Sensex Ekes Out Fifth Day Of Gain As Sun Pharma Advances
Indian stocks rose marginally as an extended selloff in metal companies capped gains in the drug makers led by Sun Pharma after it was upgraded by a brokerage house.
The S&P BSE Sensex rose 0.17 percent to 32,241.93 and the NSE Nifty 50 Index was little changed at 10,126.
Eleven out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Healthcare Index's 2.1 percent gain. On the other hand, the S&P BSE Metal Index fell 0.67 percent.
Nifty can rise to 10,200 once it crosses the previous high of 10,137.85, says Jay Thakkar, technical analyst at Anand Rathi.
"The Nifty has been making higher top higher bottom formation on charts and the up move will be supported by Bank Nifty," Thakkar told BloombergQuint by phone. On the downside, the index will find support at 10,000, he added.
Oil & Gas Shares Erase Gains
Shares of the energy companies erased gains. The S&P BSE Oil & Gas Index which rose as much as 2.2 percent, fell 0.9 percent.
Stocks Moving On Heavy Volumes
- eClerx Services: The Mumbai-based data analytics service provider fell as much as 2 percent, the most since August 24, to Rs 1,202. Trading volume was 29.5 times its 20-day average.
- Piramal Enterprises: The Mumbai-based specialty pharmaceutical company rose as much as 4.97 percent, the most in over two months, to Rs 2,895. Trading volume was 5.3 times its 20-day average.
- SORIL Holdings and Ventures: The Gurugram-based company rose as much as 5.1 percent, the most since September 11, to Rs 50.40. Trading volume was 15.1 times its 20-day average.
- Singer India: The Delhi-based sewing machine maker fell as much as 8.6 percent, the most in 10 months, to Rs 260. Trading volume was 8.4 times its 20-day average.