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CAPITALSTARS INDIAN EQUITY MARKET WRAP UP – 7 FEB 2019

Thursday Equity Wrap Up

Closing Bell: Sensex, Nifty end flat on policy day; Sun Pharma, Zee Ent gain 4% each.

  • Benchmark indices ended flat on Thursday with Nifty ended above 11,000 level.
  • RBI in its MPC meeting has cut repo rate by 25 bps at 6.25 percent.
  • The Sensex was down 4.14 points at 36971.09, while Nifty was up 6.90 points at 11069.40. About 1377 shares have advanced, 1145 shares declined, and 164 shares are unchanged.
  • Zee Entertainment, Sun Pharma, Eicher Motors, Bharti Infratel and Bajaj Auto are the top gainers on the Nifty, while losers include JSW Steel, Reliance Industries, L&T, Hindalco and Power Grid.
  • Among the sectors, auto, FMCG, IT and pharma index saw some buying interest, while energy and infra index remain under pressure.

HEADLINES OF THE DAY
Sujan Hajra, Chief Economist, Anand Rathi Financial Services said, “The change in policy stance and rate cut are in line with expectations. We expect another 50 bps cut in 2019. We expect this to be positive for the debt market with RBI’s guidance of continued OMO. Deposit and lending rates, however, may not correct immediately and commensurately as deposit growth rate is lagging credit growth by 500 bps.”
Grasim Industries Q3 result: Standalone net profit up 28% at Rs 608 crore against Rs 474 crore. Revenue up 21% at Rs 5,293 crore against Rs 4,377 crore, YoY.
Cadila Healthcare has reported 22 percent jump in its third quarter net profit at Rs 510.7 crore on the back better operating performance. Revenue for the quarter was up at Rs 3,578 crore against Rs 2,961.2 crore, QoQ.
Adani Enterprises Q3: Consolidated net profit down 73.7% at Rs 92.2 crore versus Rs 350.5 crore. Revenue up 11.2% at Rs 10,430 crore versus Rs 9,380 crore, YoY.

The crucial resistance for Nifty spot is now seen at 11200 and above this 11390 Support for the immediate term is now placed at 10960 next support will be 10810.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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