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Profit booking after six days of gains isn’t something out of the ordinary, Dipen Shah, Sr. Vice President &Head PCG Research, Kotak Securities said. “Investors have taken up a cautious stance ahead of U.S. President’s speech in the Congress,” he told BloombergQuint in a phone interview.
In Trump’s address before a joint session of Congress on February 28, the president is expected to lay out his plans for tax and health-care reform and infrastructure spending. Investors will also be watching comments from Federal Reserve officials, including Yellen, who speaks at an event in Chicago at the end of the week.
Shah advised waiting on the side-lines until more clarity emerges on Trump administration’s fiscal policy plans. “I think the market is looking a bit stretched in terms of valuations. Any stock picking should be done with extreme care,” he said.
Shares of the healthcare firm gained as much as 9 percent to Rs 767 on heavy volumes. Its implied three-month volatility is 4.7 versus 47.5 daily average over the past year, according to Bloomberg data.
The call options contracts traded totalled 5.1 times while put option contracts traded totalled 3.4 times its the average of the past 20 days.
The stock is up 16.5 percent year-to-date, compared to 8.7 percent gain on the Sensex.
Shares of the drug maker snapped their two-day losing streak after its Japanese subsidiary Kyowa Pharmaceutical Industry entered into an agreement with Astellas Pharma Inc for exclusive right to distribute and promote extended-release tablets of quetiapine fumarate in Japan.
"When Astellas obtains an approval for the new drug application of extended-release tablets of quetiapine fumarate, based on the agreement, Kyowa will exclusively distribute and promote the products in Japan," Lupin said in its exchange filing.
The pharma company was trading 0.8 percent higher at Rs 1,462 a share on the NSE.
Shares of the lender gained as much as 8.6 percent to Rs 71, their highest level since July 2011. The stock saw volumes at around 6.1 times its 30-day average. The RSI was at 78, indicating that the stock may be overbought.
Year-to-date, it has risen 50.8 percent versus 8.6 percent for Sensex index.
Shares of the Kolhapur-based lender gained as much as 6.8 percent to Rs 488 – a fresh 52-week high for the stock – on volumes 7 times its 30-day average.
It has risen 13 out of the last 15 trading sessions, including today’s. The Relative Strength Index (RSI) is 84, indicating that the stock may be overbought. Among the 13 analysts that track the stock, 11 have a buy rating and 2 recommended hold, according to Bloomberg data.
Continuing its uptrend, the rupee firmed up by another 17 paise to 66.65 against the U.S. dollar in early trade on increased selling of the American currency by exporters and banks.
Besides, the dollar's weakness against some currencies overseas supported the rupee but a lower opening of the domestic equity market capped the gain, forex dealers said.
On Thursday, the rupee had gained 14 paise to close at 66.82 a dollar. Forex market was closed on Friday on account of Shivratri.
PTI
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