Sensex, Nifty Snap Longest Stretch Of Weekly Gains Since January
Sensex, Nifty Rise For Second Day Led By Telecom, Auto Stocks
Indian equity benchmarks rose for second day in a row led by telecom and auto stocks.
The Sensex rose 0.38 percent or 147 points to 38,390 and the Nifty 50 index advanced 0.45 percent or 52 points to 11,589.
On a weekly basis, the benchmarks snapped their longest stretch of gains since January as the weakening rupee raised concerns over earnings growth outlook.
Meanwhile, in today’s session, sixteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Telecom index’s 3.35 percent gain. On the other hand, the S&P BSE Power index was top loser, down 0.1 percent.
Caplin Point, Motherson Sumi Among Fab Four Stocks Of The Day
- Caplin Point: The Chennai-based drugmaker rose as much as 6.4 percent to Rs 530 after the U.S. FDA successfully completed inspection at its sterile injectable unit.
- Motherson Sumi Systems: The Noida-based auto parts maker rose as much as 5.26 percent, the most in nearly two months, to Rs 306.50 after its board approved issuing bonus shares in ratio of one bonus share for every two shares held, Motherson Sum said in an exchange filing.
- Bajaj Auto: The Pune-based two-and three-wheeler vehicle maker rose as much as 3.28 percent, the most in over two months, to Rs 2,874.50 after it announced plan to expand three-wheeler and quadricycle capacity to one million per year.
- Jubilant Lifesciences: The Noida-based generic pharma company rose as much as 9 percent, the most in eight months, to Rs 828.50. Trading volume was 7.1 times its 20-day average.
Market Check: Sensex Rises Over 150 Points; Hero MotoCorp Surges 5%
Indian equity benchmarks extended gains in last 30 minutes of trade paced by gains in Bharti Airtel, ICICI Bank, Hindustan Unilever and Hero MotoCorp.
The Sensex rose 0.4 percent or 149 points to 38,391 and the Nifty 50 index climbed 0.46 percent or 53 points to 11,590.
Overall breadth was positive as 1,540 stocks were advancing while 1,151 were declining on the BSE.
Seventeen out of 19 sector gauges were trading higher led by BSE Auto index's 2 percent surge.
European Stocks Are Set For Worst Week Since March Amid EM Scare
European equities are poised for the biggest weekly decline in more than five months, as tremors across emerging markets spurred concern about growth.
Trading Strategies: Nifty Bank, Apollo Hospitals, Caplin Point And More
Jai Bala of Cashthechaos.com spoke to BloombergQuint and shared his trading strategies.
- Axis Bank can surprise and go up to Rs 900 as it is coming out of consolidation Rs 750.
- Nifty in the medium term can go up to 12,600. In the short term it can dip towards 10,280.
- Nifty Bank has support 26,100
- Buy Apollo Hospitals with stop loss at Rs 1,040 for target of Rs 1,800 in six months.
- Buy Caplin Point with stop loss at Rs 400 for target of Rs 950 in 3-6 months.