Nifty ends above 10,300, up 2% for week, Sensex gains 216 pts; metals shine

Benchmark indices gained ground on Friday as investors cheer after the exit polls that released their survey results at the end of the final phase of polling in Gujarat on Thursday evening predicted that the Bharatiya Janata Party (BJP) was set to retain Gujarat and wrest Himachal Pradesh from the Congress.

While survey agencies differed in their seat projections, nearly all predicted almost 100 or more seats for the BJP, with the party set to extend its 22-year rule in the state. Survey agencies also said the election, in the last phases, was focused on the leadership of Prime Minister Narendra Modi, and overcame the brewing anti-incumbency against the Vijay Rupani government and dissipated the anger that sections of Gujarati society had felt about specific local issues.

The S&P BSE Sensex ended at 33,462, up 216 points while the broader Nifty50 index settled at 10,333, up 81 points

Broader markets outperformed the benchmark indices with both BSE Midcap and BSE Smallcap indices up over 1%.

Maruti Suzuki India shares touched a fresh all-time high of Rs 9,237, rising 1.3 percent intraday after the global brokerage house raised target price sharply. While maintaining a buy call on the stock, Citi has increased its price target to Rs 10,600 (from Rs 9,400 per share earlier), implying 16% upside from Thursday’s closing price.

Deepak Fertilizers and Petrochemicals Corporation shares gained 4% intraday after the Arbitration Tribunal has rejected GAIL’s claim of Rs 357 crore against the company. The Gas Authority of India had claimed the amount in respect of the supply of domestic natural gas for period July 2006-May 2014, alleging usage for the manufacture of products other than urea.

Mahindra & Mahindra (M&M) hit a fresh 52-week high of Rs 1,480, up 3.3% on the BSE in noon deal trade, after the company announced that it plans to increase prices of its passenger and commercial vehicles by up to 3% with effect from January 1, 2018. The stock was the top gainer among the S&P BSE Sensex at 12:16 PM.

Renaissance Jewellery was locked in upper circuit of 20% at Rs 275 on the BSE after the company reported more than doubled net profit at Rs 16.9 crore in September quarter (Q2FY18). It had profit of Rs 7.4 crore in the same quarter year ago. Revenue of the company grew 34% at Rs 384 crore against Rs 286 crore in the corresponding quarter of previous fiscal. Ebitda (earnings before interest, taxes, depreciation and amortization) margin improved to 6.94% from 5.6% in previous year quarter.

Ahmedabad-based multispeciality hospital chain operator Shalby started off first trade at Rs 243.80 on the National Stock Exchange, a 1.7 percent discount to issue price of Rs 248 per share on Friday. Though soon after listing it recovered to hit a day’s high of Rs 254.80 (up 2.74 percent), it continued to hover around issue price.

HDFC Bank shares hit fresh record high of Rs 1,887.45, up 2.7 percent intraday Friday ahead of board meeting to consider fund raising proposal. The country’s second largest private sector lender informed exchanges that a meeting of the board of directors of the bank will be held on December 20 to consider a proposal for raising of funds by issue of equity shares or depository receipts and other securities including through qualified institutions placement or American Depository Receipts program, preferential allotment or such other methods or combinations. The board will also consider a preferential issue to Housing Development Finance Corporation, the promoter of the bank.

Here are some picks from the week gone by.

Company: Godrej Industries CMP: 594.70 Mastermind

Company: UPL Limited CMP: 717.85 Mastermind

Company: Zee Entertainment CMP: 569.35 Mastermind

Company: Bajaj Finance CMP: 1725.00 Mastermind

Company: Muthoot Finance CMP: 428.00 Mastermind

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