Nifty hovers around 5700, Repco debuts at Rs 159.95
The market kickstarted the new fiscal year on a firm note. The Sensex was up 100.73 points at 18936.50 while the Nifty gained 31.35 points to be at 5713.90.
Benchmarks began the new fiscal on a steady note, with the Sensex up 100.73 points at 18936.50, and the Nifty up 31.35 points at 5713.90.
Shares of state-owned Repco Home Finance, which listed on the BSE and NSE today, were quoting at Rs 172 (the issue was priced at Rs 172). The share opened at Rs 159.95, and touched a high of Rs 172.
Capital goods, power and realty stocks were adding strength to the indices. BHEL (up 2.6 percent), L&T (up 2.4 percent), Dr Reddy's (up 1.9 percent), Infosys (up 1.6 percent) and RIL (up 1.3 percent) were the key gainers in the Sensex.
Brokers attribute the rise in Dr Reddy's shares to the launch of generic Accutane in the US market. Brokerage house Morgan Stanley says assuming an incremental 20-25% price drop and 20% market share, this could be USD 50 million annual revenue opportunity for Dr Reddy’s.
Polaris was up 5% on reports that the company was in talks with L&T Infotech and Wipro to sell its services business. Godrej Properties was up over 2% as it has got into in a joint-venture for 1.5 million sq ft housing project in Pune.
Most divestment candidates were buzzing in trade, Hindustan Copper was up 7.7 percent, while MMTC gained around 5 percent.
Among the smallcaps TRF added around 11.6 percent after the company won an order for Rs 360 crore.
Laggards of the day included Sterlite, Tata Motors, Jindal Steel, ITC and Sun Pharma.