Market Live: Sensex up 400 pts, Nifty near 10,850; IT stocks slip as rupee hits 3-month high

Among sectors, banks, autos, consumption, and metals traded in the green. The Nifty Midcap index is up over half a percent.

BUZZING STOCK | Vakrangee shares were locked in 5 percent upper circuit for fifth consecutive session on Thursday after the company received clean chit from market regulator SEBI and EOW in stock manipulation case.

The stock was quoting at Rs 30.70 on the BSE and there were pending buy orders of 1,427,065 shares, with no sellers available, at 12:37 hours IST.

"SEBI has given a clean chit to a recently conducted an investigation into the trading activities of certain entities in the scrip of Vakrangee," the company said.

Market Update The Sensex is up 379.79 points or 1.06% at 36096.74, and the Nifty up 105.60 points or 0.98% at 10834.50. The market breadth is narrow as 1121 shares advanced, against a decline of 1135 shares, while 126 shares are unchanged.

Cadila Healthcare gets USFDA approval: Zydus Cadila has received the final approval from the USFDA to market Lansoprazole delayed-release orally disintegrating tablets (US RLD- Prevacid), 15 mg and 30 mg and tentative approval for Linagliptin tablets (US RLD- Tradjenta), 5 mg.

Market Update: Benchmark indices continues to trade strong on Thursday as Nifty holding above 10,800, while Sensex is up 350 points.

The Sensex is up 345.14 points or 0.97% at 36062.09, and the Nifty up 94.10 points or 0.88% at 10823. About 1066 shares have advanced, 1127 shares declined, and 117 shares are unchanged. 

Barring IT index all the sectoral indices are trading in green. The rupee is trading near the day's high level at 69.92 per dollar.

Piramal Enterprises gains 4%: The company approved the allotment of 5,000 secured redeemable non-convertible debentures (NCD's), having the face value of Rs 10,00,000 each, aggregating to Rs 500 crore on private placement basis.

  

Jefferies on tyre stocks: Global investment firm Jefferies turned bullish on tyre stocks with initiating coverage on Apollo Tyres & Ceat with a buy call. Both stocks gained more than 2 percent in the morning on Thursday.

The research house sees earnings for tyre companies to be turning now and margins expanded from current lows helped by lower raw material prices.

  

Investec on L&T: Research house maintained buy rating on the stock and raised the target to Rs 1,745 from Rs 1,725 per share.

According to the firm, the performance of subsidiaries is consistently improving. Also, debt of several subsidiaries replaced with equity in the last three years.

  

Jubilant Life Sciences shares rallied as much as 6 percent in the morning on Thursday after global brokerage house Macquarie retained bullish stance on the stock by assigning outperform call.

The research house also raised its target price on the stock to Rs 1,068 from Rs 1,038 earlier, implying a whopping 54 percent potential upside as it increased FY19-21 EPS estimate by 2-4 percent.

STOCK VIEW | Larsen & Toubro shares gained 1.5 percent in the morning on Thursday after global banking and asset management group Investec increased target price for the stock to Rs 1,745 from Rs 1,725 earlier, implying 24 percent potential upside.

While maintaining buy call on the stock, the research house said the performance of company's subsidiaries is consistently improving and debt of several subsidiaries replaced with equity in the last three years, which resulted that consolidated gross debt has stayed flattish since FY16.

Rupee alert: The rupee has gained past 70 per US dollar.

Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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