Sensex, Nifty open higher led by Nifty IT, Pharma

Nifty Pharma and IT led the gains over a depreciating rupee which fell 25p to 68.69/$ on foreign outflows.

Jul 15, 2019 03:07 IST India Infoline News Service

Benchmark indices opened higher, with the Sensex rising 201 points to 38,937, and the Nifty climbing 47 points to 11,599.

Nifty Pharma and IT led the gains over a depreciating rupee which fell 25p to 68.69/$ on foreign outflows.

Shares of Infosys soared over 4% after it revised its full year constant currency revenue growth guidance upwards to 8.5-10%. The company's PAT declined by 6.8% qoq but up 5.1% yoy to Rs3,798cr against median consensus estimates of Rs3,703cr.

Sun Pharma also climbed over 3%, followed by Dr. Reddy's which was up 2% in opening trade.

On the flip side, Nifty Realty and PSU Banks were trading lower, dragged by Allahabad Bank which plunged over 10%.

Avenue Supermarts (DMart) is also trading higher by over 4% after it reported a 32% rise in PAT. The company reported revenue of Rs5,780.5cr, up 26.8% yoy and broadly in-line with estimates. EBITDA jumped by 41.0% yoy to Rs595.9cr, ~12% higher than the estimate. PAT for the company was ~10% higher than the estimate.

On Friday, India's CPI and IIP numbers came in. June CPI rose 3.18% yoy vs. 3.05% yoy in May, while May IIP was up 3.1% yoy.

The wholesale price index and trade data is due later today.

Stock View:

Infosys Ltd is currently trading at Rs758.60 up by Rs31.5 or 4.33% from its previous closing of Rs727.10 on the BSE.

Sun Pharmaceuticals Industries Ltd is currently trading at Rs420 up by Rs12.3 or 3.02% from its previous closing of Rs407.70 on the BSE.

Allahabad Bank is currently trading at Rs42.35 down by Rs4.8 or 10.18% from its previous closing of Rs47.15 on the BSE.


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