4:30 PM: Sensex reclaims 27000 amid
consolidation; Cipla top gainer
Share Market tips, Indian share Market Tips, Stock Tips ,NSE Tips, Intraday Tips, Jackpot Tips, Commodity Tips
Benchmark
indices managed to clock marginal gains amid consolidation on Friday as
investors remained cautious ahead July industrial output and August CPI data
due later in the day.
The
30-share BSE Sensex reclaimed 27000 level, up 65.17 points to close at 27061.04
and the 50-share NSE Nifty too climbed above 8100-mark, rising 19.80 points to
8105.50. The broader markets continued to hold positive momentum with the BSE
Midcap and Smallcap indices gained 0.2 percent 0.5 percent, respectively.
The
consolidation may continue in near term but sharp upside won’t be possible at
least till the government dilutes stake in big names ONGC and Coal India, say
experts, adding the 8150 will act as a resistance and 7800 as a strong support.
“Largecaps
have so far had a good run but with these sorts of largecap paper supplies
coming through, even though this rally at the moment looks unstoppable that
(paper supplies) might be a trigger that forces market to stall here if not
move lower,” said Gaurav Mehta, VP - Institutional Equities, Ambit Capital. He
feels from a very near-term point of view, this market is getting a bit too
complacent.
As far as
medium to long term perspective is concerned, the market is in a structural
uptrend. For the last 12-15 months, he has been very positive on Indian
equities and he continues to remain so for the next 12 months as well.
His
year-end (FY15) target stands at 30,000 on the Sensex. For the week, the Sensex
and Nifty closed flat but the broader markets beat benchmarks with the CNX
Midcap and BSE Smallcap indices surging 3 percent and 5 percent, respectively.
Investors will closely watch the outcome of FOMC’s two-day meet scheduled to
begin on September 16.
Drug maker
Cipla was the biggest gainer in last couple of hours of trade, up 6.4 percent
followed by ITC, HDFC, Bharti Airtel, State Bank of India, Maruti Suzuki, Sesa
Sterlite and Hero Motocorp with 1-2 percent.
However,
drug maker Sun Pharma continued to fall for the second straight day, down 2
percent in addition to 5 percent loss in previous session on surprise audit of
Halol facility in Gujarat by USFDA team. Its subsidiary Taro Pharmaceutical has
recalled an anti-clotting drug, Warfarin generic from the US markets due to
USFDA concerns on quality.
Among
others, shares of Larsen and Toubro, Hindalco Industries, NTPC and Tata Power
fell 1-2 percent.
In the
midcap space, Exide Industries, Indraprastha Gas, Bhushan Steel, Aurobindo
Pharma, Eicher Motors, M&M Financial, Britannia, Union Bank, Amara Raja
Batteries, Chennai Petroleum, Gujarat Pipavav, GSFC and Carborundum Universal
gained 2-9 percent.
Oracle
Financial surged over 6.5 percent as it declared second interim dividend of Rs
485 per share. About 1725 shares advanced while 1338 shares declined on the
Bombay Stock Exchange.
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