Nifty was oscillating in the positive and negative territory in the morning. Markets have shown an upward movement at the lunch hours of the trading session. It touched a high of 8757.25 levels, up by 40.85 points or 0.46%. Nifty and Sensex closed at four months’ closing high.
NSE Nifty closed at 8734.25 levels, up by 17.85 points, while BSE Sensex closed at 28226.61 levels, up by 84.97 points.
All the indices except Nifty Auto and Nifty Metal opened in green in the morning with FMCG index leading the sectoral bunch on NSE. Heavyweight player in the FMCG, ITC Limited touched its new 52 week high in the morning hours.
Divi’s Laboratories was in the limelight at closing hours. The stock touched its high of Rs 742.75 per share, up by Rs 49.05 per share or 7.07% in the last half hour of trading session. Other stocks from the Pharma sector, like Cadila Healthcare, Aurobindo Pharma and Dr. Reddy’s were also trading up by more than 3% each.
Geoffrey Dennis of UBS Investment Bank says the Nifty is fairly valued at about 16.5 times next year earnings but added that if the demonetisation-induced slowdown eases and India goes back to 8 percent growth next year, the market looks “interesting” to foreign investors.
Oracle Financial Services Software Ltd., closed at Rs 3533 per share, up by Rs 221.35 per share or 6.68%.
Tech Mahindra closed at Rs 464 per share, up by Rs 14.30 per share or 3.18%.
TCS closed up by 1.69%.
ITC, Adani Enterprises, Dhampur Sugar, Cairn India, Exide Industries and Godrej Properties touched their new 52 week highs in Thursday’s trading session.
Infosys (up 2 percent) and TCS (up 1.7 percent) bounced back after fall in previous two sessions due to H1-B visa concerns.
In the broader space, NHPC gained 5.5 percent as board of directors will consider share buyback on February 7. IL&FS Engineering also surged 5.5 percent on letter of intent for rural electrification works worth Rs 515.5 crore.
The rupee was trading at 67.37 per US dollar.
India VIX index closed at 13.52 levels, down by 3.22%. There were 905 advances, 723 declines and 283 unchanged stocks on NSE, reflecting strong positive bias floating in the market.
Top 5 Nifty Gainers: Dr. Reddys Lab (3.11%), Sun Pharma (2.58%), Bharti Airtel (2.55%), Coal India (2.36%), and Cipla (2.17%).
Top 5 Nifty Losers: M&M (-2.46%), Bajaj Auto (-1.81%), Tata Motors (-1.72%), Hero Motocorp (-1.66%) and L&T (-1.41%)
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