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capitalstars Equity market Outlook

Sensex extends gain to over 200 points, Nifty above 10,600; Sun Pharma up 4%

India’s growth rate may slow down to its lowest level in 4 years. Advance estimate for FY18 pegs gross value added (GVA) growth at 6.1 percent much below street estimates and well below the Reserve Bank of India (RBI) estimate of 6.7 percent.

Gap between GVA and gross domestic product (GDP) could shrink. Our full year estimate for GVA is at 6.5 and GDP at 6.7 percent, he said.

Equity benchmarks extended their gains from the opening minutes, with the Sensex gaining over 200 points, while the Nifty was up over half a percent.

At 10:17 hrs IST, the Sensex is up 202.87 points or 0.59% at 34356.72, and the Nifty up 56.60 points or 0.54% at 10615.50. The market breadth is positive as 1661 shares have advanced, against a decline of 753 shares, while 373 shares are unchanged.

Sun Pharma, Infosys and Lupin gained the most on both indices, while Bharti Airtel and Asian Paints lost the most.

Buzzing Stock: Shares of Hindustan Construction Company gained 5 percent intraday on Monday as investors cheered a recent order win by the company.

The company’s joint venture has been awarded a contract worth Rs 484 crore for the metro rail project in Pune.

HCC is the lead partner in the JV with AL FARA’A and has 51 percent stake in the JV. “The contract is for construction of eight elevated metro rail stations viz. Vanaz, Anand Nagar, Ideal Colony, Nal Stop, Garware College, Deccan, Sambhaji Park and PMC on Line II of Pune Metro Rail Project,” the company said in a filing to the exchanges on Monday morning.

Shares of Jindal Steel & Power (JSPL) touched 52-week high of Rs 270.30, surging 13 percent in early trade as company planning to raise Rs 1,000 crore.

The company will raise Rs 1,000 crore through qualified institutional placement (QIP) route in February, said by Chairman Naveen Jindal.

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