Sensex, Nifty consolidate but Midcap, Smallcap outperform

Epic Update Sun Pharmaceutical

Epic Update Sun Pharmaceutical

Benchmark indices continued to consolidate in morning as investors digested quarterly corporate earnings. Now all eyes on assembly elections of five states and GST Council meet later in the week.

The 30-share BSE Sensex was up 29.02 points at 28184.58 and the 50-share BSE Nifty gained 14.25 points at 8738.95 while the broader markets outperformed benchmarks.

The BSE Midcap and Smallcap indices gained half a percent each on positive breadth. About 1376 shares advanced against 877 declining shares on the BSE.

Infosys was the top contributor to Sensex’s gains, up 1.5 percent on hopes of share buyback from the company.TCS today morning announced that it will consider share buyback on February 20.

Sun Pharma was the biggest gainer among Sensex stocks, up 2.7 percent. The company has received tentative approval from the US Food & Drug Administration for Tadalafil tablets that are used to treat erectile dysfunction & arterial hypertension.

Tata Motors shares rebounded 1.8 percent on short covering. The stock fell nearly 14 percent in last two sessions after disappointing set of earnings.

State Bank of India, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore rallied 1-5 percent after Cabinet approved merger.

However, the sell-off in ITC (down 1.7 percent), ICICI Bank (down 1.9 percent) and HDFC (down 0.5 percent) shares restricted market’s upside.

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