Market Summary

Nifty post record close but off intra-day highs

Companies

Cipla (+2%) gains after the company launches advanced prostate cancer drug. China’s unlock plan lifts metal stocks, JSW Steel (+2%) rises.

Sectors

Nifty FMCG (+2%) gains due to the strong performance of HUL, Dabur & Emami. Nifty Metal (+1%) rose due to the strong performance of metal stocks after China’s unlock plan. Nifty Pharma (+1%) gains due to the strong performance of Sun Pharma, Cipla & Dr Reddys Lab.

News of The Day

1.Flipkart may go for $700Mn Esop buyback as part of PhonePe financing round. (Economic Times)

2.Laurus Labs (-9%) slumps to 52-week low as Kotak Institutional Equities downgrades stock (Money Control)

3.Dharmaj Crop Guard IPO Day 2: Issue subscribed 3.82 times, retail portion booked 5.57 times. (Money Control)

4.Kotak Mahindra Bank arm to raise up to $1Bn for data centre fund. (BQPrime)

5. Fosun reportedly planning the sale of India's $3.6Bn Gland Pharma (+7%). (Business Standard)

Market Sentiment

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