Sensex, Nifty off high points after record opening; pharma gains big

Some pressure is visible among banking names as well as automobiles and metals. The midcap index is trading flat.

After seeing fresh highs in the opening minutes, equities are off their high points, with the Nifty hovering around 11,600. The Sensex is up almost 100 points. Among sectors, pharmaceuticals are leading the charts, while FMCG is also trading strong.

Some pressure is visible among banking names as well as automobiles and metals. The midcap index is trading flat. Shares of Mahanagar Gas are down 6 percent on the back of a huge block deal sale to the tune of Rs 1,300 crore.

At 09:46 hrs IST, the Sensex is up 66.15 points or 0.17% at 38351.90, while the Nifty is up 16.00 points or 0.14% at 11586.90. The market breadth is narrow as 1,034 shares advanced, against a decline of 766 shares, while 105 shares were unchanged.

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Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-nifty-off-high-points-after-record-opening-pharma-gains-big-2870321.html

Opening Bell (23 Aug 2018)

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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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INTERNATIONAL MARKET UPDATE (21 AUG 2018)

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Equity benchmarks continued to trade flat after giving up almost all gains, with the Nifty hovering around 11,550.

At 11:15 hrs IST, the Sensex is down 12.30 points or 0.03% at 38266.45, and the Nifty down 0.00 points or 0.00% at 11551.80. The market breadth is narrow as 1,194 shares advanced, against a decline of 1,046 shares, while 142 shares are unchanged.

Banks continue to be the losers along with metals, infra, and FMCG names. Meanwhile, IT continues to be the lead gainer.

Wipro and Coal India are the top gainers on both indices, while Tata Steel, ICICI Bank and BPCL have lost the most.

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Source: https://www.moneycontrol.com/news/business/markets/market-live-subdued-moves-continue-on-d-street-nifty-hovers-around-11550-banks-fall-2864321.html