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FY16 opens on a positive note
FY16 opens on a positive note.Market reported healthy gains on Wednesday, the first day of the financial year 2015-16.
Banks lead; Sun Pharma & Ranbaxy up
Mumbai: Market reported healthy gains on Wednesday, the first day of the financial year 2015-16. A strong rally is witnessed in FMCG, healthcare, realty and financial stocks, while Sun Pharma made modest gains ahead of record state for merger with Ranbaxy.
Sensex gained 303 points to close at 28,260 and Nifty up by 95 points to end the session at 8,586. The broader markets continued to outperform benchmarks with midcap and smallcap indices jumped 1.5 per cent and 2.4 per cent, respectively.The next trigger for the market will be RBI's policy review scheduled on April 7 and Jan-Mar earnings season.
Enthused by the positive gains, the analysts predict that the market would move up higher from the current levels as it was corrected last month itself. They feel Nifty would cross 8600 level in the next few days.The market will remain closed on Thursday, April 2, on account of Mahavir Jayanti and on Friday, April 3, for Good Friday.On the sectoral front, Bankex, FMCG, Healthcare, Auto, Realty indices closed on higher note at 2.5 per cent, while IT, Teck indices ended down 1 per cent.
Best performing sector on Wednesday would be banking, with ICICI Bank, Axis Bank, HDFC and HDFC Bank gained up to 2.2 per cent while SBI gained 2 per cent.The other sector would be Sun Pharma, which gained 4.4 per cent ahead of record date for merger with Ranbaxy. Dr Reddy's gained 1 per cent after it announced MoU with UCB to market its select drugs in India, Nepal, Sri Lanka and Maldives.
Other gained include Engineering company L&T up by 1 per cent after it securing order from NTPC. Tata Motors gained about 2.7 per cent.The gainers: Sun Pharma, up 5.51 per cent at Rs 1,078.55; Tata Motors, up 2.65 per cent at Rs 564.55; State Bank of India (SBI), up 2.42 per cent at Rs 273.45;
ICICI Bank, up 2.41 per cent at Rs 322.90; and Hindalco, up 2.32 per cent at Rs 132.15.The losers: Infosys, down 2.00 per cent at Rs 2,172.25; Maruti Suzuki, down 1.53 per cent at Rs 3,642.55, BHEL, down 1.34 per cent at Rs 231.80, GAIL, down 1.09 per cent at Rs 384.60 and Cipla, down 0.25 per cent at Rs 709.45.
