Indices end flat on Friday, Nifty holds 10,800; Max India rallies 20%

After witnessing a rangebound session throughout the day, the domestic equity market ended with marginal gains on Friday, led by buying in telecom, IT and energy stocks. The S&P BSE Sensex added 33 points or 0.1 per cent to settle at 35,963, with Bharti Airtel (up 5 per cent) being the top gainer and HDFC (down nearly 2 per cent) the worst laggard. The broader Nifty50 index of National Stock Exchange (NSE) closed the day at 10,805, up 14 points or 0.13 per cent. Out of 50 constituents, 29 ended in the green while 21 in the red.

A total of 2,704 companies traded on BSE, out of which 1,260 advanced and 1,300 declined while 144 stocks remained unchanged.

Among the sectoral indices, the Nifty Pharma index is trading around 0.5 per cent lower weighed by Aurobindo Pharma and Divi’s Laboratories.

The broader market indices are moving in line with benchmarks. S&P BSE Midcap index is trading 0.16 per cent lower at 15,139 levels, while S&P BSE SmallCap is ruling 0.1 per cent lower at 14,483 levels.

Shares of Oil and Natural Gas Corporation (ONGC) have moved higher by 5% to Rs 150, bouncing back 6% from the intra-day low of Rs 141 on BSE, after the company said its board will meet on Thursday, December 20, 2018, to consider a share buyback proposal.

In a big setback for Fortis Healthcare, the Supreme Court (SC) on Friday ordered to maintain a status quo with respect to stake sale of the hospital chain to Malaysia’s IHH Healthcare Berhard. Hearing a contempt plea moved by Daiichi Sankyo Co, the apex court today issued notices to Indiabulls Housing Finance, Oscar Investment and RHC Holding, and directed all the parties to maintain a status quo. The shares fell as much as 14 per cent to Rs 130 apiece on the National Stock Exchange (NSE) in the intra-day trade after the Supreme Court put company’s sale to IHH on hold.

Shares of Max India have moved higher by 13% to Rs 75.65 per share, rallying 26% in the past two trading days on the BSE on back of heavy volumes. The rally comes on the back of reports that it is likely to exit from the health insurance business.

Shares of telecom services provider such as Bharti Airtel and Vodafone Idea have rallied by up to 6% on BSE in an otherwise subdued market after Telecom Disputes Settlement and Appellate Tribunal (TDSAT) quashes Trai’s predatory pricing rule. Bharti Airtel has rallied 10% to Rs 333, while Vodafone Idea climbed 8% to Rs 37.60 on BSE in the intra-day trade.

Shares of GMM Pfaudler rallied 9% to Rs 1,247 apiece on Friday, extending their 4% gain on Thursday on the BSE in an otherwise range-bound market on expectations of strong earnings growth. The stock of capital goods company was trading at its record high level, it has rallied 55% in the past five months.

Shares of Indian Energy Exchange (IEX) surged 9% to Rs 171 per share on the BSE in early morning trade on Friday after the company said its board will meet on Thursday, December 20, 2018, to consider the proposal for buyback of the equity shares of the company.

Here are some picks from the week gone by.

Company: GAIL India CMP: 351.30 Mastermind

Company: Balkrishna Industries CMP: 936.00 Mastermind

Company: HDFC Bank CMP: 2095.10 Mastermind

Company: Lupin Ltd. CMP: 843.85 Mastermind

Company: Aurobindo Pharma CMP: 725.90 Mastermind

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