Nifty ends firmly above 10800, Sensex up 257 points; Pharma gains


Markets edged up on Friday with Nifty50 closing above 10,800-levels, even as broader global markets remained weak.

The S&P BSE Sensex ended the day at 35,689, up 257 points while the broader Nifty50 index settled at 10,822, up 81 points.

The top gainers on the Sensex include Sun Pharma, HDFC, Mahindra and Mahindra (M&M), and Axis Bank whereas Reliance Industries (RIL), and Coal India were the major losers.

Among sectoral gainers, banking and finance sectoral indices gained with Nifty Bank, Nifty PSU Bank and Nifty Private Bank index up over 1% each. Meanwhile, Nifty Pharma index was up 1.8% with Sun Pharma gaining over 4%.

Bajaj Finance, which hit a new high of Rs 2,330, up 3% on the BSE in late noon deal on Friday, has surpasses private sector lender Axis Bank in market capitalisation (market-cap) ranking. Thus far in the calendar year 2018 (CY18), Bajaj Finance has outperformed the market by surging 33% as compared to 4% rise in the S&P BSE Sensex. Axis Bank has underperformed the market by falling 8% during the period.

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Sensex ends below 35,000; metal, pharma stocks drag


Benchmark indices dropped on Friday tracking global markets, while metal and pharma stocks pulled down the indices ahead of elections in the key state of Karnataka.

The S&P BSE Sensex ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.

Among sectoral indices, the Nifty Metal index was trading over 1% lower led by a fall in shares of Hindustan Zinc and Hindalco. The Nifty IT index, too, was down led by a fall in shares of Mindtree and Wipro. Among the FMCG counters, ITC, Emami, GSK Consumer slipped over 2% on the NSE.

Pharma stocks pushed both indices lower, with the Nifty Pharma index falling over 1.5%.

Bajaj Auto, Mahindra & Mahindra (M&M), ITC, Reliance Industries (RIL), Mahindra & Mahindra Financial Services (MMFS) and JSW Steel are the six stocks that Morgan Stanley is betting on in India to play its ‘growth at reasonable price’ (GARP) investment strategy.

An Indian jeweller that saw its market worth reach $3.6 billion at the start of the year is now floundering at about a quarter of that value after one of its founders gifted some shares to family members, raising concern about the company’s governance. PC Jeweller Ltd. slumped by about half after the company said last week that one of its founders P.C. Gupta made the gifts through off-market transactions. The stock has plunged 75 per cent from a record on January 19, taking its market capitalization to Rs 58.3 billion ($873 million). It climbed 21 per cent to Rs 146.85 as of 12.31 p.m. in Mumbai on Friday.

Realty firm Godrej Properties on Friday reported over two-fold jump in its consolidated net profit at Rs 1.41 billion for the January-March quarter of last financial year on higher sales. Its net profit stood at Rs 625.9 million in the year-ago period, the company said in a filing to the BSE.

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Nifty ends above 10,250, up 1.4% for the week; Sensex ends 301 pts higher


Benchmark indices rose for the second straight session on Friday amid hopes the ruling Bharatiya Janata Party (BJP) would win critical state elections in Gujarat beginning this weekend, while automakers gained on reports of an expected price hike next year.

The election in Prime Minister Narendra Modi’s home state is a key test for the BJP, ahead of general elections in 2019. The results will be out later this month.

According to polls, the BJP could win, but with a reduced majority – an outcome that would still soothe investors, who are hoping for more political stability and have largely welcomed Modi’s reform agenda.

The S&P BSE Sensex ended at 33,250, up 301 points while the broader Nifty50 index settled at 10,265, up 98 points. Broader markets were in line with the frontline indices with BSE Midcap up 0.9% and BSE smallcap up 1%

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Sensex on Friday ends marginally lower, Nifty holds 8,400; TCS top laggard


The benchmark indices on Friday settled marginally lower after market heavyweight Tata Consultancy Services slumped on worries about its future following key management changes.

The S&P BSE Sensex ended at 27,238, down 9 points, while the broader Nifty50 closed at 8,400, down 7 points.

In the broader market, the BSE Midcap (down 0.03%) and BSE Smallcap indices (up 0.03%) closed flat.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,493 shares declined and 1,236 shares rose. A total of 177 shares were unchanged.

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Luck smiles on Tata Motors, Trident as Wipro wilts


The flower of optimism wilted on Dalal Street on Friday as Wipro hit its lowest level in more than two years.

The benchmark S&P BSE Sensex shed 54 points to end the day at 27,782. The 50-share gauge Nifty50 closed at 8,572, lower by 19 points.

Shares of Wipro tumbled to their two-year low during the session. The stock plunged another 3 percent after a 3 percent decline seen on Thursday. The company had posted weaker-than-expected numbers for June quarter and investors see it wilting under the pressure that the IT giants are facing this year.

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