Sensex ends over 200 points higher, Nifty above 11400

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Mumbai, Aug 14: Bulls took the momentum back from bears on Tuesday as benchmarks ended the day on a strong note, courtesy a surge in banks and pharmaceuticals among others. An uptick in midcaps, too, helped the market close in the green.
The Nifty managed to reclaim 11,400, while the Sensex ended over 200 points higher. This happened even as the rupee touched an all-time low during the day and hovered around 69.85 levels at the time of equity benchmarks closing.
Gains were largely led by banking names as the Bank Nifty ended around a percent higher. Additionally, pharmaceuticals, automobiles, energy and IT names were the top gainers. The Nifty Midcap index was higher by a percent.
The day began on a positive note, with banks leading the way. Additionally, weakness in rupee, which touched a historic low of 70.08 to the dollar, boosted sectors such as information technology. Meanwhile, pharmaceuticals saw a big surge on the back of a spike in Sun Pharmaceuticals as well. The stock surged 7 percent on strong Q1 earnings. Oil marketing companies, too, were hit on the back of a weaker rupee.
Stocks in news
Sun Pharmaceutical Industries added 7.6 percent as company beat analysts’ estimates as it has reported net profit in the quarter ended June 2018. The company has reported a consolidated net profit of Rs 982.8 crore in the first quarter ended June, on strong India and US sales.
Shares of Cadila Healthcare plunged 4.1 percent intraday despite posting strong numbers in the quarter ended June 2018. The company’s consolidated net profit jumped 232 percent at Rs 460.5 crore against Rs 138.4 crore in a year ago period.
Shares of Tata Steel gained 1.5 percent as the company posted robust numbers in the quarter ended June 2018. The company’s Q1FY19 consolidated profit more than doubled to Rs 1,933.8 crore compared to Rs 921.1 crore in the corresponding period last fiscal, driven by growth across the board.
Shares of Jet Airways recouped losses and closed 0.7 percent lower even company clarified to the exchanges on media report about selling its stake to PEs and auditor resignation.