MARKET WRAP: Sensex surges 835 pts, Nifty reclaims 11K; Nifty IT up over 3%

All that happened in the markets today

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10:56 AM

Prince Pipes hits highest level since listing; stock zooms 242% in 4 months

Shares of Prince Pipes and Fittings were at Rs 260 -- their highest level since listing -- up 8 per cent on the BSE in the intra-day trade on Friday. In the past four months the stock of the plastic products maker has zoomed 242 per cent from a level of Rs 75.90, as compared to 20 per cent rise in the S&P BSE Sensex. Prince Pipes and Fittings had made a tepid debut at the bourses on December 30, 2019. The stock got listed at Rs 160, an 11 per cent discount to its issue price of Rs 178. READ MORE

10:46 AM

Syngene: Investors with long term view should look at the stock on dips

Syngene International, which has gained 20 per cent over the past two weeks, hit its all-time high of Rs 596.85 a share on Thursday. Approval by the Indian Council of Medical Research for its anti-body testing kit was the key trigger. The company has tied up with biosciences company HiMedia Laboratories for manufacture of the test kit. READ MORE

10:32 AM

Earnings decline slows Nifty run after rallying nearly 50% from March lows

The equity markets have hit a hard ceiling after bouncing nearly 50 per cent from the March 20 lows. And the reason could be a steady decline in corporate earnings after they hit a high in the December quarter following the cut in corporate income tax. READ MORE

10:23 AM

GMR Infrastructure gains 4% on stake sale in Kakinada SEZ

“The company has signed definitive agreements for the sale of equity owned by its wholly owned subsidiary GMR SEZ and Port Holding of its entire 51 per cent stake in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure,” GMR Infrastructure said in exchange filing. READ MORE

10:15 AM

MARKET UPDATE :: Sensex off highs

10:08 AM

Rupee Opening

Rupee opens stronger at 73.75 per US dollar vs Thursday's close of 73.90/$

10:01 AM

Chris Wood bullish on cyclical stocks; sees more stimulus from US Fed

He believes that the world is nearer to the end of the Covid-19 pandemic now as opposed to a few months ago, in line with Farr’s law, which says that once peak infection is reached, then it will roughly follow the same symmetrical pattern on the downward slope – a bell curve. Second, Wood expects fears of any renewed downturn, as have begun to get reflected in the risk-off market sentiment in the recent days, will lead to further monetary and fiscal stimulus. This, in turn, should keep the liquidity tap flowing and support markets. READ MORE

9:52 AM

Granules India hits 52-week high on report KKR, Bain in line to pick stake

9:42 AM

Advanced Enzyme Technologies soars 30% in 2 days after FPI picks 4% stake

Shares of Advanced Enzyme Technologies rallied 8 per cent to Rs 295 on the National Stock Exchange (NSE) in the early morning trade on Friday after foreign portfolio investor (FPI) bought nearly 4 per cent stake in the company via open market. The stock of the agricultural products company was trading at its fresh 52-week high and has soared 30 per cent in the past two trading days. READ MORE

9:31 AM

Nifty rejig impact :: Divi's Lab trades flat with positive bias

9:29 AM

GAIL up around 2%

9:28 AM

Tata Coffee leaps 4%

>> Tata Coffee is learnt to be in the initial stages of negotiations to acquire 12,000 hectares of coffee plantations that belonged to V G Siddhartha, the founder of Café Coffee Day Enterprises, for a valuation of Rs 1,200-1,500 crore.

9:26 AM

RIL up 1%

>> Reliance Retail, according to reports, is in talks with Electronics Mart India, a consumer durables retail chain, for a possible acquisition. Electronics Mart operates 60 stores in South India with 1,200 employees on its roll.