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Sensex aims 26,000; Sun Pharma up 4%, Dr Reddy's Labs dips 6%

Top gainers from the Sensex pack are Sun Pharma, Tata Motors, Hindalco, ICICI Bank, Wipro and HUL

SI Reporter  |  Mumbai 

Markets open flat with positive bias; Nov F&O expiry eyed

continue to trade firm led by strong buying among select heavyweight shares like Sun Pharma, Tata Motors and ICICI Bank.

By 10:35 am, the Sensex was higher by 147 points at 25,923 and the Nifty gained 42 points at 7,874.

The top gainers from the Sensex pack are Sun Pharma, Tata Motors, Hindalco, ICICI Bank, Wipro and HUL.

Sun Pharmaceutical Industries is trading higher by over 4% after the drug maker said that it has shelved plans to invest in wind energy project in the United States (US) following investor concerns.

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Updated at 9:50 am


are trading positive in a narrow range as investors have turned cautious ahead of the derivatives contracts expiry for the month of November.

Investors will also eye the winter session of the Parliament, which kick-starts today.


By 9:50 am, the Sensex was higher by 112 points at 25,888 and the Nifty gained 33 points at 7,864.

Among broader markets, BSE Midcap and Smallcap indices are up 0.3-0.4%.


According to Mudit Goyal, Technical Analyst at SMC Global Securities, " Nifty is likely to form “Head and Shoulder” pattern on daily charts, which is bearish in nature. Although we don’t have the neckline breakdown of same but its consolidation indicates that there will be a major downside from current levels. So any breakdown of 7,700 levels can open the door for further downside by 7,540 levels. On the higher side, any breakout of 7,950 can give the decent upside upto 8,100 levels."


Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 540.12 crore on Tuesday as per provisional data released by the stock exchanges.

Moody’s on Wednesday said most Indian companies under its rating scanner would benefit from strong domestic growth and accommodative monetary policy in 2016.

Bankers, economists and market participants expect the Reserve Bank of India (RBI) to maintain status quo in its fifth bi-monthly policy review for 2015-16, scheduled on December 1.

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In overseas markets, Asian shares advanced on growing bets that the European Central Bank was gearing up to deliver further stimulus steps to keep the euro under pressure. US stocks ended almost unchanged yesterday as consumer discretionary and healthcare shares battled losses in other sectors on the last full trading day of the week.

BUZZING STOCKS

The US Food and Drug Administration (FDA), which had issued a warning letter to Dr Reddy's Laboratories over quality issues two weeks ago, said it might even refuse entry of products into the US from the three plants cited in the letter if the company fails to correct the violations. Shares of Dr Reddy’s Labs slumped by almost 7%.

US private equity firm Bain Capital is selling shares in Hero MotoCorp to raise as much as $116 million, or about Rs 769.72 crore, IFR reported, citing a person close to the deal. Hero Moto is down over 1%.


Maruti Suzuki has announced that it will offer dual airbags and anti-lock braking system (ABS) as an option in all variants of Swift and DZire, including the base variant. In the fiscal year ended March 2015, Swift and DZire maintained an average sale of over 17,000 units each per month. Maruti Suzuki is down almost 1%.

Sun Pharmaceutical Industries has shelved plans to invest in a $225-million wind energy project in the US following investor concerns. The stock is the top Sensex gainer, up over 2%.

Tata Motors-owned UK brands Jaguar Land Rover has announced doubling of capacity of its Midland-based engine manufacturing centre, with an investment of £450 million (Rs 4,500 crore). Tata Motors has risen by over 1%.

Videocon Telecommunications, a subsidiary of Videocon Industries, on Tuesday sold its spectrum in Gujarat and UP (West) circles to Aditya Birla group’s Idea Cellular at a valuation of Rs 3,310 crore. Videocon Inds has surged over 6%. Idea Cellular has slipped marginally.

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First Published: Thu, November 26 2015. 10:36 IST
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