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It’s a perfect photo finish for D-Street! The Nifty raced past 11,500 and ended the session above that mark. This is contrary to the negative moves that the market had in the first couple of days of the week.
Multiple factors were behind this upmove, but investors mainly hoped for some commentary or outcome from the Prime Minister’s economic review meet over the weekend.
Additionally, better consumer and wholesale inflation data added to the positive sentiment on the week. Among global markets, currencies saw some relief amid actions by the Turkish central bank, which hiked interest rates to 24 percent to boost Lira.
A combination such factors, along with possible short covering by traders helped the market gain crucial market levels too.
There was buying visible across all the sectors, with maximum gains visible among banks, automobiles, metals, and pharmaceuticals as well. Huge gains in the midcaps segment also boosted market sentiment. The Nifty Midcap ended with gains of 2 percent.
At the close of market hours, the Sensex ended up 372.68 points or 0.99% at 38090.64, while the Nifty closed higher by 145.30 points or 1.28% at 11515.20. The market breadth is positive as 1,797 shares advanced, against a decline of 834 shares, while 183
shares were unchanged.
Vedanta, Bharti Airtel, Indiabulls Housing and BPCL have gained the most, while Coal India, Infosys and HCL Tech have lost the most.
Stocks in the news
Shares of Sun Pharmaceutical Industries and Sun Pharma Advanced Research Company (SPARC) gained 2-4 percent on the back of USFDA approval for Xelpros which is used to treat open-angle Glaucoma or Ocular Hypertension.
Fortis Healthcare added 1 percent after Shivinder Mohan Singh withdrew his petition against Malvinder Singh from the NCLT.
Meanwhile, shares of Rashtriya Chemicals and Fertilisers (RCF) gained 9 percent as the company received an approval for sell of its TDR (Transfer of Development Rights).
Share price of Cadila Healthcare rose 1 percent as Zydus Cadila received the final approval from the USFDA to market Risedronate Sodium Delayed-Release Tablets, 35 mg.
Dr Reddys Laboratories gained 2 percent after it launched Neostigmine Methylsulfate Injection in US market.
Tata Elxsi rose a percent as it has extended its partnership with Airtel's DTH Arm.
Shares of Vedanta rose 5 after it announced hydrocarbon discovery in well A3-2 within its operated block KG-OSN-2009/3 within Krishna-Godavari Basin, East Coast of India.
Lastly, shares of Ashok Leyland added 3 percent after winning of another order from Bangladesh Road Transport Corporation (BRTC).
Global markets
Markets in Asia were positive as investors looked to shruff off concerns on trade war. The Nikkei 225 closed 1.2 percent higher at 23,094.67, with the shipping sector surging by 2.31 percent. South Korea's Kospi also ended the trading week higher by 1.4 percent 2,318.25.
European stocks were higher, as investors bet on hike in interest rates by Turkish central bank to boost lira. Stoxx 600 was up around 0.4 percent.
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