Sensex recovers from opening low, Nifty above 9600; HDFC, Reliance lead;
Indian Indices:
Equity benchmarks recouped opening losses, with the Sensex reclaiming 31,000 level and Nifty 9,600.Index heavyweights HDFC (up 2.3 percent), Reliance Industries (up 1.6 percent), HDFC Bank (up 1.06 percent) and ITC (up 0.3 percent) were top contributors to index gains.
Equity benchmarks have seen correction in early trade Monday due to profit booking after hitting record highs in previous week. Weak earnings from Sun Pharma and Tech Mahindra also hit market sentiment. Sun Pharma and Tech Mahindra crashed around 8 percent post disappointing earnings. ITC, ONGC, M&M, ICICI Bank and Infosys were other early losers while BHEL, Cipla, Tata Motors, Wipro, Lupin, Vedanta, Dr Reddy’s Labs, BPCL and Aurobindo Pharma were gainers.
The 30-share BSE Sensex was up 80.70 points at 31,108.91 and the 50-share NSE Nifty rose 22.55 points to 9,617.65. About two shares advanced for every share falling on the BSE.
Global Market:
Asia opens mostly flat after latest North Korea missile test; China, US, UK markets shut for holidays
The U.S. markets will also be shut today, and that is curbing incentive and restricting overall movements as well. U.S. markets will be closed on Monday for Memorial Day.
The U.S. economy grew faster than initially reported during the first three months of 2017, easing concerns about a potential slowdown in the U.S. economy.
Major Headlines of the day:
- Strides Shasun-US FDA issues form 483 with 3 observations for Bengaluru unit, None of the 3 observations are related to data integrity & quality control
- Bank of Baroda to raise additional Rs 9,000 crore (Rs 6,000 crore through equity capital and Rs 3,000 crore through tier 1 bonds)
- Reliance Communications trips on loan servicing with over 10 domestic lenders: ET
Trend in FII flows: The FIIs were net buyers of Rs -274.14 the cash segment on Friday while the DIIs were net sellers of Rs -1008.56 as per the provisional figures.
UPCOMING RESULTS: CADILAHC, CANBK, IGL, INDIACEM, PTC, RCOM, ZYDUSWELL, ADANIPOWER, ADANITRANS, IPCA, AUROPHARMA, BHEL, BPCL, COALINDIA, DREDGIND CORP,GNFC,LT,OIL,NTPC,POWERGRID.
Securities in Ban For Trade Date 29-MAY-2017:NIL
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