Sensex Gains 266 Pts | Trade Nivesh
All sectoral indices traded in green with Metal, Pharma and Realty gaining a percent each.
Market Closing bell
The market recouped all its previous day's losses to close sharply higher after Federal Reserve chair Jerome Powell hinted at a rate cut ahead.
The BSE Sensex was up 266.07 points at 38,823.11 and the Nifty50 rallied 84 points to 11,582.90.
Hero Motocorp, IndusInd Bank, Tata Motors, Vedanta and SBI were top gainers among Sensex stocks, rising 2.5-4.6 percent while ICICI Bank, Bajaj Auto, Axis Bank, TCS and L&T were losers.
Monsoon Update
India is likely to get below-average rainfall in the next two weeks with a large deficit in the soybean and cotton growing central and western regions, a weather department official said on July 11, raising concerns over output of summer-sown crops.
"Weather model is showing deficiency in rainfall over central and western India in next two weeks," said an official with the India Meteorological Department (IMD), who declined to be named as he was not authorized to speak with media.
"The north-east and foothills of Himalaya could get good rainfall," he said. Source: Reuters.
Cadila Healthcare Gains 3%
HSBC maintained buy call on the stock but slashed price target sharply to Rs 260 from Rs 410 after cutting FY20/21 EPS estimates by 4.4 / 5.2 percent.
It feels 34 percent price correction in last three months largely factors in negatives. "We do not expect further deterioration in key segments."
The global brokerage said US generic sales should stabilise on momentum in new launches and the clarity will emerge on FDA status of Moraiya plant by early August. "India sales should see recovery from Q2FY20."
SBICAP acquired 6.14 percent stake via pledge encumbrance in company on July 9.
CCL Products said consolidated net profit for June quarter fell 12.1 percent to Rs 34.7 crore and revenue declined 7.2 percent to Rs 273.2 crore compared to year-ago period.
The meeting among DHFL's stakeholders concluded and exploratory talks were held on resolution plan, reports CNBC-TV18 quoting sources.
The business channel learnt from sources that lenders gave the housing finance company 7 days to present resolution proposal and the meeting said to have discussed broad contours of resolution plan and debt conversion.
Lenders said to have assured NCD holders of a comprehensive resolution plan to maximise value for all stakeholders, the report added.
DHFL remains in talks with Aion Capital, Cerberus Capital & Oaktree for potential deal.
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