Sensex spurts 330 points; Sun Pharma rallies 6.3%, Dr Reddy's 3.2%

Global markets:   World stock markets remained on shaky ground on Thursday as US bond yields crept back towards four-year highs after US congressional leaders reached a two-year budget deal to raise government spending by almost $300 billion. More on this

 

Closing bell : The Sensex and Nifty snapped their 7-day losing streak due to value-buying by DIIs and retail investors despite weak global cues . Domestic sentiment was also buoyed as Brent crude futures tumbled to a six-week low of $65.16 per barrel. A fall in crude prices is seen as positive for India, which imports most of its oil requirements.

The S&P BSE index hit intraday high of 34,634.35 and the Nifty50 touched 10,637.80. However, both the indices trimmed their gains due to weak global cues.

The Sensex ended higher by 330.45 points or 0.97 per cent at 34,413.16 and the Nifty closed up by 100.15 points or 0.96 per cent at 10,576.85.

Barring oil & gas, all other BSE sectoral indices ended in the green. Among them, healthcare index gained the most by 2.91 per cent, followed by realty 2.51 per cent, capital goods 1.44 per cent and TECk 1.41 per cent.

NSE indices

 

Gold falls to 3-week low: Gold prices tumbled by Rs 600 to hit an almost three-week low of Rs 30,950 per 10 grams in the domestic market due to weak global cues. More on this

 

Pre-close trade: The Sensex and Nifty were trading higher by nearly one per cent on heavy buying by DIIs amid a mixed trend in global markets. At 3.20 pm, the Sensex was up 333.12 points or 0.98 per cent at 34,415.83 and the Nifty up 101.35 points or 0.97 per cent at 10,578.05.

Nifty chart

 

Gujarat Alkalies & Chemicals : GACL shares jumped as much as 3 per cent in today's trade as the company has posted a net profit of Rs 112 crore for the third quarter ended December 2017, up 137 per cent, against Rs 47.32 crore reported in the corresponding period of the previous year.

 

Cadila Healthcare : Cadila Healthcare shares jumped over 4 per cent on the BSE as the company has posted a standalone net profit of Rs 306 crore for the quarter ended December 2017 up from Rs 22 crore reported in the corresponding quarter a year ago.

 

US shale surge sends warning to OPEC : Surging output from shale underscores the growing competitive threat to members of the Organization of the Petroleum Exporting Countries and its allies led by Russia. Click here to read more

 

MCX nickel hovers above a crucial support: Traders with a high-risk appetite can go short on a break below ₹850. Stop-loss can be placed at ₹865 for the target of ₹820. Revise the stop-loss lower to ₹840 as soon as the contract moves down to ₹835. Click here to read more

 

 

Corporate bond auction: The Bombay Stock Exchange will auction investment limits, enabling foreign investors to purchase corporate bond securities worth over Rs 7,000 crore tomorrow. More on this

 

The Sensex and Nifty were trading higher by over one per cent on heavy buying in realty, healthcare, IT and TECk stocks amid mixed Asian cues.

At 2.05 pm, the Sensex was up 443.52 points or 1.3 per cent at 34,526.23 and the Nifty up 125.4 points or 1.2 per cent at 10,602.10. The BSE index touched intraday high of 34,634.35 and the NSE index hit 10,633.

Thursday's gains came even as Asian shares flirted with six-week lows. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed as US bond yields crept up towards four-year highs.

Analysts said they expected global markets to stabilise, but said caution would remain in India amid continued worries that accelerating inflation would force the Reserve Bank of India to raise interest rates.

“Market is into a trading zone with a broad-based recovery. The worst, as far as downside concerns and short-selling, is more or less done. But at the same time, the markets are not in clear waters yet with concerns over inflation,” said Dharmesh Kant, an independent market expert.

BSE gainers, losers

NSE gainers, losers

Click here to view the full table

Nifty futures : Buy on dips with fixed stop-loss at 10,540 levels. Click here to read more

 

MFs AUM hits all-time high : Assets under management of mutual funds increased to an all-time high of ₹22.41 lakh crore in January from ₹21.26 lakh crore logged in December. Read more

 

 

Galaxy Surfactants: Shares of speciality chemicals manufacturer Galaxy Surfactants rose 3 per cent in its debut trade over its issue price of Rs 1,480. More on this

 

 

Parity for all NPS subscribers : Employees contributing to the National Pension Scheme under Section 10, Clause (12A), were allowed tax free withdrawal of 40 per cent during closure of account or on opting out. This exemption was not available to non-employee subscribers, which is now provided. Click here to read more

 

Not legal tender: What next?

