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Healthcare stocks, strong rupee lift equity indices

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  22 Nov 2017 12:00 AM GMT

Mumbai, Nov 21: Continuing with gains for the fourth consecutive session, key Indian equity indices on Tuesday closed on a higher note due to strong buying witnessed in stocks of healthcare majors like Dr. Reddy’s Lab, Sun Pharma, Cipla and Lupin, as well as a strong rupee.

According to market observers, some gains were capped as investors booked profits in banking and realty stocks.

On a closing basis, the wider Nifty50 of the tiol Stock Exchange (NSE) rose by 28.15 points or 0.27 per cent to 10,326.90 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,478.35 points — up 118.45 points or 0.36 per cent — from Monday’s close.

The BSE market breadth was bullish — 1,455 advances and 1,243 declines.

“Markets ended with margil gains on Tuesday. A sell-off from the highs in the afternoon session curbed the gains — nevertheless it was the fourth consecutive session of gains for the Nifty,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“Major Asian markets ended on a positive note, barring the Jakarta index, while European indices like FTSE 100, CAC 40 and DAX traded higher,” Jasani said, adding: “Technically, with the Nifty moving up further after the smart bounce back seen late last week, the underlying bias remains positive.”

In terms of the broader markets, the BSE mid-cap closed higher by 0.10 per cent and the small-cap index by 0.37 per cent.

On the currency front, the rupee strengthened by 22 paise to 64.89 against the US dollar from its previous close at 65.11.

Vinod ir, Head of Research, Geojit Fincial Services, said: “Positive vibes in select pharma stocks lifted the key index, which was also supported by favourable cues in Asian markets.”

“However, profit booking was visible in specific stocks and mid-caps across banking and realty.”

Sector-wise, the S&P BSE consumer durables index surged by 404.07 points, followed by healthcare index by 241.83 points and oil and gas index by 132.55 points.

Major Sensex gainers on Tuesday were: Dr. Reddy’s Lab, up 4.99 per cent at Rs 2,390.85; Sun Pharma, up 4.18 per cent at Rs 538.05; Cipla, up 2.31 per cent at Rs 616.50; Bharti Airtel, up 2.13 per cent at Rs 503.15; and NTPC, up 1.61 per cent at Rs 183.05.

Major Sensex losers were: Coal India, down 1.51 per cent at Rs 274.05; ITC, down 1.08 per cent at Rs 256.30; Power Grid, down 1.03 per cent at Rs 206.80; Tata Consultancy Services, down 1.02 per cent at Rs 2,677.10; and Kotak Bank, down 0.77 per cent at Rs 1,029.45. (IANS)

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