Sensex recovers in late trade to end flat; TCS, Infosys lead

Benchmark indices recovered in late trade to close flat with the Nifty holding 10,800 levels, backed by technology, pharma stocks and Reliance Industries.
The 30-share BSE Sensex rose 22.32 points to 35,622.14 and the 50-share NSE Nifty gained 9.70 points at 10,817.70.

Infosys was up 4 percent and TCS gained 3 percent
Sun Pharma, Cipla, Bajaj Finance, Lupin, UPL and HCL Technologies rallied 1-4 percent.

ICICI Bank, Hindalco Industries, SBI and Yes Bank were under pressure.

HEADLINES OF THE DAY

Alembic Pharma rises on getting EIR from USFDA for Panelav unit
Avanti Feeds surges after shareholders approve stock split
Dr. Reddy's launches gSuboxone

The crucial resistance for Nifty spot is now seen at 10880 and above this 10960. Support for the immediate term is now placed at 10660 next support will be 10570.

Avanti Feeds surges after shareholders approve stock split

Avanti Feeds registered gains at the equity market after it announced its decision to sub-divide equity shares from face value of Rs2 each to Rs1 each. Further, it decided to issue bonus equity shares of Rs1 each in the ratio of 1:2, that is, one equity share of Rs1 each for every two and equity shares of Rs1 each (after sub-division of shares). Shareholders approved this recommendation with the requisite majority.This could be good news for the company.

The company is a leading manufacturer and exporter of shrimp feeds and shrimp processor. It also operates wind mill with an installed capacity of ~3.2 megawatt in Karnataka. It derived ~83% revenue from shrimp feeds and ~17% revenue from processed shrimp during FY18. The total feed capacity stands at six lakh tonnes per annum as on March 31, 2018.

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