Ways2Capital Reviews : Nifty Hovers Around 10,750 Mark; Cipla, Just Dial Stocks Gain

Equity benchmark indices snapped two-day losing streak led by pharma stocks. The stock market has recovered in the opening despite largely weak global cues. Today’s gain led by HDFC twins, Axis Bank, Reliance Ind and Vedanta.

On the sectoral front, auto, pharma and metal stocks were rallying close to 1% each in morning trade.

Shares of Cipla rose 2.5% after it received final approval for its ANDA for Efavirenz Tablets 600mg from the USFDA.

At 9:42 AM, the BSE Sensex was at 35,373, up 87 points, while NSE Nifty was at 10,734, up 24 points. The BSE mid-cap index is trading marginally higher 0.19%, while the BSE small-cap index is trading up by 0.40%.

Cipla (+2.5%), Axis Bank (+1.8%), Vedanta (+1.8%), M&M (+1.3%) and Hindalco (+1%) were the top gainers on the NSE.

UPL (-1.5%), IOC (-0.95%), ONGC (-0.76%), ITC (-0.70%) and Wipro (-0.69%) were the top losers on the NSE.

India VIX was down 1.99% at 12.6625.

Of the 2,029 stocks traded on the NSE, 1,059 declined, 459 advanced, and 511 remained unchanged on Tuesday.

A total of eight stocks registered their fresh 52-week high in trade, while 52 stocks touched a new 52-week low on the NSE.

Bond yields fell after RBI announced an open market purchase of bonds, while the rupee opened at 68.10 against the US dollar.

US stocks recover from over 400 points drop to close 287 points lower with Nasdaq leading the recovery. US Dollar sees further gains as flight to safety sees global money buying US Dollar and bonds. Brazilian Bovespa index recovers from deeply oversold territory to rise almost 2.5%.

Asian indices saw a muted start after the sharp battering to most indices yesterday. All hell broke loose with the Chinese Shanghai Composite and the Hang Seng (Hong Kong) index closing down 4%. With Chinese monitory authorities expected to intervene today, we may see some semblance on both the indices. The trade war is seeing sentiment turn fairly brittle with Asian economies reeling under the double whammy of weakening currencies and ETF outflows.
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About Bhoomi Desai