Sensex, Nifty Halt Two-Day Decline Led By Reliance
Closing Bell: Benchmarks Snap Two-Day Decline
Indian equity benchmarks snapped their two-day losing streak led by Reliance Industries, which rose the most in two months, to a fresh record high. Private sector lenders like HDFC Bank, Kotak Mahindra Bank and IndusInd Bank also added to the gains.
The S&P BSE Sensex rose 0.74 percent or 261 points to 35,547 and the NSE Nifty 50 index rose 0.58 percent or 62 points to 10,772.
Twelve out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Bankex index's 1.04 percent gain. On the other hand, the S&P BSE FMCG index was top loser, down 0.36 percent.
Fab Four Stocks Of The Day
- CG Power and Industrial Solutions: The Mumbai-based electrical power equipment maker snapped its three-day losing streak and rose as much as 4.8 percent to Rs 53.60. Kotak has upgraded the stock to ‘buy’ from ‘reduce’ and raised its target price to Rs 65, indicating a 25 percent upside.
- Unichem Labs: The Mumbai-based drugmaker rose as much as 9.70 percent, the most in over seven months, to Rs 259.50 after it entered into an agreement with Eli Lilly for erectile dysfunction drug.
- Wheels India: The Chennai-based wheel maker rose as much as 13 percent to record high of Rs 2,694 after it informed exchanges that its board will consider bonus issue of shares on June 22.
- Greaves Cotton: The Mumbai-based auto parts maker snapped its two-day losing streak and rose as much as 5.3 percent, the most in over a month, to Rs 136.90 on heavy volumes. Trading volume was 6.2 times its 20-day average.
Jai Corp Rallies On Heavy Volumes
Shares of the Maharashtra-based polyethylene fabric manufacturer rose 13.11 percent to Rs 156.15 on the back of heavy volumes.
Trading volume was 5-times its 20-day average.
Unichem Labs Surges On Settlement With Eli Lilly Over Erectile Dysfunction Drug
Shares of the Mumbai-based drugmaker rose as much as 9.70 percent to Rs 259.50 after it entered into an agreement with Eli Lilly for erectile dysfunction drug.
Unichem Labs has entered into an agreement with Eli Lilly and ICOS Corporation to resolve their patent litigation in the United States regarding Abbreviated New Drug Application for generic tadalafil, the company said in an exchange filing.
The company expects to launch generic tadalafil in the U.S. on or not before March 26, 2019 under certain circumstances, the exchange filing added.
No Pure GST On Petrol, Diesel; 28% Tax Plus VAT On Anvil Under GST
A peak tax rate of 28 percent plus states levying some amount of local sales tax or VAT on petrol and diesel is likely to be the tax structure when the two auto fuels are covered under the GST regime, Press Trust of India reported citing a top government official said.
The peak GST rate plus VAT will be equal to the present tax incidence, which is made up of excise duty, levied by the central government, and VAT charged by the states.