Indian markets recovered from opening lows to end the day on a high, despite global markets largely closing in the red.
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The Sensex closed up 113 points at 34,305 after a 406-point trading range. The Nifty gained 48 points to 10,528. From broader markets, The Nifty bank and the Nifty Midcap indices gained more than 100 points each.
“Fair value for Nifty is at around 9,000 levels and Sensex for around 30,000,” Saurabh Mukherjea of Ambit said. The market analyst said he doesn’t expect much from this earnings season, and that he doesn’t find current levels of market attractive.
HDFC twins and ITC contributed the most to upside, while Infosys dragged the most.
Most brokerages found margin guidance of 22-24% by Infosys for FY19 a bit conservative, leading to over 3% fall in the stock. Other IT stocks had a strong day on the back of falling rupee.
Besides IT, there were some names including Kotak Mahindra Bank, which closed at a fresh 52-week high, with the bank surpassing SBI in market cap. In the midcap space, financials took the limelight, with Edelweiss Fin, Gruh Fin and M&M Fin being the top gainers.
In derivatives, the most active options were the 10,500 and 10,400 Puts and both the options added 8 lakh and 6 lakh shares each in the open interest. Whereas, 10,200 & 10,000 Puts shed 6 lakh and 2 lakh shares each, Nifty April Futures premium widened to 18 points, from Friday’s level of 10 points.
On the global front, Asian markets largely closed in the red with the Hang Seng falling 493 points to 30,315. The Shanghai slipped 1.5% and the Nikkei closed with a gain of 0.3%.
Stocks: Exchange Announcements
Aurobindo Pharma said its allergy drug, Loratadine gets approval from US Food and Drug Administration.
HCL Infosystems Ltd said it has terminated an agreement to sell Dubai-based subsidiary HCL Infosystems MEA FZE to financial firm Axis Investment.
ACC said they got approval from its shareholders for transaction with Ambuja Cement under master supply agreement.
Steel Strips said they bagged another repeat order of 41,000 Caravan Wheels from Europe.
BHEL said they got R&M order for package at Ramagundam thermal unit for 137 crore.
UltraTech said they will consider issuing redeemable NCDs on private placement basis on April 25.
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First Published: IST