Nifty hovers around 10,100, Sensex up 200 pts; pharma, PSU bank stocks up 4%

It is a good start to the week for the market, with the Nifty surpassing 10,050 in the opening trade. The Sensex opened over 150 points higher. 

Buying is visible across all sectors, with pharmaceuticals, banks, automobiles and metals trading in the green. The midcap index is up around half a percent. 
 
The Sensex is up 170.33 points or 0.51% at 33519.64, and the Nifty up 40.20 points or 0.40% at 10070.20. The market breadth is positive as 419 shares advanced, against a decline of 107 shares, while 3,089 shares are unchanged.

ICICI Bank, Yes Bank, and Indiabulls Housing have gained the most, while Kotak Mahindra Bank and IndusInd Bank are the top losers.  

Equities are off their opening highs. The Nifty is still above 10,050, while the Sensex is up over 100 points. 

The Sensex is up 117.52 points or 0.35% at 33466.83, while the Nifty is up 34.10 points or 0.34% at 10064.10. The market breadth is narrow as 811 shares advanced, against a decline of 496 shares, while 2,308 shares were unchanged.

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Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-nifty-hovers-around-10100-sensex-up-200-pts-pharma-psu-bank-stocks-up-4-3096621.html

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Rupee fall brings back IT, pharma sectors in favour for mutual funds

A sharp slide in rupee has prompted mutual fund managers to bet on export-oriented sectors such as information technology and pharmaceuticals.

The rupee has fallen over 15 percent against the dollar so far this year and is currently trading at 73.43 against the dollar. The currency is down 8.3 percent year on year, which means the depreciation is at a five-year high.

Krishna Sanghavi, head-equities, Canara Robeco Mutual Fund believes companies in export-oriented sectors will benefit from the rupee's depreciation. “We are positive on IT and pharma because of improving business outlook and benefits of rupee depreciation," he says.

Echoing Sanghavi’s view, LIC Mutual Fund’s Chief Investment Officer Sarvana Kumar says, “Pharma and IT companies are likely to report better earnings and an improvement in their profit margins.”

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Source:https://www.moneycontrol.com/news/business/mutual-funds/mf-wrap-rupee-fall-brings-back-it-pharma-sectors-in-favour-for-mutual-funds-3092981.html

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Sensex off day's low, Nifty holds 10,000; Bharti Airtel rebounds

Benchmark indices extended losses in morning with the Nifty trading close to psychological 10,000 levels, dragged by weak Asian cues.

The 30-share BSE Sensex was down 310.48 points at 33,379.61 and the 50-share NSE Nifty fell 106.10 points or 1.05 percent to 10,018.80.

Yes Bank, Indiabulls Housing, JSW Steel, NTPC and Hindalco were top losers among Nifty50 stocks, down 3.5-6 percent whereas Tata Motors and GAIL gained a percent each.

Asian shares slipped again, deepening this week's markets rout, after disappointing results from Alphabet Inc and Amazon.com heightened concerns over the outlook for US corporate earnings, global trade and economic growth.

The wobbly start for regional bourses came despite a bounce on Wall Street overnight, which was helped by bargain-hunting and positive earnings from Microsoft Corp.

Predictably, the Nasdaq futures turned down 0.8 percent and Dow Jones futures fell 0.5 percent, underscoring broad worries about US corporate earnings, and the outlook for the economy, which triggered a plunge on Wall Street on Wednesday and sent global markets into a tailspin. Source: Reuters.

In Asia, Japan's Nikkei, Hong Kong's Hang Seng, and South Korea's Kospi were down 1-2 percent followed by China's Shanghai Composite which lost half a percent.

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Source: https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-sensex-off-days-low-nifty-holds-10000-bharti-airtel-rebounds-3088811.html

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