S Ranganathan, Head of Research at LKP securities:
Bulls charged on D-Street today with the help of Autos & Financials with strong support coming from the laggard – Pharma Sector today.
The surprise element to many of course was the Nifty Infrastructure sector which saw smart gains led by cement yet again. Consumer Durable stocks too displayed good momentum ahead of the festive season on the back of a bountiful monsoon.
Market at 3 PMBenchmark indices erased some of the intraday gains but still trading higher with Nifty around 17850.The Sensex was up 730.34 points or 1.23% at 59871.57, and the Nifty was up 231.90 points or 1.32% at 17854.20. About 2047 shares have advanced, 1184 shares declined, and 93 shares are unchanged.
As Bank Nifty gallops, investors must watch deposit trend
Banking shares have outperformed the broad market and most sector indices in the past three months on the back of growing optimism over balance sheet growth
Nifty FMCG index rose 1 percent led by Marico, United Spirits, Varun Beverages
Nifty FMCG index rose 1 percent led by the Marico, United Spirits, Varun Beverages
M&M aims to double SUV capacity to ride demand: Anish Shah
M&M has become one of the most talked about brands in the fast-growing SUV segment in India’s passenger car market
Buzzing:
Future Supply Chain Solutions has called off proposal to sell or dispose of warehouse assets, and has decided to explore other opportunities for rehabilitation of business operations.
Future Supply Chain Solutions was quoting at Rs 27.90, up Rs 1.30, or 4.89 percent.
Creditor is proxy for Vijay Mallya, minority shareholders allege in fight for control of McDowell Holdings
Creditor is proxy for Vijay Mallya, minority shareholders allege in fight for control of McDowell Holdings” title=”Creditor is proxy for Vijay Mallya, minority shareholders allege in fight for control of McDowell Holdings
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The stage is set for an unusual and bitter legal battle for ownership of McDowell Holdings as minority shareholders challenge NCLT’s decision to award the debt resolution plan in the Supreme Court
MapMyIndia surges 5 percent after launch of ‘Swadeshi’ consumer appMapmyIndia unveiled the MAPPLS swadeshi consumer app, logistics tech and APIs integrated with Government of India’s ULIP, during the launch event of National Logistics Policy.Rohan Verma, CEO & Executive Director of the company said, “Being fully indigenous and delivering unique benefits and functionalities critical and relevant to the Indian context, MapmyIndia Mappls can play an important role in boosting India’s economy, and enabling an Aatmanirbhar Bharat, by helping goods and people move faster, cheaper and safer across India, reducing cost of logistics for both long-haul and last-mile, and improving speed, cost and quality of planning and completion of logistics infrastructure and network connectivity planning pan India.”
Zydus Lifesciences launches Lenalidomide Capsules in the U.S.“Lenalidomide is used to treat various types of cancers. It works by slowing or stopping the growth of cancer cells. It is also used to treat anemia in patients with certain blood/bone marrow disorders” the company said in an ecxhange filing.
Swedish central bank surprises with full percentage point rate hike
Sweden’s central bank hiked interest rates by a full percentage point to 1.75 percent on Tuesday in surprise move and warned that more was to come as it sought to get to grips with surging inflation. The hike was the biggest since November 1992, when the Riksbank also raised its key rate by a full percentage point. “Inflation has become higher than in the Riksbank’s previous forecast in June, and it is expected to rise further during the year,” the Riksbank said in a statement.
Nifty Pharma rallies 2.65 percent led by Lupin, Laurus Labs, Sun Pharma
