Blue Star | The company obtained an order worth Rs 128 crore from Wistron Infocomm, an iPhone maker for Apple.
Technical view | As expected on Friday, the Nifty trend continues to be strong with strong bullish momentum. After crossing the 11900 hurdle, there has been no turning back. Strong support is at 12100 and if the Nifty crosses 12500, which is the weekly resistance level, we can expect it to rise towards 12650, it says Manish Hathiramani, Technical Analyst and Property Index Trader, Deen Dayal Investments.
Market update | Sensex and Nifty cross the previous highs reached on January 20. Pharma, IT and Reliance Industries have been the main contributors to the market since the last all-time high. Here’s a more detailed look:
Opening bell: India’s equity benchmarks opened at an all-time high on Monday on strong global signals following the outcome of the US presidential election and the sustained inflow of foreign capital into the domestic market.
At 9:15 a.m., the Sensex opened 0.91 percent, or 380.91 points, higher at 42,273.97, while the Nifty50 index opened at 12,399.40, an increase of 135.85 points or a 1.11 percent. Gains in banking heavyweights sent Bank Nifty up more than 1.5 percent.
The broader markets also participated in the rally with the Nifty Smallcap100 and Nifty Midcap100 indices rising 0.70 percent each.
All sectors were listed in green led by Nifty Private Bank, Nifty IT, Nifty Pharma and Nifty Financial Services.
Divi’s Laboratories, ICICI Bank, HCL Technologies, IndusInd Bank and Infosys were the top winners from Nifty50, while ITC and Coal India were the only ones to trade in the red.
Monday’s Top Brokerage Calls: ITC, Cipla and More: Among brokerages, Jefferies and Morgan Stanley have raised Cipla’s price target. On the ITC, Jefferies said his assessment appears to be convincing at current levels. There’s more here
Gland Pharma: Key Things To Know About India’s Largest Pharmaceutical IPO
Gland Pharma, promoted by Fosun Singapore and Shanghai Fosun Pharma, will launch its initial public offering (IPO) worth more than 6,400 crore on November 9. The company has set the price band for its offering at Rs 1,490-1,500 per share.
In the higher price band, Gland Pharma aims to raise Rs 6,479.54 crore through a public issuance.
The issue, which will close on November 11, will open for one day to anchor investors on November 6.
The IPO consists of a new issue of Rs 1,250 crore and an offer to sell of 3,48,63,635 equity shares by the promoter and other selling shareholders.
The sale offer consists of 1,93,68,686 shares of the promoter Fosun Pharma Industrial Pte, and 1,00,47,435 capital shares of Gland Celsus Bio Chemicals, 35,73,014 shares of Empower Discretionary Trust and 18,74,500 of Nilay Discretionary Trust. read more
This is how the market went on Friday
India’s benchmark stock indices Sensex and Nifty finished strong gains on Friday led by strong buying in banking and financial stocks amid positive global signals.
The Sensex closed 552.90 points or 1.34 percent higher at 41,893.06 while the Nifty gained 143.25 points or 1.18 percent to close at 12,263.55. The broader indices, the Nifty Smallcap100 and the Nifty Midcap100, each gained 0.5 percent.
Across sectors, Nifty Private Bank rallied more than 2 percent, followed by Nifty Financial Services, Nifty IT and Nifty Realty, while Nifty Pharma and Nifty FMCG finished in the red.
Reliance Industries Ltd (RIL), Bajaj Finserv, IndusInd Bank, HDFC Bank and Kotak Bank led gains among the Nifty50 constituents, while Maruti Suzuki, GAIL India, Bharti Airtel, Asian Paints and Grasim Industries were the main losers from the index.
Welcome to our Market Live blog!
Hi, I’m Mousumi Paul from the CNBC-TV18 desktop team. I will bring all the fresh updates from the stock market, the economy and the business world. For starters, the Indian market is likely to open higher on Monday on positive global signals after Democrat Joe Biden defeated Donald Trump in the presidential election. The sustained inflow of foreign capital to the domestic market can also boost confidence. As of 7:00 am, the SGX Nifty was trading 184.00 points or 1.50 percent higher at 12,449.50, indicating a positive start for Sensex and Nifty50.
