Sensex, Nifty Gain For Second Straight Day Led By Banks
Indian equity benchmarks rose for second straight day led by banks after the government reduced its borrowings for April-September by half. Strong global markets on the back of easing U.S.-China trade tensions also aided gains.
The S&P BSE Sensex rose 108 points or 0.3 percent to 33,174.39 and the NSE Nifty 50 index advanced 0.5 percent or 53 points to 10,184.15.
All sector gauges compiled by the National Stock Exchange ended higher led by the Nifty PSU Bank index's 3 percent gain.
Gains were broad-based as the Nifty Midcap 100 index climbed 1.3 percent and the Nifty Smallcap index gained 1.7 percent.
Lupin Gains On U.S. FDA Nod For Clobex Spray
Shares of the Mumbai-based drug maker rose as much as 1.7 percent to Rs 752.80 after the U.S. drug regulator approved Clobetasol Propionate Spray (Clobex spray), Lupin said in an exchange filing.
The spray is used in treatment of moderate to severe plaque psoriasis affecting up to 20 percent body surface area and has market of $30.5 million in U.S.
Fab Four Stocks Of The Day
- Punj Lloyd: The Delhi-based infrastructure construction company rose as much as 18 percent, the most in over two months, to Rs 19 after it won an EPC order worth Rs 505.2 crore in Odisha from NHAI.
- Shaily Engineering Plastics: The Gujarat-based plastic maker rose as much as 8.4 percent, the most in a month, to Rs 1,252 after HDFC mutual fund 1 lakh shares or 1.2 percent equity in the company in two tranches.
- Eicher Motors: The Delhi-based maker of Royal Enfield motorcycles rose as much as 2.46 percent to Rs 28,560 after Jefferies upgraded the stock to 'Buy' from 'Hold' and raised its target price to Rs 31,880 from Rs 31,271.
- Scooters India: The Lucknow-based two-wheeler maker was locked in a 5 percent upper circuit at Rs 57.60 after its board approved to hive off 89.69 acres of non-core land.
European Shares Trade On Strong Note
European stocks rallied, tracking gains across Asia as investors began to recalibrate the chances of an all-out global trade war. Both the dollar and Treasuries edged higher, while the pound fell.
Stock Moving On Heavy Volumes
- Sharda Cropchem: The Mumbai-based crop protection company rose 2.3 percent to Rs 375. Trading volume was 15.8 times its 20-day average.
- SH Kelkar & Company: The Mumbai-based specialty chemical maker rose 0.8 percent to Rs 260. Trading volume 3.8 times its 20-day average.
- Unichem Labs: The Mumbai-based drug maker fell 1.2 percent to Rs 292.30. Trading volume was 4.5 times its 20-day average.
- Syngene International: The Bangalore-based healthcare research firm rose 3 percent to Rs 602. Trading volume was 4.2 times its 20-day average.