Sensex gains 114 points, Nifty ends at 10,699; Sun Pharma, Maruti Suzuki top gainers
Vinod Nair, Head of Research, Geojit Financial Services
"Appreciation in rupee over dollar and a positive rebound in global market provided some stability in domestic market. Pharma & IT stocks outperformed owing to the advantage of favorable exchange rate and improving outlook. However, global trade tensions may influence investors to retain a cautious approach to the market in the near term."
Markets At Close
The Sensex ended at 35,378, down 114.19 points, while the broader Nifty slipped 42.60 points to 10,699. The 50-share index had tested 10,700 in intraday trade. In the broader market, the BSE Midcap and the BSE Smallcap indices gained 0.7 per cent and 0.4 per cent, respectively.
Hero MotoCorp rises on strong june sales
Shares of Hero MotoCorp rallied as much as 2 per cent to Rs 3,484.95, in their biggest intraday percentage gain since June 12 after automaker said late Monday its total sales in June rose 13 per cent to 704,562 vehicles. The auto major also said it made an upward revision in prices of motorcycles and scooters, to partially offset rising input costs and currency depreciation
Global brokerage Nomura believes the company raising prices by up to Rs 500 at ex-showroom level should support margins. The brokerage maintained 'buy' rating with a price target at Rs 4,483.
Syndicate Bank: Syndicate Bank clarified that it had offered loan to DSK Group as per RBI norms. "We wish to state and confirm that the Credit Facility has been sanctioned to D S Kulkarni Developers Group in normal course of business with due compliance of all applicable Reserve Bank of India (RBI) guidelines and Bank's Policies which is fully secured. One of the facility is under consortium and our share is fully secured," it said in a filing to BSE.
Asian shares dropped in tentative morning trade on Tuesday as sentiment remained fragile in the face of tense trade relations between the United States and major economies, with investors braced for another potentially rocky day for Chinese markets. Investors, worried the trade row could derail a rare period of synchronized global growth, have pulled out of riskier assets in the past month or so.
The Asia Pacific MSCI index ex-Japan dropped 0.66 percent on early Tuesday trade, while Japan’s Nikkei average was little changed. In China, the Shanghai Composite Index shed 0.23 percent and the blue chip CSI300 index fell 0.19 percent.
Shakti Pumps (Buy)
Target: Rs 490
Stoploss: Rs 476
- Promoters bought 10,000 shares of the company
- The shares were bought through market purchase on June 29, 2018
- Promoters hiked stakes to 2.31% from 2.26% earlier
The Sensex and Nifty ended lower on Monday, dragged down by profit-booking in market heavyweights, as sentiment across the globe slid on political developments and factory surveys. Profit-booking in recent gainers led by metal, power and infrastructure stocks also contributed to the losses.
"Weak global cues and trade tensions continued to be an overhang on markets. Rupee continued to be under pressure led by FII selling, inflationary concerns and current account deficit. Key events this week will be governments announcement on minimum support price (MSP) and fear of escalation in trade war between US and China," said Vinod Nair, Head of Research, Geojit Financial Services.