Nifty rises for fifth consecutive session; HDFC Bank, L&T lift Sensex 300 points higher on Monday

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August 10, 2020 10:11 AM

Except for Nifty Metal index, all the sectoral gainers were trading in the green. Nifty Pharma Index was up over 3 per cent in Monday's session.

sensex, niftyLarsen and Toubro shares were among top Sensex gainers as the company is expected to be the biggest beneficiary of the import ban

Continuing with the gaining momentum, BSE Sensex and Nifty 50 were trading nearly one per cent higher on Monday, on the back of buying in pharma stocks. the 30-share Sensex gained 350 points or 0.92 per cent to trade at 38,385, while the Nifty 50 index advanced 102 points or 0.92 per cent to reclaim 11,300 level. Index heavyweights such as HDFC Bank, L&T, Reliance Industries (RIL), HDFC, and Kotak Mahindra Bank were top index contributors. “The markets have been successful in going past the 11250 mark on opening and has also managed to sustain there. We should now be targeting 11400-11500 as the next level. The support is now at 11100 so any dip can be utilised as a buying opportunity,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

L&T up 4%: Larsen and Toubro shares were among top Sensex gainers as the company is expected to be the biggest beneficiary of the import ban on 101 defence equipment. M&M, Kotak Mahindra Bank, SBI, NTPC, Sun Pharma, ITC, ONGC and IndusInd Bank were other gainers. On the contrary, Maruti Suzuki, Bharti Airtel, Asian Paints, Ultratech Cement and Nestle India were the losers.

Nifty Pharma index top gainer: Except Nifty Metal index, all the sectoral gainers were trading in the green. Nifty Pharma Index was up over 3 per cent led by gains in Divi’s Lab, Cipla, Lupin and Aurobindo Pharma.

SC verdict on AGR dues: Supreme Court will deliver its order on the payment window of AGR dues by telcos including Bharti Airtel, Vodafone Idea and Tata Teleservices. SC asked DoT to provide details on Reliance Communication’s insolvency and will examine the bonafides of the company going into insolvency. “Several telcos with AGR dues of over Rs 38,000 crores are currently in liquidation. Need to ensure that IBC (Insolvency and Bankruptcy Code) is not being misused by telcos to escape liabilities,” Justice Arun Mishra said.

Results today: Power Grid Corporation of India, Titan Company, AstraZeneca Pharma, Ujjivan Financial Services, CARE Ratings, Equitas Holdings, Force Motors, etc., are scheduled to announce their quarterly earnings today.

Global markets: Asian stock markets were trading mixed on Monday. In Hong Kong, the Hang Seng index fell 1.05%, while South Korea’s Kospi index gained 0.64%. On Wall Street, the Dow Jones Industrial Average rose 0.17%, the S&P 500 gained 0.06% and the Nasdaq Composite dropped 0.87%.

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