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 at fresh closing high, up 251 pts, Nifty settles near 10,900


Benchmark indices ended at fresh closing highs for a third straight session on Friday, led by financial stocks amid improved investor sentiment after the government decided to cut tax rates on certain products and services.

The S&P BSE Sensex ended at 35,511, up 251 points while the broader Nifty50 index settled at 10,894, up 77 points.

ICICI Prudential Life said profit in Q3 grew by 0.5 percent to Rs 452.1 crore against Rs 450 crore reported in year-ago. Net premium income jumped 19.3 percent to Rs 6,795 crore from Rs 5,697 crore YoY.

PC Jeweller today reported 52 percent increase in its net profit at Rs 162.71 crore for the quarter ended December on higher sales and profit margins. The company, which has 84 retail jewelry stores across the country, had posted a net profit of Rs 106.97 crore in the year-ago period, the company said in a regulatory filing.

Private sector lender IDFC Bank said its profit for the quarter ended December 2017 declined 23.6 percent to Rs 146.1 crore, compared to Rs 191.3 crore in year-ago. Profitability was hit by lower net interest income, other income and operating income; but was largely supported lower provisions. Net interest income, the difference between interest earned and interest expended, fell 5 percent to Rs 495 crore compared to Rs 521 crore in year-ago. Asset quality worsened during the quarter. Gross non-performing assets (NPAs) as a percentage of gross advances were sharply higher at 5.62 percent against 3.92 percent in previous quarter and net NPA was also higher at 3.52 percent in Q3 against 1.61 percent in Q2FY18.

Kirloskar Oil Engines shares gained 3 percent after profit in Q3 increased 40.5 percent to Rs 39.5 crore from Rs 28.1 crore YoY. Revenue from operations rose 6.8 percent to Rs 684.6 crore while operating profit grew by 10.7 percent to Rs 64.1 crore and margin expanded 40 basis points to 9.4 percent.

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