Sensex at day's high, spikes 250 points; IOC, BPCL, HPCL rally; PC Jeweller skids 5%
Sun Pharma share price rallied nearly 7 per cent on Monday after the pharma major on Friday reported a rise of 6.96 per cent in its consolidated net profit for the quarter ended March 31, 2018 against Rs 1,223.71 crore reported for the corresponding quarter of previous fiscal year. Reacting to the numbers, the stock gained as much as 6.84 per cent to Rs 498.50 on the BSE even as brokerages maintained neutral to reduce rating on the stock.
Shares of airline companies such as Jet Airways, SpiceJet and InterGlobe Aviation (Indigo) are flying high on Monday thanks to a correction in global oil prices that are likely to help airlines reduce their operating cost. These aviation stocks rallied up to 14 per cent on the BSE.
SpiceJet share price gained most, rocketing as much as 14.45 per cent to Rs 116.80, while Jet Airways added 6.74 per cent to Rs 432.20. InterGlobe, parent firm of low-cost airline IndiGo, gained 3.33 per cent to Rs 1253.55.
1. Buy INDIGO
Target: Rs 1250
Stoploss: Rs 1200
- Short-covering in stock in the previous session
- Crude prices slipped 3 per cent globally; to benefit the airline form
U.S. stock futures rose on Monday on signs that the United States and North Korea are still working towards holding a summit next month, while oil prices extended losses on expectations of more supply from major producers.
The euro edged up from a 6-1/2-month low but is seen vulnerable after efforts to form a coalition government in Italy, the currency bloc’s third-biggest economy, collapsed over the weekend.
The Sensex and Nifty rallied on Friday with IT stocks such as Infosys and Tata Consultancy Services extending gains for a second day as the rupee hovered near a 16-month low against the dollar. A fall in global crude oil prices and value buying also lifted the key indices.
The Sensex ended at 34,924.87, up 261.76 points, or 0.76 per cent, while the broader Nifty50 settled at 10,605.15, showing a hefty gain of 91.30 points, or 0.87 per cent.
On a weekly basis, the Sensex scored a moderate gain of 76.57 points, or 0.22 per cent while the Nifty rose 8.75 points, or 0.08 per cent.