Sensex, Nifty Clock Longest Winning Streak In Two Weeks
Closing Bell: Sensex, Nifty Gain For Fifth Straight Day Led By HDFC Twins, RIL
Indian equity benchmarks rose for fifth day in a row to highest level since Oct. 1 led by HDFC twins, Reliance Industries and ICICI Bank.
The S&P BSE Sensex rose 0.85 percent or 307 points to 36,270 and the NSE Nifty 50 Index climbed 0.77 percent or 83 points to 10,888.
Thirteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Metal Index's 2 percent gain. On the flipside, S&P BSE Information Technology Index was top loser, down 0.35 percent.
Mid- and small-cap shares underperformed larger peers as the S&P BSE MidCap Index rose 0.4 percent and the S&P BSE SmallCap Index advanced 0.3 percent.
Tata Motors, Solara Active Among Fab Four Stocks Of The Day
- Ahluwalia Contracts: Shares of the Delhi-based construction services provider rose as much as 4.2 percent to Rs 305 after it won order worth Rs 425 crore.
- Solara Active: Shares of the specialty pharma company rose close to 10 percent, the most in over four months, to Rs 299 after its research centre at Chennai received zero observations on Form 483 from U.S. FDA, according to an exchange notification. The trading volume was more than 16 times the 20-day average for this time of the day, according to Bloomberg data.
- Hindustan Copper: The Kolkata-based copper maker rose as much as 10 percent, the most in over two months, to Rs 52.90 as it plans to increase capacity to 20 million tonnes per annum in next six years, according to a report by DNA India.
- Tata Motors: The Mumbai-based automobile maker rose as much as 5.4 percent to Rs 175.95 as Jaguar Land Rover will announce plans early next year to cut thousands of jobs as part of a turnaround strategy, the Financial Times reported, citing several unidentified people close to the company.
Glenmark Pharma Rises After U.S. FDA Approves ANDA
Shares of the Mumbai-based drugmaker rose as much as 4.41 percent to Rs 698 after the company received Abbreviated New Drug Application (ANDA) for Hydrcortisone Valete Ointment.
These ointments are used to treat a variety of skin conditions like allergies and rashes and upon Commercialization company will be eligible for 180 days of Competitive Generic Therapy (CGT) exclusivity, Glenmark Pharma said in an exchange notification.
Closing Strategies: Buy Nifty For Target Of 10,950
Nifty can go higher from current levels and traders can go long with a stop loss at 10,800 for target of 10,950, Sumeet Bagadia, executive director at Choice Broking told BloombergQuint in an interview.
Other trading ideas:
- Buy Nifty Bank with stop loss at 26,700 for target of 27,300.
- Buy IndusInd Bank with stop loss at Rs 1,590 for target of Rs 1,680-1,710.
- Buy Tata Motors with stop loss at Rs 167 for target of Rs 190.
BGR Energy Surges On Bagging Rs 49 Crore Order
Shares of the Chennai-based systems and equipment maker for power, oil & gas and refinery industries rose as much as 7.21 percent, the most in nearly a month, to Rs 63.90.
The company has secured order worth Rs 49.40 crore from Tamil Nadu Transmission Corporation (TANTRANSCO) for fabrication, engineering, supply, erection, testing and commissioning and handing over of 110/33-11 kv GIS Substation at Velachery Main Road in Chennai.