Thursday, 8 February 2018

Nifty extends gains, Sensex rises 250 pts; Infosys, HDFC twins lead | Trade Nivesh Investment

Benchmark indices extended gains in morning driven by index heavyweights like Infosys, HDFC twins and Reliance Industries.
The 30-share BSE Sensex was up 253.58 points or 0.74 percent at 34,336.29 and the 50-share NSE Nifty rose 71.60 points to 10,548.30.
The broader markets also participated in the rally, with the Nifty Midcap rising 0.77 percent. About four shares advanced for every share falling on the .BSE.
Technical Outlook: Rohit Singre of Bonanza Portfolio said, "If Nifty manages to hold 10,270 levels, we may expect the index to consolidate. The immediate and strong hurdle for Nifty is placed around 10620, and any close above the same will lead to strong short covering in the index."
is placed at 10000 PE followed by at 10500 PE so 10,000 will act as a strong support in the month of February and on the higher side 11500 CE has highest open interest followed by 11000 CE.
He expects volatility to extend further and one need to trade with strict stop losses as it is a buy on the dip and sell on rising market for near term.
Currently, the index has strong resistance at 10620. Traders can initiate shorts on every rise with keeping a stop loss above 10620 and immediate support formed near 10270 so these level can be used as buying stop loss on the downside.
Gati fell 3 percent after net profit in Q3 slipped 26.7 percent year-on-year to Rs 4.8 crore and operating profit declined 21 percent to Rs 24.08 crore.
Operating profit margin contracted to 5.4 percent from 7.2 percent while revenue grew by 5.6 percent to Rs 448.5 crore versus Rs 424.8 crore YoY.
Aurobindo Pharma said its fiscal third-quarter profit rose 2.8 percent to Rs 595 crore, helped by higher sales of generic drugs in US and Europe markets.
The company posted a net profit of Rs 579 crore in the same period previous year. Total revenue rose 11.2 percent to Rs 4369.2 crore.
The company took a one-time charge of Rs 66.4 crore for the quarter  due to US deferred tax assets and liabilities based on the new tax law which has resulted in reduction in federal corporate tax from 35 percent to 21 percent.
The EBITDA margin stood at 23.7 percent.
The net profit came in below the estimate of CNBC-TV18 analyst poll estimate of Rs 682 crore, while the revenues stood higher than Rs 4328.4 crore projection.
 Market Check: Benchmark indices rebounded with mild gains on Thursday after shedding more than 2,000 points in previous seven consecutive sessions.
The 30-share BSE Sensex was up 94.37 points at 34,177.08 and the 50-share NSE Nifty gained 23.30 points at 10,500.
Cipla rallies 5 percent. Sun Pharma lost 2.6 percent post Taro earnings and Aurobindo Pharma was down 1 percent post Q3 earnings.
IOC shed nearly 4 percent as stock goes ex-dividend.
Nifty Midcap was up 0.3 percent on positive breadth.
Torrent Power, Prestige Estates, ICRA and SRF gained 1-4 percent. Gati, Hexaware and Dixon Technologies were down 1-4 percent.
Most Asian indexes climbed after last session's rally stalled late in the trading day, with the Nikkei rising 0.6 percent and South Korea's Kospi up 0.5 percent. However, China's Shanghai Composite was down 1.5 percent.
Gains in the region followed the slightly lower close seen on Wall Street as U.S. bond yields rose.

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