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Thursday, May 26, 2016

Equity Tips
Nifty eyes 8150, Sensex firm; Sun Pharma soars 4%, ITC down

Equity benchmarks continued to see buying interest on first day of June series. The Nifty is inching towards 8150 level, up 55.65 points or 0.69 percent at 8125.30.

The Sensex rose 168.30 points or 0.64 percent to 26534.98, led by pharma, banks and technology stocks. The broader markets also participated in rally with the BSE Midcap and Smallcap indices rising 0.7 percent each. The market breadth remained strong as about two shares advanced for every share declining on Bombay Stock Exchange.

Sun Pharma surged 4 percent after Taro earnings. Its subsidiary's profit declined 24.5 percent but operational performance was strong due to a 16.4 percent fall in R&D cost. Operating margin expanded by 400 basis points at 69 percent YoY.

ITC, Tata Motors, L&T and NTPC were marginally down on profit booking.

The Indian rupee extended gains. The currency has opened at 67.02 a dollar, up 15 paise compared to previous day's closing value of 67.17 a dollar. The USD-INR pair after briefly trading above 67.50 per dollar has moved back into the 66.50-67.50 range tracking global dollar weakness and positive equities.

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