Sensex rises over 250 points, Nifty reclaims 10500, bank, IT stocks gain

Gladys Abbott
February 9, 2018

A similar pattern showed up in broader markets, where the small-cap and mid-cap indices rose by 2.25 per cent and 1.82 per cent.

A European recovery rally dissipated on Thursday with benchmarks across the region weighed down by commodities and technology stocks, while acquisition approaches sent Danish telecoms group TDC and Swiss insurer Swiss Re flying.

The result was announced after market hours yesterday, 7 February 2018.

Sensex and Nifty rose in early trade today, tracking mostly higher Asian markets. Cipla and Ajanta Pharma too gained 7.8 per cent and 5.3 per cent respectively.

The Nifty Pharma index was trading 2.62 per cent up at 9,170 around 1:30 pm (IST) on Thursday.

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Axis Bank, PNB, Federal Bank, State Bank of India, Bank of Baroda, Yes Bank, Kotak Bank, HDFC Bank, IndusInd Bank and ICICI Bank advanced by up to 2.70 per cent. The stock had hit a low of Rs 777 so far during the day.

ACC's December quarter earnings beat analyst estimates, with profit doubling to Rs 206 crore YoY on strong EBITDA, sales while Heidelberg Cement turned profitable in Q3 with net at Rs 31.8 crore against loss of Rs 3.6 crore in year-ago. Realty stocks too are trading well with a margin of almost 3%.

Shares of Cipla (up 6.36 per cent), Sun Pharmaceutical Industries (up 3.30 per cent), Dr. Reddy's Laboratories (up 2.78 per cent), Piramal Enterprises (up 2.46 per cent) and Cadila Healthcare (up 2.25 per cent) were the top gainers in the Nifty Pharma index. The BSE Oil and gas index fell 38 points to 15653 level.

Indian shares slid more than 3 percent and the rupee weakened on Tuesday as a global market rout whacked sentiment, adding to existing investor concerns ahead of a central bank meeting this week and a new capital gains tax later in the year.

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