1. Earnings boost, ITC rebound helps Sensex gain 240 points; Nifty reclaims 9,900; pharma stocks rally

Earnings boost, ITC rebound helps Sensex gain 240 points; Nifty reclaims 9,900; pharma stocks rally

Sensex rallied over 240 points to close beyond 31,900 level while the broader Nifty 50 managed to end above 9,900. Cigarette maker ITC rebounded from yesterday’s share slump while the shares of domestic drug makers gained on hopes of US FDA approvals.

By: | Updated: July 19, 2017 4:42 PM
Shares of ITC rose 2.4%, while Aurobindo Pharma closed 4.3% higher.

Domestic markets ended higher today on the back of earnings optimism with the benchmark Sensex rallying over 240 points to close beyond 31,900 level while the broader Nifty 50 managed to close above 9,900. The 50-share index closed 0.74% higher at 9,899.60, while the 30-share barometer rose 0.77% to 31,955.35. Shares of ITC rose 2.4%, while Aurobindo Pharma closed 4.3% higher.

Foreign fund inflows continued amid positive global cues. The market opened positive on overnight earning numbers of FMCG major Hindustan Unilever coupled with a firming trend in other Asian markets. Indian stock markets recovered on Wednesday as the cigarette maker ITC rebounded from yesterday’s share slump while the shares of domestic drug makers gained on hopes of US FDA approvals and the launches of new drugs.

Shares of Bharti Airtel ended in lead on Sensex, rising as much as 3.21% to Rs 421.35 other top gainers includes Coal India (up 2.66%), ITC (up 2.42%), Dr Reddy’s (up 2.01%), TCS (up 1.88%) and Sun Pharma (up 1.76%) while ITC which dragged the benchmark yesterday remain the top pointwise contributor in driving the Sensex up, contributing as much as 61 points followed by TCS, Reliance, HDFC Bank and Kotak Mahindra Bank.

Shares of Mastek Ltd spiked 20% after the company’s April-June quarter consolidated net profit rose more than six times to Rs 14.66 crore. The stock went up to Rs 358.8 within minutes of trading after results were announced. While Bajaj Finance Ltd shares gained 4.29% to Rs 1,577.85 after the company’s net profit jumped 42% to Rs 602 crore from Rs 424 crore in the same period previous fiscal.

All the sectoral indices of NSE ended in green, led by Nifty Pharma, Nifty Metal, Nifty Media, Nifty FMCG, Nifty Realty, Nifty IT, Nifty bank and Nifty Auto, Nifty Fin Service with gains up to 2.1%. As per the provisional data released by the stock exchanges, FPIs bought net shares worth Rs 375.85 while debt market investment stood at Rs 1247.09 crores.

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