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Wednesday, May 24, 2017

Equity Tips

Sensex extends its gains, Nifty reclaims 9400; IT stocks gain

Benchmark indices gained on the opening tick on Thursday, tracking handover from the global markets, with the Nifty looking to reclaim 9400.

The Sensex was up 81.32 points at 30382.96, while the Nifty was up 26.15 points at 9386.70. The market breadth was narrow as 588 shares advanced against a decline of 225 shares, while 39 shares were unchanged.

Midcaps were back in the green after a corrective phase over the previous sessions. The index was up 0.43 percent.

Lupin fell over 7 percent as the company suffered a double whammy of poor results and observations by the US FDA at the Indore Plant. Dish TV fell 6 percent post its dismal Q4 results as well.

Adani Ports, Infosys and Bajaj Auto gained the most, while Sun Pharma and Aurobindo Pharma fell the most as well.

The Indian rupee gained in the early trade on Thursday. It has opened higher by 19 paise at 64.54 per dollar versus 64.73 Wednesday.

On Wednesday the rupee closed with marginal gains. The rise was primarily on the back of some custodian banks selling the dollar in exchange for the rupee, likely for their foreign portfolio investor clientele, dealers said. So far this year, FPIs have bought
USD 7.6 billion and USD 9.7 billion in the Indian equity and debt markets, respectively.

Asian shares eked out modest gains on Thursday while the dollar and US bond yields slipped after the US Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its USD 4.5 trillion of bond holdings.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
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