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Thursday, 2 November 2017

Market update: Pharma stocks rally as Divis zooms over 16%; ICICI hits new 52-week high

CNX Pharma zoomed 3.44 percent on Thursday morning with Divis Laboratories rallying over 16 percent while Aurobindo Pharma, Cadila Healthcare, Sun Pharma, Lupin and Glenmark Pharma were the other top pharma leaders.

Intraday tips contact us The Indian benchmark indices after hitting record highs on Wednesday continued to trade in the positive territory with the Nifty50 marginally up 4.8 points at 10445 while the Sensex gained 26 points trading at 33623 in the morning trade. The midcap sector was yet again the outperformer with the index gaining 0.65 points led by IDBI Bank, Biocon, Mcleod Russel and Power Finance Corporation. Intraday tips contact us

CNX Pharma zoomed 3.44 percent on Thursday morning with Divis Laboratories rallying over 16 percent after USFDA said that it will be lifting the import alert to the company's unit-II at Visakhapatnam. Other pharma stocks which gained the most were Aurobindo Pharma, Cadila Healthcare, Sun Pharma, Lupin and Glenmark Pharma.

From the Nifty, the stocks that gained the most included Aurobindo Pharma, Sun Pharma and Lupin. GAIL India was up 1.79 percent while and ICICI Bank added 1.48 percent which were the other Nifty gainers. The most active stocks included Divis Laboratories, ICICI Bank, Reliance Industries and Dredging Corporation.

The stocks which gained the most in the BSE index were Divis Laboratories followed by Infibeam, MMTC and Hindustan Copper which jumped over 8 percent each. Hexaware Technologies from the IT space was up 7.98 percent.

Several stocks hit new 52-week high on the NSE, the likes of Bannari Amman, Shriram Transport Finance, Weizmann Forex, Power Mech Projects, Graphite India, ICICI Bank and KIOCL. The stocks which hit 52-week high on the BSE were Bengal & Assam Company, Eldeco Housing, Hindusthan Urban Infrastructure, Power Mech Projects and Finolex Cables.

The market breadth was strong and in favour of the advances with 999 stocks advancing as against 570 declines while on the BSE, 1378 advanced and 904 declined.

Global research firm Credit Suisse has maintained a neutral rating on Hexaware Technologies and has hiked price target to Rs 265 from Rs 230. It has raised the company's earnings estimates by 4-7 percent, accounting for lower tax rate and slightly higher margins.

Technical Analyst Ashwani Gujral of ashwanigujral.com, has a buy on MMTC with a stop loss of Rs 68, target of Rs 76 and Hindustan Copper with a stop loss of Rs 73, target of Rs 85.
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