Benchmark Nifty swifted up on today’s trade on the backs of strong global cues along with strengthing in the prices of dollar, due to which IT sector advanced today more than 4-5 percent after digesting turmoils from Brexit. Most of the midcap as wells large cap stocks witnessed heavy buying, which rallied them towards their highs. Nifty surged more than 1 percent and marked its closing at 8118.65 adding pts 105.55.
Information Tech., Steel and Pharma stocks were amongst the top gainers whereas losses were seen in the Auto Broadcasting and Cement Sectors.
Global Markets Update
European Markets were flat on Friday amid strings of economic results due today. CAC index slipped on declining retail sales figures, whereas FTSE remained flat on the backs on unchanged secondary GDP estimate figures.
Wells Fargo Inc has requested United States Court to dimiss multiple account scandals made by consumers who are suing bank for opening unauthorized accounts in private arbitration.
Bata India Lytd posted 36.4 percent decline in net profits to Rs 34.6 crore. Its total income in Q2FY16 had an exceptional gain of Rs 31.8 crore.along with revenue increasing with 1.6 percent to Rs 583.7 crore from Rs 574.7. EBITDA grew by 11.5 percent at Rs 53.5. Stock closed at Rs 411.50 adding 2.22 percent.
Adani Enterpirse Ltd surged 3 percent on Friday after the company gets into 100 MW solar generation plant in Australia, building one of th largest in the country. Estimate of workforce will exceed 350 employees.The project is estimated to initate in mid 2017. Stock closed at Rs 63.50.
Sun Pharma shares gains more than 4 percent on intraday today on NSE after The US drug regulator has found seven breaches of manufacturing standards at Sun Pharmaceutical Industries Ltd’s formulations plant in Mohali, Punjab, following a recent inspection.
IT Stocks rallied more than 5 percent on intraday on the backs of weaker rupee, which helped the major IT stocks to inch higher as outsourcing business booked gains. TCS Tech Mahindra and Hexaware surged 5 to 7 percent, along with HCL Tech and Wipro adding 3-4 percent.
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