Home / Business / Money / Sensex surges 200 pts; SBI, Arvind most active shares

Sensex surges 200 pts; SBI, Arvind most active shares


The News International Team

12:55pm Nikkei Check

Tokyo stocks rebounded to a 3-1/2-week high today, led by exporters and others as the yen struck a seven-month low against the dollar after a gathering of central bankers underscored the diverging path of Japanese and US interest rates.

The benchmark Nikkei average climbed 0.5 percent to 15,613.25 points, its highest closing level since July 31. It shed 0.3 percent on Friday, breaking a nine-day winning streak – the longest since December.

However, the trading activity was subdued, with trading volume hitting the lowest in a week, reports Reuters

12:25pm Market Expert

The market has been extending gains with indices surging to newer highs of late on account of which, brokerage house Edelweiss Financial Services maintains their Sensex target at 29,600 for the end of this fiscal.

Seeing no tailwainds hereon, Nirav Sheth, Head of Sales, Institutional Equities, Edelweiss Financial Services is bullish on the macro scenario with valuations, earnings and other parameters reverting back to normal. However, in an interview with CNBC-TV18, he cites concerns over investors struggling to mirror that bullishness in their portfolio.

Sheth is upbeat on the banking sector but will shy away from metals and cement space. He also feels software and consumer staples may underperform going ahead.

12:00pm Equity benchmarks remained strong with the Sensex and Nifty trading at all-time high. The Sensex jumped 197.75 points or 0.75 percent to 26617.30 and the Nifty rallied 47.30 points or 0.60 percent to 7960.50.

Advancing shares outnumbered declining ones by a ratio of 1513 to 1080 on the Bombay Stock Exchange.
State Bank of India, Arvind, Sun Pharma Advanced Research, Tata Sponge, Wockhardt, TCS, ONGC and ICICI Bank were most active shares.

BHEL, TCS, Kotak Mahindra Bank, SBI, IndusInd Bank, HDFC and ONGC spiked 1.6-2.7 percent while Jindal Steel, Hindalco Industries, Tata Power, United Spirits and GAIL declined 1-2.7 percent.

Ranbaxy Labs gained nearly a percent after UBS maitians a buy on the stock and raised target price to Rs 784 from Rs 600 earlier as the stock trades at a 6 percent discount to Sun Pharma based on the merger ratio. It believes Ranbaxy remains a good way for buying into Sun Pharma for long term holders.

Among midcaps, Greaves Cotton, Sun Pharma Advanced, Arvind, Emami and Whirlpool surged 6-10 percent whereas ESS DEE Aluminium, Bhushan Steel, Manappuram Finance, Bayer CropScience and Jet Airways fell 4-7 percent.


Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...