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    Stock Market Highlights: Nifty reclaims 16,600 and Sensex surges nearly 2,300 pts in 5 days — rupee at 79.95 vs dollar

    Stock Market Highlights: Nifty reclaims 16,600 and Sensex surges nearly 2,300 pts in 5 days — rupee at 79.95 vs dollar

    Stock Market Highlights: Nifty reclaims 16,600 and Sensex surges nearly 2,300 pts in 5 days — rupee at 79.95 vs dollar
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    Summary

    Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 extended gains to the fifth session in a row on Thursday, led by strength in financial, IT, auto and consumer durable stocks. Broader markets mirrored the gains in main indices, with the Nifty Midcap 100 and the Nifty Smallcap 100 rising around one percent each. Investors awaited more of corporate earnings from India Inc for domestic cues. Reliance Industries, RBL Bank, JSW Steel, ICICI Bank, UltraTech and Kotak Mahindra Bank are among the blue-chip companies due to report their financial results this week.

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    Margin definitely a problem for IT sector: Sudip Bandopadhyay 

    Sudip Bandopadhyay, Group Chairman of Inditrade Capital, tells CNBC-TV18 that the margin issue is pretty apparent in largecap IT earnings. "If somebody is taking a slightly longer-term view, things do get balanced out. The rupee has depreciated sharply and company like Infosys have significant dollar earnings," he says.

    The rupee depreciation does cover margin pressure to an extent as far as the overall profitability is concerned, he says. "However there can be some disappointment in earnings and correction from the current prices,” he adds. 

    Final norms on online transfers to boost used tractor business: FADA's Vinkesh Gulati

    Vinkesh Gulati, President of industry body Federation of Automobile Dealers Associations (FADA), believes the government's final norms on online transfers will boost the used tractor business in the country.

    "The association is also pushing for a five-year trade license renewal with the government... Tractor OEMs makers need to focus on dealers and networks to boost customer experience,” he adds. 

    Market At Close | Sensex and Nifty50 continue to rise for 5th straight day 

    Here are some highlights: 

    --IndusInd Bank rises eight percent after co posts an eight-quarter high net interest margin and healthy earnings

    --Pharma stocks under pressure — DRL and Cipla fall two percent each

    --Tata Communications jumps 11 percent on better-than-expected Q1 results

    --Havells surges over two percent despite below-estimate Q1 earnings

    --Gland Pharma falls six percent on weaker-than-expected earnings

    --PVR rises two percent on stronger-than-expected Q1 results

    --Hindustan Zinc rises 1.5 percent on strong earnings 

    --Market breadth favours the bulls, Advance-Decline Ratio At 2:1

    Stock Market Highlights: Nifty reclaims 16,600 and Sensex surges nearly 2,300 pts in 5 days — rupee at 79.95 vs dollar

    Rupee edges higher to end at 79.95 vs US dollar

    On Wednesday, the rupee had settled at 79.99 against the greenback. 

    Stock Market Highlights: Nifty reclaims 16,600 and Sensex surges nearly 2,300 pts in 5 days — rupee at 79.95 vs dollar

    ITC may continue to unlock value going forward: Deven Choksey 

    Deven Choksey of KRChoksey tells CNBC-TV18 that he expects ITC to continue to unlock value going forward. "Each of the verticals, be it FMCG, agri, paper, paperboard or even hotel, has systematically grown the business over a period of time. After growing to a size in some of the verticals, like FMCG, probably they would have a relatively better chance to get value unlock from hereon," he says. 

    "In the immediate term, you might see some profit booking because the market has rallied significantly, but if I look at the investment opportunity, every correction or a fall in stock price would be inviting more investors into the stock. So, one would definitely stay long if one is a long-term investor," he adds. 

    Hindustan Zinc shares at Rs 285.25, 3.4% off day's low

    Stock Market Highlights: Nifty reclaims 16,600 and Sensex surges nearly 2,300 pts in 5 days — rupee at 79.95 vs dollar

    Buy Dixon Technologies, Nocil: Ashish Kyal

    Here are some recommendations by Ashish Kyal of Waves Strategy Advisors

    -- Buy Dixon Technologies for a target of Rs 4,280 with a stop loss at Rs 3,860 

    -- Buy Nocil for a target of Rs 310 with a stop loss at Rs 278 

    -- IndusInd Bank can move to Rs 1,130-1,140 and on the downside Rs 900 will remain a very important support, so it should not break below Rs 900.

