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Market Snippet

Benchmark indices traded higher on the third trading session of the week ahead of F&O expiry for the month of November on account of short covering in derivative segment. Nifty may witness significant volatility tomorrow too as it being the last trading session of the F&O Nov series. Moreover the firm global cues also helped the market to sustain the gains. Nifty ended the session to close at 8015.

Pharma stocks witnessed the major buying today whereas the banking stocks were major seller for the day.

 nifty

Global Markets Update

European Markets rallied on Wednesday as participants were expecting gains in upcoming string of manufacturing and service sector data from eurozone. Germany’s flash services PMMI and manufacturing PMI lifted market sentiments.

Lufthansa Inc witnessed two day strike from its pilots on Wednesday, grounding hundred of flights due to ongoing pay grade dispute. Management refused to budge by this act.

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Sun Pharma Ltd added 1.75 percent on intraday after the news of the Pharma giant acquiring 85.1 percent stakes in  Russian Pharma Corporate, JSC Biosintez, which is involved in manufacturing and marketing of Pharma products across Russia. Stock closed at Rs 702.00

Reliance Capital Ltd surged 2.71 percent on Wednesday after the Reliance group Chairman announced   to reduce their debts up to Rs 1900 crore through value unlocking in radio and TV business. Their subsidiary, Reliance Broadcast Net. Ltd signed binding agreement with Zee Ent. Ltd to sell 49% of its radio business. Stock closed at Rs 431.30.

Wockhardt Ltd tanked 2.35 percent on Wednesday after the company informed that UFDA has issued a warning letter of mismanagement in its UK based subsidiary CP Pharma Ltd. Stock closed at Rs 673 losing 16.20 pts.

Siemens India Ltd posted 11 fold jump in net profits of Q4 FY17 to Rs 2467 crore from the previous figure of Rs 219.10 core in a one year period. Total income declined 6.3 percent to Rs 3091 crore. EBIDTA slipped 14.2 percent to Rs 241.90 crore. Stock closed at Rs 1052.00.

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