TCS hits $100 bn in market cap; Nifty reclaims 10,600, Sensex up over 100 pts

ICICI Bank, Infosys, Bajaj Finance, SBI, Axis Bank, Adani Ports, Hero Motocorp and Bharti Airtel fell up to 2 percent.

Market Update: The market gained strength, with the Sensex rising more than 100 points and the Nifty reclaiming 10,600 levels.

ripplesadvisory

TCS is the leading gainer, rising more than 4 percent to become the first company to hit USD 100 billion in market cap after healthy earnings and management commentary.

Shilpa Medicare in News: Shilpa Medicare gained more than 2 percent after the company has received EU-GMP certification from Austrian Agency, AGES for its two API manufacturing plants located at Raichur, Karnataka and formulation facility located at Jadcherla, Telangana.

Austrian Agency, AGES carried out an audit of said API plants between January 16 and January 24, 2018, and formulation facility between January 25 and January 31, 2018.

Phoenix Mills gained over a percent after Island Star Mall Developers (ISMDPL), the strategic investment alliance owned by the company and Canada Pension Plan Investment Board (CPPIB), acquired a prime land parcel in Hebbal, Bengaluru for a total consideration of Rs 650 crore.

The site has a development potential of approximately 1.81 million square feet.

Stake Sale: Tata Sons sold over Rs 9000 crore (representing 1.6 percent of paid-up equity) worth of TCS shares in March.

Rupee Trade: Falling for the sixth consecutive session, the rupee weakened by 12 paise to 66.22 against the US dollar at the interbank foreign exchange market, amid foreign capital outflows.

Forex dealers said, sustained demand for the American currency from importers and dollar strength against other currencies overseas, bolstered by rising US bond yields, weighed on the domestic unit.

On Friday, The rupee had crashed below the key 66 level to close at a 13-month low of 66.12 against the US currency, hit by a resurgent dollar, firming crude prices and a more hawkish tone of the Reserve Bank.

TCS in Focus: TCS continued its run, rising nearly 3 percent and becoming the first company to hit a USD 100 billion in market capitalization.

The IT major has crossed even its competitor Accenture (USD 98 billion) in market cap.

USFDA Approval: Unichem Labs rallied 7 percent after the US Food and Drug Administration completed Ghaziabad plant inspection and has not issued any observations.

Buzzing: Indiabulls Housing Finance share price gained more than 2 percent after its Q4 consolidated net profit grew by 22.6 percent YoY to Rs 1,030.4 crore, revenue 25.9 percent to Rs 3,689.7 crore and net interest income rose 22.1 percent to Rs 1,661 crore.

HDFC Bank in focusHDFC Bank share price remained flat in trade after its Q4FY18 profit grew by 20.3 percent YoY to Rs 4,799.3 crore and net interest income was up 17.7 percent to Rs 10,657.7 crore; the board of directors recommended a dividend of Rs 13 per equity share of Rs 2 each.

Market Check: Benchmark indices were off their opening highs amid global weakness. Investors after digesting HDFC Bank numbers look for more corporate earnings to get further market direction.

The 30-share BSE Sensex was down 53.42 points at 34,362.16 and the 50-share NSE Nifty fell 9.10 points to 10,554.90.

ICICI Bank, Infosys, Bajaj Finance, SBI, Axis Bank, Adani Ports, Hero Motocorp and Bharti Airtel fell up to 2 percent while TCS, Reliance Industries, L&T, HDFC, Indiabulls Housing, IOC, and HPCL were early gainers.

Best services for customers with full technical support make your Financial Trading more easy click here to subscribe us for free >> Ripples Advisory

Please follow and like us:
20