02:47
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The market gained more steam in afternoon trade with the Sensex rising over 250 points, driven by index heavyweights Infosys and Reliance Industries. The broader markets continued to outperform the BSE Midcap index climbing 1.5 percent.
The 30-share BSE Sensex surged 276.09 points or 1.05 percent to 26642.77 and the 50-share NSE Nifty rose 85.35 points or 1.06 percent to 8155 but the market breadth was not that strong. About 1373 shares advanced against 1047 declining shares on Bombay Stock Exchange.
Sun Pharma spiked 5 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.
Lupin gained over 1 percent after Mandideep and Aurangabad units have received establishment inspection report from US FDA. Mandideep is the 2nd largest revenue contributor to US business after Goa unit.
Infosys, Reliance Industries, HDFC, ICICI Bank, Adani Ports and HUL gained 1-4 percent.
SBI came off day’s high, up 0.8 percent after higher-than-expected slippages of Rs 30,313 crore and more than 2-fold increase in provisions in Q4. Profit declined 66 percent while NII grew by 4 percent during the quarter.
European stocks were on lower as investors looked ahead to comments from US Federal Reserve Chair Janet Yellen. France’s CAC and Germany’s DAX declined 0.2 percent each.
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Posted in: Indian Market Tips
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