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Sensex, Nifty Close Higher For The Fourth Time This Month

Indian equities have opened in the green, as I.T. stocks and pharmaceutical stocks lead the rally.



Elevators travel next to electronic boards displaying stock figures at the National Stock Exchange of India Ltd. (NSE) building in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)
Elevators travel next to electronic boards displaying stock figures at the National Stock Exchange of India Ltd. (NSE) building in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)
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Closing Bell

Indian equity benchmarks halted three-day losing streak, closing higher for the fourth time this month. The S&P BSE Sensex Index closed 0.4 percent higher at 33,844.86, and the NSE Nifty 50 Index closed at 10,397.45, up 0.4 percent.

The market breadth tilted in favour of sellers. Twelve out of 19 stocks compiled by BSE declined, led by S&P BSE Metal Index’s 1.3 percent fall. On the flipside, S&P BSE Teck Index was the top sectoral gainer, up 1.8 percent.

Sensex, Nifty Close Higher For The Fourth Time This Month
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Stock Moving On Heavy Volumes

EIH Associated Hotels

  • Stock rose as much as 20 percent to Rs 519.60.
  • Trading volume was 25.8 times its 20-day average.

Schneider Electric Infrastructure

  • Stock rose as much as 12.6 percent to Rs 115.25.
  • Trading volume was 55.4 times its 20-day average.

Paul Merchants

  • Stock fell as much as 11.5 percent to Rs 5,000.
  • Trading volume was 1.8 times its 20-day average.

L&T Technology Services

  • Stock rose as much as 9 percent to Rs 1,376.45.
  • Trading volume was 1.7 times its 20-day average.

Indian Hume Pipe Gains After Order Win

Shares of the pipe maker rose as much as 4.8 percent to Rs 391.70. The company bagged an order worth Rs. 135.78 Crore from Public Health & Municipal Engineering Department, Govt. of Andhra Pradesh - Tadipatri Municipality for Tadipatri Water Supply improvement scheme, according to its stock exchange notification.

The stock has declined 15.1 percent so far this year, compared to 0.7 percent decline in Sensex.

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Mohan Joshi, Head Corporate Strategy At Steel Strip Wheels Speaks To BloombergQuint

Key highlights from the conversation:

  • New order from BMW valued at 2.5 million Euros.
  • Usually long timeline to dispatch steel wheels order.
  • Aiming to increase exports to 12-13 percent from 10 percent.
  • Expect 10-12 percent CAGR from domestic business.
  • Debt equity little higher due to Rs 600 crore expenditure.
  • Aiming to reduce debt-equity to 1.2 from current 1.9.

Countdown

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