe stock correction has been greater than the earnings cut since 4QFY18 for Voltas (17% vs. 7% EPS cut) and Symphony (25% vs. 12% EPS cut) implying a de-rating.   Based on our checks, we confirmed that both these players continue to maintain their leadership despite stiff competition. We believe low penetration of cooling products and their leadership position, along with a solid management track record warrants a great entry opportunity to play the structural story.

MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains

PNB Housing Finance hits 52-week low of Rs 1,051   PNB Housing Finance hit its 52-week low of Rs 1,051, down 5% on the BSE. Shares of the housing finance arm of Punjab National Bank (PNB) are trading at its lowest level since March 15, 2017.   Since May 2, 2018, PNB Housing Finance has underperformed the market by falling 26% as compared to 1% rise in the S&P BSE Sensex. READ MORE

MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains

Brokers change tack in run-up to universal trading platforms   The equity broking business in India is passing through a consolidation phase, ahead of the launch of universal trading platforms -- that is, permitting commodity trading on equity exchanges and vice versa. Last December, the Securities and Exchange Board of India (Sebi) said equity and commodity exchanges would be allowed to enter each other’s area from October 2018.   The BSE and National Stock Exchange have said they would be launching futures trading in commodities. READ MORE

First Published: Fri, June 22 2018. 08:05 IST
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MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains

Markets edged up on Friday, even as broader global markets remained weak

Markets edged up on Friday with Nifty50 closing above 10,800-levels, even as broader global markets remained weak. The S&P BSE Sensex ended the day at 35,689, up 257 points while the broader Nifty50 index settled at 10,822, up 81 points The top gainers on the Sensex include Sun Pharma, HDFC, Mahindra and Mahindra (M&M), and Axis Bank whereas Reliance Industries (RIL), and Coal India were the major losers. Among sectoral gainers, banking and finance sectoral indices gained with Nifty Bank, Nifty PSU Bank and Nifty Private Bank index up over 1% each. Meanwhile, ...

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