Market Live: Sensex trades higher, Nifty up 60 points; pharma stocks drag

Market Live: Sensex trades higher, Nifty up 60 points; pharma stocks drag

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Market Live: Sensex trades higher, Nifty up 60 points; pharma stocks drag

The benchmark indices were trading higher after a positive opening in the morning trade.

The Sensex was up 182.96 points at 30484.60, and the Nifty was up 60.05 points at 9420.60. About 1537 shares have advanced, 709 shares declined, and 121 shares are unchanged.

Top gainers includes  Gail, Larsen ,TCS and Infosys, while top losers are Lupoin, Dr Reddy’s Sun Pharma and Cipla.

10:45 am Global Earnings: HP reported better-than-expected results in what its chief executive termed a “breakthrough” quarter as both its PC and printer businesses grew for the first time since 2010.

Shares of the company rose 3.6 percent to $19.7 after the bell on Wednesday.

Revenue from personal systems business, which makes notebooks, desktops and workstations, jumped 9.6 percent to $7.66 billion in the second quarter ended April 30. The business accounts for nearly two-thirds of the company’s total sales.

Worldwide shipments of PCs rose for the first time in five years in the first quarter of 2017, with HP taking the top spot, according to research firm IDC.

10:30 am HCL Tech Buyback: India’s fourth largest software services firm HCL Technologies today said it will buyback shares at Rs 1,000 apiece, a 17 per cent premium over current trading price.

Moneycontrol had first reported HCL Tech buyback plans on February 22.

The company is proposing an offer for buyback of equity shares for cash at a price of Rs 1,000 per equity shares on a proportionate basis through tender offer process, HCL Technologies said in a regulatory filing.

Also Read: Bots take over jobs of 12,000 employees at Wipro

10:05 am Market Check: Benchmark indices extended their gains from the opening session, with the Nifty reclaiming 9400-mark, while the Sensex gained nearly half a percent.

The 30-share Sensex was up 133.30 points at 30434.94, while the Nifty gained 41.30 points at 9401.85. The market breadth was healthy as 1,262 shares advanced against a decline of 678 shares, while 85 shares remained unchanged.

GAIL, BHEL and Indiabulls Housing Finance were the top gainers on both indices, while Lupin and Sun Pharma lost the most.

9:45 am Midcap Chart: The midcap index, after seeing continuous corrective action is finally trading in the green on Thursday. Here is a look at its one-week performance chart.

Midcap

9:30 am Buzzing Stock: Shares of Videocon continued with its trend of hitting the lower circuit, with investors looking to dump the stock based on negative news flow.

The stock hit 10 percent lower circuit on Thursday after Central Bank of India declared the company as a non-performing asset in the first quarter of FY18.

Central Bank of India has one of the highest exposures to the consumer durables and oil company at Rs 2,700 crore.

Also Read: FII betting on leverage play! Top 10 stocks which have given up to 120% return in last 1 year

9:15 am Market Opens: Benchmark indices gained on the opening tick on Thursday, tracking handover from the global markets, with the Nifty looking to reclaim 9400.

The Sensex was up 81.32 points at 30382.96, while the Nifty was up 26.15 points at 9386.70. The market breadth was narrow as 588 shares advanced against a decline of 225 shares, while 39 shares were unchanged.

Midcaps were back in the green after a corrective phase over the previous sessions. The index was up 0.43 percent.

Lupin fell over 7 percent as the company suffered a double whammy of poor results and observations by the US FDA at the Indore Plant. Dish TV fell 6 percent post its dismal Q4 results as well.

Adani Ports, Infosys and Bajaj Auto gained the most, while Sun Pharma and Aurobindo Pharma fell the most as well.

The Indian rupee gained in the early trade on Thursday. It has opened higher by 19 paise at 64.54 per dollar versus 64.73 Wednesday.

On Wednesday the rupee closed with marginal gains. The rise was primarily on the back of some custodian banks selling the dollar in exchange for the rupee, likely for their foreign portfolio investor clientele, dealers said. So far this year, FPIs have bought

USD 7.6 billion and USD 9.7 billion in the Indian equity and debt markets, respectively.

Asian shares eked out modest gains on Thursday while the dollar and US bond yields slipped after the US Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its USD 4.5 trillion of bond holdings.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.3 percent, with South Korea leading with a 0.4 percent rise. .

Japan’s Nikkei dipped 0.1 percent though MSCI Japan rose 0.4 percent in dollar terms .

Wall Street rose, while the US dollar and bond yields fell on Wednesday after Federal Reserve meeting minutes signalled a gradual approach to interest rate hikes, and oil prices dipped on a draw of US gasoline stocks that was smaller than expected.

While the yield curve flattened, the S&P 500 closed at a record high after minutes from the US central bank’s May 2-3 policy meeting indicated the Fed would gradually raise rates and wind down its USD 4.5 trillion of bond holdings.

The Dow Jones Industrial Average rose 74.51 points, or 0.36 percent, to 21,012.42, the S&P 500 gained 5.97 points, or 0.25 percent, to 2,404.39 and the Nasdaq Composite added 24.31 points, or 0.4 percent, to 6,163.02.
[“Source-ndtv”]