Stock Market

Market positive; Lupin, Infosys, Bajaj Auto, Maruti lead


Chillicious Team

1:45 pm Market Check

The Sensex and Nifty turned positive in the afternoon trade ahead of Septmebr F&O expiry. The Sensex was up 107.06 points at 25930.05, and the Nifty was up 48.50 points at 7894.45. About 1457 shares have advanced, 1007 shares declined, and 118 shares are unchanged.

Lupin, Infosys, Bajaj Auto, Maruti Suzuki, Tata Power, HCL Tech are the top gainers, while top losers includes Coal India, ONGC, Tata Steel, Larsen, RIL and Vedanta.

1:30 pm BILT in News: Ballarpur Industries said Ballarpur Paper Holdings BV, a step down subsidiary of the company and holding company of SFI (BPH), has signed a share sale agreement with Pandawa Sakti (Sabah) Sdn Bhd, Malaysia for sale of its entire equity stake of 98.08 percent in SFI, at enterprise value of USD 500 million on a cash free debt free basis.

Significant part of consideration is proposed to be used for debt reduction at the level of SFI, Bilt Paper BV and Bilt Graphic Paper Products, said the company.

Completion is expected to take place within 3 months from the date of signing.

1:20 pm Oil gains: Oil prices pared losses today after sharp falls overnight on an unexpectedly large buildup in US gasoline stocks and seasonally tepid demand.

The global benchmark November Brent contract climbed 29 cents to USD 48.04 a barrel, after ending the previous session down USD 1.33 at USD 47.75 a barrel.

US crude rose 33 cents to USD 44.81 a barrel, having slumped USD 1.88 on Wednesday to settle at USD 44.48.

Also read – At 7,500 Nifty, all domestic negatives priced in: Dalton

1:00 pm Market Check

The market declined marginally amid consolidation ahead of September F&O expiry. The 30-share BSE Sensex fell 91.10 points to 25731.89 and the 50-share NSE Nifty slipped 18.70 points to 7827.25. The broader markets continued to outperform benchmarks, rising 0.3-0.6 percent.

Asian markets remained mixed. Nikkei dropped almost 3 percent to a 2-week low as the Japanese market reopened after a 3-day break. Shanghai saw marginal gains. In Europe, FTSE and CAC saw marginal losses while DAX gained 0.3 percent.

Bank Nifty remained under pressure trading with a cut of more than half a percent. SBI, HDFC Bank and ICICI Bank slipped 0.5-1 percent.

ONGC, Coal India, Tata Steel and Vedanta plunged 2-3 percent followed by Reliance Industries and L&T with more than 1.5 percent rise.

Lupin topped the buying list on Nifty, up more than 3 percent after Nomura and Credit Suisse upgraded stock to an outperform on strong product approvals. Credit Suisse raised its target price by 27 percent, citing high upside potential from the company’s diabetes drugs.

Infosys, Maruti Suzuki, Dr Reddy’s Labs, Bajaj Auto and GAIL gained 1-1.5 percent.

Among midcaps, Elder Pharma surged 13 percent as the company will consider selling its overseas arm on Monday. Andrew Yule gained 9 percent as it said the company has 40 percent stake in Tide Water and doesn’t see Standard Grease’s open offer for tide Water generating much interest.