Stock Market Live: Nifty hits fresh record high - TradeBizz Research

Equity benchmarks gained some momentum amid consolidation in morning trade, with the Nifty hitting fresh record high of 9,675.35.

The 30-share BSE Sensex was up 46.86 points at 31,320.15 and the 50-share NSE Nifty rose 20.60 points to 9,674.10.

The BSE Mid-cap index was up 0.4 percent and Small cap gained 0.7 percent as about 1411 shares advanced against 853 declining shares on the BSE.

Coal India fell a percent as CLSA slashed target price to Rs 240 from Rs 245 following cut in EPS estimates by 14-15 percent for FY18-19 while maintaining sell call on the stock.

Lupin was also under pressure as USFDA in its observations said company's Indore facility failed to review discrepancies in products and operations did not have written norms for manufacturing process. US FDA inspected Lupin's Indore unit on May 8-19.

Stock Market Updates

Sensex, on Friday, closed 135 points up at 31273 as a positive momentum in markets was intact on expectation that the RBI is likely to be less hawkish in the monitory policy meeting this week on account of moderation in inflation and slow growth. Among sectors, Realty, Healthcare and Consumer durable gained over 1.2% to 1.1% each. Among stocks, Hero moto corp, Cipla and Adani ports gained over 2.8% to 2.1% each. Market breadth was positive with 1464 advances against 1231 declines.

Nifty closed 37 points up at 9,653. Today, we expect markets to open on a positive note on the back of positive global cues.

US Markets closed on a positive note. Dow closed 0.29% up while Nasdaq closed 0.94% up. US markets closed on a positive note as investors focus shifted to the U.S. jobs report. Today, US markets will see data release of revised non-farm productivity q/q, revised unit labor cost q/q and final services PMI.

Asian markets are trading on a mixed note; Nikkei is trading 0.12% up and Hang Seng is trading 0.28% down. SGX Nifty is trading 38 points up at 9683. Indian ADRs ended the day on a mixed note. Among financial ADRs, ICICI Bank closed 0.1% up, while HDFC Bank closed 0.2% down. Among IT ADRs, Wipro closed 0.9% down and Infosys closed 0.7% down. Tata Motors ADR closed 0.51% up.

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