Sensex ends on Friday 19 pts down, Nifty at 10,768; Sun Pharma up 8%

Benchmark indices trimmed their morning losses and ended flat on Friday even as yields on the 10-year government bonds hit over 8% in the opening session today, first time since May 2015, but soon declined.

The S&P BSE Sensex ended at 35,444, down 19 points while the broader Nifty50 index settled at 10,768, down 1 points.

Among individual stocks, Sun Pharma surged over 8%, while Dr. Reddy ended nearly 5% higher on the BSE.

Among sectoral indices, the Nifty Pharma index rose 4.26% today led by a rise in the shares of Sun Pharmaceutical Industries, Lupin and Dr. Reddy’s Laboratories.

Investors also continued to react to Reserve Bank of India’s (RBI) first rate hike since 2014, while maintaining a neutral stance.

Shares of Reliance Industries (RIL) have moved higher by 1.5% to Rs 986 per share, rebounding 2.6% from their intra-day low of Rs 961 on the BSE.

Shares of select public sector undertaking (PSU) banks were quoting higher for the third straight trading day ahead of Finance Minister Piyush Goyal’s meeting on Friday with the chief executives of 15 public sector banks (PSBs) in Mumbai. Dena Bank, Uco Bank and Corporation Bank were up 5% each, while Punjab National Bank (PNB), Bank of Maharashtra, Indian Overseas Bank, Andhra Bank and Allahabad Bank were up in the range of 3% to 4%. Shares of State Bank of India (SBI) however, trading 0.17% lower at Rs 269 on the National Stock Exchange (NSE).

Indian Bank gained 1.61% to Rs 356.60 on BSE after the bank said it has hiked its marginal cost of funds based lending rate by 5 to 10 basis points for various tenors effective from 11 June 2018.

Shares of Usha Martin are locked in the upper circuit of 20% at Rs 28.90, extending their past two days surge of over 20% on the BSE on back of heavy volumes after a media report suggested that Tata Steel joined the race for the company. In past three trading days, the stock has rallied 45% from Rs 19.95 on June 5, as compared to 1.2% rise in the S&P BSE Sensex.

Tata Motors was up 2.4% to Rs 312, extending its past two days 7% rally on the BSE, after Jaguar Land Rover (JLR) reported total retail sales of 48,281 vehicles in May 2018, up 6.1% year on year. The growth for JLR (Ex-China geography) stood strong at 11% YoY which has been highest growth in last 14 months. The sales growth was primarily driven by the introduction of new models including the Range Rover Velar, the Jaguar E-PACE and the new Land Rover Discovery, Tata Motors said in a statement. Tata Motors proposes to raise up to USD 500 mn via ECB

Omax Auto approves a proposal for diversification and expansion of existing capacity for manufacturing products and equipment supplied to Railways

Dr. Reddy’s expects to launch generic Copaxone in H1 FY20 in US

Time Technoplast receives order worth Rs 40 crore

ITC acquires Nimyle floor cleaner, forays into home care space

IIFL Real Estate Investment Trust receives certificate of registration from SEBI to undertake REIT activities.

Electrosteel Casting says promoter holding reduced to 11.11 percent from 45.23 percent post allotment of shares to lenders.

Shriram EPC resolves customer dispute in Iraq; order of $230 million restored to its joint venture with Iraqi Co.

McNally Bharat issues 1.20 lakh CCPS to promoters.

Here are some picks from the week gone by.

Company: Ashok Leyland CMP: 144.95 Mastermind

Company: Biocon Ltd. CMP: 605.80 Mastermind

Company: Gujarat State Fertilisers CMP: 115.90 Mastermind

Company: Bharat Forge CMP: 652.00 Mastermind

Company: VIP Industries CMP: 430.00 Mastermind

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