Closing Bell: Nifty ends above 11,300, Sensex up 247 pts; Infosys, Cipla, Vedanta top gainers

Oct 11, 05:40 PM (IST)
Industrial Output in August came in at (-1.1 percent) against 4.3 percent growth in previous month.

Oct 11, 05:26 PM (IST)
Rupee Closing

The Indian rupee ended at 71.02 against the US dollar, up 5 paise compared to Thursday’s close of 71.07.

The currency fell 0.2 percent against dollar this week.

Oct 11, 05:18 PM (IST)
Technical View

“The short term trend of Nifty is volatile with positive bias.The upper area of 11,400 is currently acting as a stiff resistance for the market,” Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.

“We are unlikely to see any sharp upmove for the next week, there is a higher possibility of sell on rise opportunity in the next week.Inability to sustain above 11,400-11,450 levels could eventually drag Nifty down towards 11,100 again in the next few weeks,” he added.

Oct 11, 05:02 PM (IST)
Market Outlook

“Markets will first react to the Infosys numbers in early trade on Monday. Besides, the news related to the US-China trade talks will also be closely watched. We’re still seeing mixed indications thus expect further consolidation in the index. At the same time, excessive volatility on the stock-specific front would be hard to tackle. We suggest limiting naked leveraged positions and waiting for some stability,” Ajit Mishra, Vice President – Research at Religare Broking said.

Oct 11, 03:58 PM (IST)
Infosys Q2 meets estimates, profit rises 5.8%; ups CC revenue guidance to 9-10%

Oct 11, 03:33 PM (IST)
Aurobindo Pharma hits 5-year low

Shares of Aurobindo Pharma fell more than 6 percent intraday on October 11 after its promoter created a pledge earlier this week.

K Nityananda Reddy created a pledge on its 7.85 lakh shares (respresenting 0.13 percent of total paid-up equity) on October 9, taking total pledged shares to 58 lakh or 0.99 percent of total paid-up equity.

“Pledge creation – on shortfall of security for the existing loans due to fall in share price,” company reasoned in its BSE filing.

Oct 11, 03:26 PM (IST)
Infosys jumps 5% ahead of September quarter earnings

Shares of Infosys rallied 4.7 percent intraday on October 11 ahead of its September quarter earnings scheduled to be announced later today.

Brokerages expect the IT major to report sequential growth across its parameters. They expert more than 4 percent rise in Q2 profit and 3.5 percent increase in constant currency (CC) revenue compared to the previous quarter, partly supported by Stater acquisition and strong deal wins.

Oct 11, 02:50 PM (IST)
Cipla rebounds 4% as management alleviates concerns on Goa unit observations

Cipla rebounded more than 4.5 percent intraday on October 11 after management clarified on Goa unit inspection, saying there are no data integrity and repeat observations.

But the clarification from management over observations helped the stock recover more than 13 percent from day’s low of Rs 389.55. It was quoting at Rs 439, up to Rs 16.75, or 3.97 percent on the BSE at 1350 hours IST.

“Site at Goa has about 10 units just to clarify across various dosage forms. If you read the 483 document there are no data integrity-related observations, no repeat observations there. We would not read too much into the number of observations. We still have some time to respond to them (US FDA). It should be soon,” Kedar Upadhye, Joint President and Global CFO, Cipla told CNBC-TV18.

Oct 11, 02:37 PM (IST)
Oil surges 3% on supply worries

Crude oil futures surged 2.85 percent in intraday trade amid worries over supply from crucial oil producing regions after Iranian news agencies said a state-owned oil tanker was struck by two missiles in the Red Sea near Saudi Arabia.

October crude oil futures traded at Rs 3,883 per barrel on the MCX at 14:18 hours IST, up 2.59 percent or Rs 98 over its close on October 10.

International benchmark Brent crude futures rose as much as 2.3 percent to $60.46 a barrel and stood at $60.33 per barrel, up 2.08 percent, and US West Texas Intermediate (WTI) crude futures traded at $54.62 a barrel, up two percent, at the time of publishing this copy.

Source : http://tiny.cc/5b2cez

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