Sensex slips 85 points as private banks drag, Yes Bank falls 3.5%


The benchmark indices settled marginally lower on Friday weighed by financials and consumer stocks amid caution in global markets.

The S&P BSE Sensex ended at 38,252, down 85 points while the broader Nifty50 index settled at 11,557, down 26 points.

Among key stocks, Yes Bank and ICICI Bank were among the top losers on the BSE, falling 3.5 per cent and 2 per cent, respectively.

On the National Stock Exchange (NSE), the Nifty Bank index settled 0.7 per cent lower weighed by Yes Bank, Bank of Baroda and ICICI Bank.

Shares of selected pharmaceutical companies were in focus with Amrutanjan Health Care, Pfizer, Merck and Novartis India rallying up to 18% on the BSE in otherwise subdued market. All these stocks were trading at their respective all-time highs.

Analysts remain bullish on Larsen & Toubro (L&T) and have maintained a ‘buy’ rating on the stock despite the company’s buyback proposal. The company, at its meeting on Thursday, approved a proposal to buy back up to 60 million equity shares at a maximum price of Rs 1,500 per equity share for an amount of Rs 90 billion.

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Sensex ends flat for week ended July 22, 2016


Sensex rebounds 93 pts, ends flat for week; Nifty Midcap shines

Equity benchmarks recouped some of previous session’s losses to close marginally higher on Friday while the broader markets outperformed with the Nifty Midcap index rising over a 1 percent despite weakness in Asia.

The 30-share BSE Sensex was up 92.72 points at 27803.24 and the 50-share NSE Nifty gained 31.10 points at 8541.20. About 1489 shares advanced against 1178 declining shares on the Bombay Stock Exchange.

The market ended flat for the week amid consolidation, especially after a 2.6 percent rally in the previous week.

Minister of state for parliamentary affairs Ananth Kumar has informed the Rajya Sabha today that the landmark legislation – GST Bill – will be taken up for discussion next week.

ITC lost 0.4 percent on profit booking after first quarter earnings. The company clocked 3 percent growth in cigarette volume in Q1 after 12 quarters of decline. Citi has maintained a buy rating with a target price of Rs 295. In his last AGM as ITC chairman, YC Deveshwar said he expects FMCG revenue to hit 1 lakh crore by 2030.

 

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The week ended June 17, 2016


The market on Friday ended on a firm note with the Sensex up 100.45 points or 0.4 percent at 26625.91 and the Nifty was up 29.45 points or 0.4 percent at 8170.20. About 1240 shares advanced, 1333 shares declined, and 184 shares were unchanged. Bharti Airtel, TCS, Tata Motors, HDFC and Coal India were top gainers while Sun Pharma, Dr Reddy’s, Tata Steel, SBI and L&T are losers in the Sensex.

Here are some picks from the week gone by.

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