Stock Analysis, IPO, Mutual Funds, Bonds & More

After Market: IT stocks rally, Sun Pharma skids; 78 stocks give ‘buy’ signals

IT stocks surged after the rupee depreciated against the US dollar.

, ETMarkets.com|
Updated: Dec 16, 2019, 05.36 PM IST
The BSE index gained 70.99 points to 40,938 while 50-share Nifty shed 26 points to 12,060.
Shares of Sun Pharma ended about a per cent lower after the US Food and Drugs Administration (FDA) issued eight observations to its Halol’s plant after inspection of the facility. Another drug firm Indoco Remedies gained 3 per cent after the UK regulator approved its Goa facility.

Meanwhile, IT stocks surged after the rupee depreciated against the US dollar. They were major contributors to Sensex’s rally. The BSE index gained 70.99 points to 40,938 while 50-share Nifty shed 26 points to 12,060.

“We expect Indian market to stay under pressure in the near-term, as there are no visible positive triggers, which could boost sentiment. Further, market participants would continue to track global factors such as US-China trade deal, crude oil prices and currency movement. We would recommend investors to follow stock-specific approach,” said Ajit Mishra, VP - Research at Religare Broking.

Here is the lowdown on the movers and shakers of Monday’s session:

Sun Pharma slips on regulatory lapses
Shares of Sun Pharma slipped 0.83 per cent to Rs 435 after FDA issued eight observations on its Halol plant. The unit is one of the largest facilities contributing to the US sales.

Astron Paper gains 2%
Shares of Astron Paper & Board Mill edged 1.83 per cent higher to Rs 39 after the company entered into a partnership with China’s Shandong Zhonghui Supply Chain Management (ABC Paper) for the transfer of technological know how.

Indoco’s unit gets UK approval
Shares of Indoco Remedies rallied 3.03 percent to Rs 153 after its Goa facility received approval from the UK health regulator. The company said its sterile manufacturing facility (Plant II) at Verna, Goa, has received EU GMP certification from the UK Health Regulator.

IT stocks surge
Information technology giant TCS advanced 2.7 per cent to Rs 2,127 followed by 1.65 percent gain in HCL Tech and 1.6 per cent jump in Tech Mahindra as the rupee depreciated. The domestic unit closed 0.27 per cent or 19 paise to 71 per dollar. Nifty IT index jumped 1.03 per cent to 15,357.

RIL and ITC drag Sensex
Oil-to-telecom major Reliance Industries and FMCG giant ITC were major drags on Sensex, bleeding 88 points. Among other negative contributors were HDFC Bank, HUL, Maruti Suzuki and Axis Bank.

Midcap index underperforms
Nifty Midcap index skid 0.6 per cent to 16,832 against 0.1 per cent loss in Nifty Smallcap that closed at 5,646. Nifty 500 slid 0.28 per cent to 9,755.

Most active stocks
Indiabulls Housing Finance was the most active stock in terms of turnover on NSE. It was followed by TCS, SBI, Reliance Industries and HDFC. In terms of volume, the most transacted scrip was YES Bank, Vodafone Idea, Ujjivan SFB, Indiabulls Housing Finance and Dish TV.

55 stocks hit 52-week high
As many as 55 stocks hit 12-month highs during the day. They include Abbott India, Bajaj Finserv, Crisil, DLF, Kotak Mahindra Bank, HDFC, Manappuram Finance and Divi’s Laboratories.

78 stocks give ‘buy’ signal
As many as 78 stocks crossed above MACD Signal line giving bullish signals. They include Tata Power, Motherson Sumi Systems, TCS, IDBI Bank, Larsen & Toubro, HDFC, JM Financial and Mastek, among others.

Also Read

Stock market update: 22 stocks hit 52-week lows on NSE

Stock market update: Cement stocks mixed; Burnpur Cement tumbles 5%

Stock market update: 15 stocks hit 52-week lows on NSE

Stock market update: Sugar stocks surge; Piccadily Agro zooms 10%

Stock market update: 19 stocks hit 52-week lows on NSE

Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links

Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service