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Tuesday, August 21, 2018

Equities end the session on a record high note, Nifty above 11,550


Selling in banks after an initial rally dragged the indices lower from their high points. Along with it, weakness was visible in sectors such as metals and FMCG

The day started with the market hitting fresh highs of 11,581 on the Nifty, while the Sensex hit 38,402.96 in the morning. But the selloff immediately dragged them lower and steadied it around flat lines through the day. Experts believe that investors could also be waiting for cues from US-China trade meeting lined up on Wednesday along with any other global cues.

The market will be shut tomorrow on account of Bakri Id.

Stocks in news

Vadilal Industries’ share price recovered to end 2 percent lower after falling 12 percent intraday. This is in addition to 20 percent fall in previous session after ace investor Ashish Kacholia cut his shareholding in the company.

Shares of HCL Technologies added 1 percent after its shareholders approved the company’s Rs 4,000-crore buyback proposal.

Tech Mahindra added 3 percent after foreign research house BoFAML (Bank of America Merrill Lynch) upgraded the stock to buy from underperform rating. The research house raised target price to Rs 800 from Rs 600 per share, implying an upside of 33 percent.

Meanwhile, MEP Infrastructure Developers fell 1 percent as company received letter from Maharashtra government asking it to not collect toll at Airoli (Mumbai region) toll plaza for next 1 month.

Shares of Lupin added more than 2 percent as it received USFDA approval for dermatitis lotion.

Shares of Jet Airways were trading lower by 3 percent as investors reacted negatively to allegation of siphoning off of funds by the promoters. On August 20, 2018, Moneycontrol reported that fresh trouble is around the corner for Naresh Goyal-owned Jet Airways as the Ministry of Corporate Affairs (MCA) has opened a preliminary inquiry into the carrier on suspicion it siphoned off funds.

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Source: https://www.moneycontrol.com/news/business/markets/an-evening-walk-down-dalal-street-equities-end-the-session-on-a-record-high-note-nifty-above-11550-2867001.html
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