The Finance Minister made the first official pronouncement about cryptocurrencies in this Budget, stating clearly that the ‘‘Government does not consider cryptocurrencies as legal tender or coin.” Click here to read more

 

JSW Steel jumps 2% : Shares of JSW Steel climbed as much as 2 per cent as the company has placed a ₹29,700-crore bid to acquire the stressed asset of Bhushan Steel and has agreed to pay ₹28,000 crore upfront and the rest in equity.

Following a positive open at Rs 291, the stock touched an intraday high of Rs 295.80 and a low of Rs 290 on the BSE. In terms of equity volume, 1.37 lakh shares exchanged hands in the morning trade.

 

Silver futures : Silver prices dropped by 0.55 per cent to Rs 37,656 per kg at the futures trade due to profit-booking by speculators and weak global cues. Read more

Gold futures: Gold prices went down by 0.37 per cent to Rs 29,885 per 10 grams at the futures trade as speculators reduced their exposure, driven by a weak trend overseas. Read more

Gold bulls heading for a heart break : For the rest of 2018, the ongoing weakness in demand is expected to persist, especially in major Asian markets. So, in all likelihood gold consumption will decline this year too. Click here to read more

 

The S&P BSE Sensex soared nearly 500 points to an intraday high of 34,565.03 and the Nifty jumped 134.35 points to the day's high of 10,611.05 on heavy buying by domestic institutional investors in realty, IT, healthcare and TECk stocks amid mixed global cues.

At 11.40 a.m., the Sensex was up 418.20 points or 1.23 per cent at 34,500.91 and the Nifty up by 118 points or 1.13 per cent at 10,594.70.

 

Among BSE sectoral indices, realty, healthcare, IT and TECk gained between 2 and 3 per cent.

 

NSE sectoral indices

BSE gainers, losers

NSE gainers, losers

 

Cipla stocks spurt nearly 7% : The stock surged as much as 6.85 per cent to Rs 608.2, in its biggest intraday percentage gain since November 2016. More on this

 

SRF gains over 6% : The stock rose as much as 6.4 per cent to Rs 1,889.40 on December quarter results.  Read more

 

Crude oil falls on higher US output: Brent crude futures were at $65.28 per barrel at 0104 GMT, down 23 cents, or 0.4 per cent, from the previous close. WTI crude futures were at $61.58 a barrel. More on this

 

Dollar holds steady : Against a basket of six major rival currencies, the dollar was steady on the day at 90.267, probing its highest levels in two weeks. Click here to read more

 

Rupee wipes off early losses : The rupee wiped off its early losses and was trading a tad strong at 64.26 owing to strong domestic equities and a weak dollar. Read more

 

Asian shares : MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1 per cent in early trade, staying near its six-week low touched on Tuesday. Japan's Nikkei gained 0.6 per cent, though it was still down more than six per cent so far this week. Read more

 

US stocks : The Dow Jones Industrial Average fell 19.42 points, or 0.08 per cent, to 24,893.35, the S&P 500 lost 13.48 points, or 0.50 per cent, to 2,681.66 and the Nasdaq Composite dropped 63.90 points, or 0.9 per cent, to 7,051.98. More on this

 

The Sensex surged over 330 points to an intraday high of 34,415.89 and the Nifty jumped nearly 100 points to an high of 10,571 as the Reserve Bank of India has maintained status quo in its monetary policy review. Buying by domestic institutional investors amid a mixed trend in other Asian bourses boosted the trading sentiment.

At 9.55 a.m., the 30-share BSE index Sensex was up 317.80 points or 0.93 per cent at 34,400.51 and the 50-share NSE index Nifty up 91.9 points or 0.88 per cent at 10,568.60.

 

Nifty50

 

BSE sectoral indices

NSE sectoral indices

 

Aster DM Healthcare IPO : As the healthcare sector remains resilient amid the market fluctuation, the proposed IPO of Aster DM Healthcare would not be hit by the current downtrend, says the company CMD, Azad Moopen. Click here to read more

 

Day Trading Guide: HDFC Bank (Rs 1,871); Infosys (Rs 1,108); ITC (Rs 274), ONGC (Rs 189); Reliance (Rs 894); SBI (Rs 292); TCS (Rs 2,955); Nifty50 Futures 10,465

Click here to read the full text

Today's stock pick : Uflex gained 8 per cent with good volume on Wednesday. Investors with a short-term perspective and high-risk appetite can consider buying the stock at current levels. Read more

 

At 9.20 a.m., the 30-share BSE index Sensex was up 89.50 points or 0.26 per cent at 34,179.23 and the 50-share NSE index Nifty up 20.3 points or 0.19 per cent at 10,497.

Nifty chart

 

The Sensex was up 125.40 points or 0.37 per cent at 34,208.11 and the Nifty up 41.8 points or 0.4 per cent 10,518.50.