Staff from the Motilal Oswal group celebrates on the trading room floor. (Photographer: Santosh Verma/Bloomberg News)

Sensex, Nifty Clock Longest Weekly Gaining Streak In 14 Months

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Closing Bell: Sensex, Nifty Set For Longest Weekly Gaining Streak In 14 Months

Indian equity benchmarks extended gains for the seventh consecutive week, clocking their longest stretch of weekly gains 14 months.

The S&P BSE Sensex ended 0.49 percent higher this week to close at 38,862.23 and the NSE Nifty 50 ended at 11,655.95 after gaining 0.36 percent this week. The broader market index represented by the NSE Nifty 500 Index.

On Friday, the 31-share index and the 50-share index closed higher at 0.46 percent and 0.59 percent respectively. The 500-share index ended 0.61 percent higher.

The market breadth was tilted in favour of buyers. About 1,133 shares advanced and 611 stocks declined on the National Stock Exchange.

Nine out of eleven sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Metal Index’s 1.9 percent gain. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral loser, down 0.7 percent.

Sensex, Nifty Clock Longest Weekly Gaining Streak In 14 Months

Stocks Moving On Heavy Volumes

TCNS Clothing

  • Stock fell as much as 1.4 percent to Rs 800.
  • Trading volume was more than 20 times its 20-day average.

Balrampur Chini Mills

  • Stock rose as much as 6.1 percent to Rs 145.90.
  • Trading volume was more than five times its 20-day average.

Lakshmi Vilas Bank

  • Stock rose as much as 4.9 percent to Rs 92.80.
  • Trading volume was almost triple its 20-day average.

Forbes & Co

  • Stock rose as much as 9.9 percent to Rs 2,500.
  • Trading volume was double its 20-day average.

Shoppers Stop

  • Stock fell as much as 4.3 percent to Rs 443.60.
  • Trading volume was over six times its 20-day average.

Torrent Pharmaceuticals

  • Stock fell as much as 3.6 percent to Rs 1,832.
  • Trading volume was over three times its 20-day average.

Jyothy Laboratories Gets Its Second-Most Bullish Price Target Yet, Shares Jump

Shares of Jyothy Laboratories rose as much as 6.3 percent to Rs 194.

Brokerage and research firm Macquarie initiated coverage on the stock with an ‘Outperform’ rating and a price target of Rs 250, implying a potential nearly 37 percent from the current market price. The price target is the second highest among the analysts tracked by Bloomberg.

Here’s what Macquarie had to say on the stock:

  • Like diverse product portfolio with a presence in mainstay categories.
  • Differentiated product positioning, new product launches and investments in key brands leading to market share gains.
  • Expect net profit CAGR of 21 percent and 220 basis points increase in RoE in the next two years.

Europe Market Check: Equities Edge Higher

European stocks opened marginally higher as signs of progress in U.S.-China trade negotiations lifted commodities, and investors looked ahead to Friday’s U.S. jobs report.

Sensex, Nifty Clock Longest Weekly Gaining Streak In 14 Months

Triveni Glass Locked In Upper Circuit On Unit Sale Plans

Shares of Triveni Glass was locked in the upper circuit of 5 percent at Rs 12.31.

The company’s board has approved the sale of its Rajahmundry unit of the company subject to the approval of the shareholders, according to its stock exchange filing. It also plans to sell a part of its Allahabad land, the statement said. The company added that it will become debt free after the sale of unit.

Trading volume was almost triple its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.