Indices trim losses to end flat, Nifty at 10,818; Pharma gains
The markets trimmed their day’s losses and ended flat on Friday amid weakness in their Asian peers, that wobbled on Friday as investors braced for US tariffs against China.
The S&P BSE Sensex ended at 35,622, up 22 points while the broader Nifty50 index settled at 10,818, up 10 points.
Among sectoral indices, the Nifty Pharma index ended over 2% higher led by rise in the shares of Dr. Reddy’s Laboratories, Cipla and Piramal Enterprises.
Shares of Tata Consultancy Services (TCS) hit a new high of Rs 1,849 per share, up 3% on the BSE after the company said its board approved a proposal of buyback upto 76.19 million equity shares at price of Rs 2,100 per share through tender offer. The stock surpassed its previous high of Rs 1,840 recorded on June 14, 2018.
Manpasand Beverages was locked in lower circuit of 5% at Rs 158 on the BSE after the exchange placed shares of the company under ASM (Additional Surveillance Measure) framework effective from today, June 15, 2018. The BSE shifted Manpasand Beverages and Sai Baba Investment and Commercial Enterprises under enhanced surveillance measures where 100% margins will be applicable from June 16, 2018.
Despite a subdued performance by Marico in the March 2018 quarter (Q4) owing to high copra prices (a key input) and dismal volume growth, the stock is up 8 per cent since May 2, 2018. What’s mainly making investors confident is an expected recovery in volumes.
Shares of Reliance Industries, Bajaj Finance, United Breweries, Page Industries, Jubilant FoodWorks and Sundram Fasteners from the S&P BSE500 index hit their respective new highs in intra-day trade in otherwise subdued market.
Avenue Supermarts’ stock recently hit its all-time high levels, and in the process crossed the $14.75-billion mark (Rs 1 trillion) in this week’s trade. The stock, which has already become a multi-bagger, up five-fold, from its IPO price, has gained about 42 per cent from the start of the year. The re-rating of some of the consumer names over the past couple of quarters, coupled with the fact that the stock is now part of MSCI, has added to the lure.
Shares of Dr Reddy’s Laboratories were up 3% at Rs 2,346 per share on the BSE after the company announced today that it has received final approval from the US Food and Drug Administration (USFDA) for the launch of Buprenorphine and Naloxone sublingual film in the US market.
Here are some picks from the week gone by.