Sensex opens above 34,000, Nifty trades flat

Nifty and American markets are trading near all-time highs.

Sensex opens above 34,000, Nifty trades flat, Reliance Comm surges 20%.

Shares of Prestige Estates Projects added more than 5 percent in the early trade as it is going to acquire a stake in the group company.

A wholly owned special purpose vehicle (SPV) is in the process of acquisition of 66.66 percent equity stake in Prestige Projects from the investors and landowners for a consideration of approximately Rs 324 crore,” as per company release.

The said acquisition is expected to be completed before January 31, 2018.

Currently, Prestige Estates Projects is holding 33.34 percent of the Prestige Projects, while investors and landowners are holding 33.33 percent each.

The Nifty is smartly moving up along with the addition of open interest (OI) which indicates strength in the current trend. We have seen option put writers active in the current series as we have seen put writing in 10,400 and 10,500 puts along with unwinding in calls.

The Put Call Ratio (PCR) of option Open interest is continuously moving up along with fall in implied volatility. This indicates positive move to continue.

On the technical front, 10450-10480 spot levels is a strong support zone for the Nifty with current trend likely to continue towards 10,580-10,600, he feels.

According to IQVIATM sales data for the 12 month period ending October 2017, the Minastrin 1 24 Fe Tablets market2 achieved annual sales of approximately USD 337.0 million.

Glenmark’s current portfolio consists of 130 products authorized for distribution in the US marketplace and 58 ANDA’s pending approval with the USFDA.

Equity benchmarks started off trade on a flat note on Wednesday due to lack of global and domestic cues.

The 30-share BSE Sensex was up 34.98 points at 34,045.59 and the 50-share NSE Nifty fell 4.60 points to 10,526.90. About 907 shares advanced against 334 declining shares on the BSE.

Vedanta, GAIL, Yes Bank, Cipla, Dr Reddy’s Labs, Tata Steel, Hero Motocorp, UPL and Maruti Suzuki were early gainers.

BPCL, UltraTech Cement, Indiabulls Housing, ICICI Bank, Coal India, IOC and HPCL were under pressure.

Reliance Communications surged 20 percent on mega debt restructuring plan.

Sanghi Industries, Prestige Estates, Aban Offshore, Prataap Snacks, ITD Cementation, Glenmark Pharma, Jaiprakash Associates, Jindal Steel and Lanco Infratech rallied 1-8 percent.

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