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Stock Market Highlights: Sensex surges nearly 2,000 pts in 4 days and Nifty reclaims 16,500 as market extends gains

Stock Market Highlights: Sensex surges nearly 2,000 pts in 4 days and Nifty reclaims 16,500 as market extends gains

Stock Market Highlights: Sensex surges nearly 2,000 pts in 4 days and Nifty reclaims 16,500 as market extends gains
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Summary

Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 continued to rise for a fourth straight session on Wednesday led by gains across sectors, as strong earnings in the US helped investors take their minds off concerns about slowing growth due to steep hikes in COVID-era interest rates. Broader markets also strengthened, with the Nifty Midcap 100 and Smallcap 100 indices rising 0.2 percent and 0.8 percent respectively. Investors awaited financial results from blue-chip companies including Wipro and IndusInd Bank due later in the day.

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Market Watch: Prakash Diwan, Market Expert

On FMCG
I think all these companies have enough products in their portfolios to survive the slowdown and get out of it very strong. People buy, institutional investors love to buy these stocks in anticipation how the next four, eight quarters are going to be not just the next one quarter. So that's where they are poised and it could offer you a very good entry point, at some point in time between now and the September earnings.

Rupee hits record closing low of 79.99 vs US dollar

Stock Market Highlights: Sensex surges nearly 2,000 pts in 4 days and Nifty reclaims 16,500 as market extends gains

Market At Close | Sensex and Nifty50 continue to rise for 4th straight session

Here are some highlights:

--34 Nifty stocks in the green

--IT stocks push headline indices higher — Nifty IT up nearly three percent

--Infosys and TCS support Nifty gain

--ONGC surges nearly four percent, Reliance Industries Rises three percent and Oil India six percent after windfall tax cut

--HUL up 1.5 percent after better-than-expected quarterly volume growth

--ITC hits 52-week high following AGM commentary

--HDFC Life down two percent on weaker-than-expected earnings

--Ambuja Cements declines one percent despite in-line quarterly performance

--Vedanta surges six percent after board approves 2nd interim dividend 

--ICICI Lombard falls four percent despite better-than-expected earnings

--Market breadth favours the bulls — advance-decline ratio at 1:1

Stock Market Highlights: Sensex surges nearly 2,000 pts in 4 days and Nifty reclaims 16,500 as market extends gains

Limited downside in IT: Ruchit Jain 

Ruchit Jain of 5paisa.com suggests holding Wipro shares. "You can even look to average out current levels or if you want to put more money within the IT space, Infosys could be a better option where you can invest money at the current market price," he tells CNBC-TV18. 

Stock Market Highlights: Sensex surges nearly 2,000 pts in 4 days and Nifty reclaims 16,500 as market extends gains

Continue to hold on to Axis Bank: Ruchit Jain

Ruchit Jain of 5paisa.com said that after a price wise correction the stock is now showing a pullback move and retracing the previous down move. "This retracement levels resistances are coming around Rs 740. So at least know in short term, we can expect levels around Rs 740-750 where again, you can investor can take a review on the stock. But for now continue to hold on to Axis Bank."

Century Plyboards at day's high

Buy LTTS, Cipla: Sameet Chavan

Here are two recommendations by Sameet Chavan of Angel Broking:

-- Buy LTTS for a target of Rs 3,520-3,540 with a stop loss at Rs 3,240 

-- Buy Cipla for a target of Rs 998-1,004 with a stop loss at Rs 968 

Syngene net profit falls 4.4% to Rs 73.9 crore in April-June 

Its revenue, however, increased 8.4 percent to Rs 644.5 crore compared with the corresponding period a year ago, according to a regulatory filing. Its EBITDA increased 4.7 percent to Rs 172.8 crore.

The contract research company reported a margin of 26.8 percent for the three-month period, as against 27.7 percent for the quarter ended June 2021.      

Stock Market Highlights: Sensex surges nearly 2,000 pts in 4 days and Nifty reclaims 16,500 as market extends gains

Fair trade regulator CCI finalises investigation report on alleged cement cartelisation: Sources to CNBC-TV18 

Stock Market Highlights: Sensex surges nearly 2,000 pts in 4 days and Nifty reclaims 16,500 as market extends gains

Maruti Suzuki launches Grand Vitara SUV   

Stock Market Highlights: Sensex surges nearly 2,000 pts in 4 days and Nifty reclaims 16,500 as market extends gains

Buy Wipro, Bharat Forge: Aditya Agarwala

Here are two recommendations by Aditya Agarwala of Invest4edu

-- Buy Wipro for a target of Rs 440 with a stop loss at Rs 405 

-- Buy Bharat Forge for a target of Rs 720 with a stop loss at Rs 676 and Rs 670 

Stock Market Highlights: Sensex surges nearly 2,000 pts in 4 days and Nifty reclaims 16,500 as market extends gains

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