    Stock Market Highlights: Nifty reclaims 16,600 and Sensex surges nearly 2,300 pts in 5 days — rupee at 79.95 vs dollar

    UltraTech at day's low

    Stock Market Highlights: Nifty reclaims 16,600 and Sensex surges nearly 2,300 pts in 5 days — rupee at 79.95 vs dollar

    There's a good balance of head and tail winds: Sunil Subramaniam

    Sunil Subramaniam, MD & CEO, Sundaram Mutual Fund, thinks it is a good opportunity to buy sectors that are domestically oriented. "Oil prices coming below 100 are a huge positive for India. The second thing is that the US interest rate hikes while temporarily they indicate that there could be liquidity flow continuing out of India, the fact is that ultimately this is going to slow down the growth and that means that commodity prices may ease and overall Indian economy will benefit from these things. FPI flows have started coming back in. Oil is actually a tailwind if it continues on its deceleration path and FPI flows coming back will also be a tailwind. So there's a good balance of head and tail winds here."

    Stock Market Highlights: Nifty reclaims 16,600 and Sensex surges nearly 2,300 pts in 5 days — rupee at 79.95 vs dollar

    Buy Canara Bank, Bharat Electronics: Himanshu Gupta

    Here are some recommendations by Himanshu Gupta of Globe Capital:

    -- Buy Canara Bank for a target of Rs 235 with a stop loss at Rs 220 

    -- Buy Bharat Electronics Ltd (BEL) for a target of Rs 275 with a stop loss at Rs 260 

    Hindustan Zinc shares trading in red at Rs 277.7

    RBI will have to look at ways to raise forex reserves: Indranil Sengupta

    Indranil Sengupta, Head of Research & Economist, CLSA India said, “We do think that the RBI will have to look at ways to raise forex reserves." Sengupta said that it was expected that the RBI would raise the Foreign Currency Non Resident Account (Banks) FCNR-B deposit rate. "I think that the government has a brahmastra it can issue infra bonds by the Development Financial Institution (DFI) that has been formed and open that to NRIs because that is a government owned entity. NRIs could actually get a leverage from their economies. So we think that that could raise about $20-25 billion. So I think that push comes to shove, there is an option, the government has to raise a bullet $20-25 billion.”

    IndusInd Bank at day's high 

    Buy Infosys, Tata Consumer Products: Sacchitanand Uttekar

    Here are two recommendations by Sacchitanand Uttekar of Tradebulls:

    -- Buy Infosys for a target of Rs 1,600 with a stop loss at Rs 1,505 

    -- Buy Tata Consumer Products for a target of Rs 860 with a stop loss at Rs 796 

    ITC crosses Rs 300 a share mark for 1st time since May 2019

    Stock Market Highlights: Nifty reclaims 16,600 and Sensex surges nearly 2,300 pts in 5 days — rupee at 79.95 vs dollar

    Positive on consumer discretionary, auto and banking spaces: Andrew Holland

    Andrew Holland of Avendus Alt Strategies tells CNBC-TV18 that the current rally in the market is a bounce from oversold levels. Holland is waiting to see if there are any unintended consequences once the Fed hikes the key rate by 125 bps.

    Stock Market Highlights: Nifty reclaims 16,600 and Sensex surges nearly 2,300 pts in 5 days — rupee at 79.95 vs dollar
    Stock Market Highlights: Nifty reclaims 16,600 and Sensex surges nearly 2,300 pts in 5 days — rupee at 79.95 vs dollar
    Stock Market Highlights: Nifty reclaims 16,600 and Sensex surges nearly 2,300 pts in 5 days — rupee at 79.95 vs dollar

    Pre-Open Market | Sensex and Nifty50 flat 

    In the pre-opening session, the Sensex is down 5.6 points at 55,391.9 and the Nifty50 at 16,523.6, up 2.7 points from its previous close. 

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