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Tuesday, 21 August 2018

Sensex, Nifty end at fresh record highs; IT, pharma gain big.



CAPITALSTARS MARKET WRAP UP UPDATE
Selling in banks after an initial rally dragged the indices lower from their high points. Along with it, weakness was visible in sectors such as metals and FMCG. Meanwhile, buying counters were buzzing in IT and pharmaceuticals. A weak rupee also boosted tech stocks during the day. In case of broader markets, midcap indices ended the day with minor gains.  
At the close of market hours, the Sensex is up 7.00 points or 0.02% at 38285.75, while the Nifty is up 19.10 points or 0.17% at 11570.90. The market breadth is negative as 1,320 shares have, against a decline of 1,373 shares, while 180 shares were unchanged.
Coal India, Axis Bank, UPL and Tech Mahindra were the top gainers, while Tata Steel, HUL, and BPCL lost the most.

HEADLINES OF THE DAY

Shares of Tech Mahindra added 4.5 percent intraday Tuesday as foreign research house BoFAML (Bank of America Merrill Lynch) has upgraded the stock to buy from underperform.
Jet Airways falls 2% on inquiry into siphoning of funds by promoters.
Shares of Federal Bank rose 2.2 percent intraday Tuesday as research house UBS maintained buy due to inexpensive valuation.

The crucial resistance for Nifty spot is now seen at 11600 and above this 11750 Support for the immediate term is now placed at 11450 next support will be 11250.

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