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Ahead of expiry Sun Pharma explodes: SX40 recovers intraday

, May 29, 2013, 0 Comments


Better than estimates followed by brokerages upgrade lift SUN PHARMA.

Post its better than expected result yesterday SUN PHARMA exploded in trade. It made high of INR 1080.20 during the course of the day but lose some of the grounds and settled at 1064.75 up 6.80% from previous days close of 996.95. Analyst were upbeat on stock and raised the target price and rated the stock as Over Weight (OW).

Despite increase in tariff, telecom company RCOM was net loser declined by more than 2%. JPASSOCIATES was top loser down by more than 3% along with GRASIM (down by 2.67%) and YES BANK (down 2.49%).

Through out the day MCX-SX benchmark index SX40 were seen under pressure and traded in red. However it manage to recoup intra-day lose and climbed back in to green. It almost closed without any change at 11948.17. Tomorrow is the last day of May series of  Future and Option (F&O) segment.

Banking counter such as ICICI BANK, AXIS BANK and HDFC BANK were under pressure after Income Tax department issued notices to top private lenders in the country.

Despite FII’s net buyers in Equity markets Indian Rupee breached very crucial level of 56 to the US Dollar. Indian rupee fell by 22 paise to trade at fresh ten-month low of 56.29 against the US dollar during the trade. The steep depreciation could attributed towards lowering growth forecast. International Monetary Fund (IMF) cut its growth forecast for China this year to 7.75% from 8%, citing a weak global economy and exports.

Traders and market participants are looking forward to Monsoon and eye June Series in the days to come.