Sensex, Nifty flat; Reliance market cap crosses Rs 4 lakh cr
9:34 am Morgan Stanley ups Reliance target:
Morgan Stanley has overweight rating on Reliance Industries, with increased target at Rs 1,506 from Rs 1,280 as it feels energy earnings should exceed market expectations. Energy return on capital employed is set to rise 500 bps by FY20 to 15 percent, the brokerage house believes.
The stock was quoting at Rs 1,250.60, up Rs 68.00, or 5.75 percent after hitting a fresh 52-week high of Rs 1,251 on the BSE.
Its market capitalisation crossed Rs 4 lakh crore mark.
9:25 am Buzzing: Cadila Healthcare gained more than 2 percent after subsidiary Zydus Cadila received regulatory approvals to launch tetravalent inactivated influenza vaccine for seasonal flu in India.
The company has received approvals from Drug Controller General of India (DCGI), Central Drugs Standard Control Organisation (CDSCO) and Central Drug Laboratory (CDL) to market the tetravalent inactivated influenza vaccine Vaxiflu 4 for seasonal flu, Cadila Healthcare said in a filing to BSE.
“The vaccine provides protection from four influenza viruses — H1N1, H3N2, Type B (Brisbane) and Type B (Phuket),” it added.
Also read – Bull’s Eye: Buy Bajaj Auto, PNB, Ceat, Adani Power, Sun TV
9:15 am Market Check
The market opened flat with a negative bias on Monday, tracking weakness in Asian peers and fall in FMCG and private banks stocks.
The 30-share Sensex was down 59.96 points at 28833.01 and the 50-share NSE Nifty fell 21.65 points to 8917.85.
ITC and Idea Cellular were biggest losers, down more than 2 percent followed by Maruti Suzuki, HDFC Bank, M&M, HDFC, BPCL and Bosch.
Reliance Industries continued its run up, up more than 2 percent. GAIL, L&T, ONGC, Infosys, Aurobindo Pharma and Coal India were other gainers.
The Indian rupee gained in the early trade today . It has opened higher by 8 paise at 66.75 per dollar against Friday’s close of 66.83.
Pramit Brahmbhatt of Veracity says 66.80 is crucial resistance for rupee.
He expects rupee to break the resistance and to head towards 66.50/dollar. Trading range for USD/INR pair will be 66.50-67/dollar, he says.
The US dollar fell to a more than two-week low against the Japanese yen as investors doubted the likelihood of swift tax reform and a quick spending boost from US President Donald Trump’s administration. British pound dipped noticeably in early Asian trade.
Asia markets traded lower, with Sterling tumbling about 0.4 percent to the dollar, while companies continued to report quarterly earnings at February nearly draws to a close.
9:34 am Morgan Stanley ups Reliance target:Morgan Stanley has overweight rating on Reliance Industries, with increased target at Rs 1,506 from Rs 1,280 as it feels energy earnings should exceed market expectations. Energy return on capital employed is set to rise 500 bps by FY20 to 15 percent, the brokerage house believes.
The stock was quoting at Rs 1,250.60, up Rs 68.00, or 5.75 percent after hitting a fresh 52-week high of Rs 1,251 on the BSE.
Its market capitalisation crossed Rs 4 lakh crore mark.
9:25 am Buzzing: Cadila Healthcare gained more than 2 percent after subsidiary Zydus Cadila received regulatory approvals to launch tetravalent inactivated influenza vaccine for seasonal flu in India.
The company has received approvals from Drug Controller General of India (DCGI), Central Drugs Standard Control Organisation (CDSCO) and Central Drug Laboratory (CDL) to market the tetravalent inactivated influenza vaccine Vaxiflu 4 for seasonal flu, Cadila Healthcare said in a filing to BSE.
“The vaccine provides protection from four influenza viruses — H1N1, H3N2, Type B (Brisbane) and Type B (Phuket),” it added.
Also read – Bull’s Eye: Buy Bajaj Auto, PNB, Ceat, Adani Power, Sun TV
9:15 am Market Check
The market opened flat with a negative bias on Monday, tracking weakness in Asian peers and fall in FMCG and private banks stocks.
The 30-share Sensex was down 59.96 points at 28833.01 and the 50-share NSE Nifty fell 21.65 points to 8917.85.
ITC and Idea Cellular were biggest losers, down more than 2 percent followed by Maruti Suzuki, HDFC Bank, M&M, HDFC, BPCL and Bosch.
Reliance Industries continued its run up, up more than 2 percent. GAIL, L&T, ONGC, Infosys, Aurobindo Pharma and Coal India were other gainers.
The Indian rupee gained in the early trade today . It has opened higher by 8 paise at 66.75 per dollar against Friday’s close of 66.83.
Pramit Brahmbhatt of Veracity says 66.80 is crucial resistance for rupee.
He expects rupee to break the resistance and to head towards 66.50/dollar. Trading range for USD/INR pair will be 66.50-67/dollar, he says.
The US dollar fell to a more than two-week low against the Japanese yen as investors doubted the likelihood of swift tax reform and a quick spending boost from US President Donald Trump’s administration. British pound dipped noticeably in early Asian trade.
Asia markets traded lower, with Sterling tumbling about 0.4 percent to the dollar, while companies continued to report quarterly earnings at February nearly draws to a close.
