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The markets are in strong hands and every dip is a buying opportunity. With strong support around 9,000 for the Nifty, downside seems capped from the current level. Participants should follow top to down approach in stock selection for better results. Among the sectoral pack, avoid pharma and telecom for short term trades.Jayant Manglik, President, Retail Distribution, Religare Securities Ltd.
Rupee's Modi-led gains may be overdone.https://t.co/OIZqDms4Mt pic.twitter.com/UDPtD9kDwI
— BloombergQuint (@BloombergQuint) March 21, 2017
Success of Central Public Sector Enterprises ETF may be a catalyst for the broader development of ETFs in India.https://t.co/vfRrASOmaP pic.twitter.com/oqZ3byEKcs
— BloombergQuint (@BloombergQuint) March 21, 2017
Bliss GVS Pharma's 2-Day Spurt
In its reply to the exchange, Dr. Reddys clarified that the company is preparing a comprehensive response on the 483 observations and will submit it to the U.S. FDA within the stipulated time.
Shares of the telecom dropped as much as 7.8 percent, its second day of decline, after it agreed to merge with Vodafone India to create the country's largest mobile phone operator worth more than $23 billion.
The Idea-Vodafone merger will create a strong player, but multiple challenges for the deal, including breach of spectrum holding and revenue marketshare cap, will need to be resolved in a fixed timeframe, ICRA said yesterday.
Analysts are of the view that the competition in the industry is unlikely to subside in the medium term despite the mega merger
(With inputs from PTI)
#BQSpotted by @OnlyNickey | Tribhovandas Bhimji Zaveri sticks to its winning ways for the sixth straight day. pic.twitter.com/V5Qe4B5TGc
— BloombergQuint (@BloombergQuint) March 21, 2017
Shares of Avenue Supermarts, the operator of D-Mart chain of stores, soared as much as 106 percent on their trading debut on the National Stock Exchange. The scrip opened trading at Rs 600 a share, 100.6 percent above its initial public offering price of Rs 299.
The Rs 1,870-crore offer received bids for 463.7 crore shares, against a book size of 4.37 crore shares, stock exchange data showed. Avenue Supermarts will use the proceeds from the stake sale to repay debt, and the remaining for maintenance and new stores, it said in its draft red herring prospectus.
The rupee weakened by 8 paise to 65.44 against the U.S. dollar in early trade due to appreciation of the American currency overseas.
Dealers attributed the rupee's fall to increased demand for the US currency from importers. However, a higher opening in the domestic equity market capped the losses.
The rupee had closed yesterday at a fresh 16-month high of 65.36 against the greenback in the face of dollar unwinding from exporters and banks.
Shares of HCL Technologies, Engineers India and Oil India reacted after the companies approved buyback of shares.
HCL Technologies approved buyback worth Rs 3,500 crore, Oil India said it would buyback shares worth Rs 1,527 crore while Engineers India proposes buyback worth Rs 658 crore.
Movers & Shakers: Aurobindo Pharma, Bharti Infratel, Unichem Labs
#BQWatchList | Buyback rush to Avenue Supermarts listing, @AgamVakil gets you the 5 things to watch today.https://t.co/Y0Cx9eKe37 pic.twitter.com/f93cYRphd5
— BloombergQuint (@BloombergQuint) March 21, 2017
For a complete list of stocks to watch, click HERE
U.K. to trigger #Brexit on March 29, starting two years of talks.https://t.co/qGGLVwIJgE pic.twitter.com/6I90j3DcDx
— BloombergQuint (@BloombergQuint) March 21, 2017
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