MARKET WRAP: Indices end flat ahead of May F&O expiry; Nifty holds 10,600

Benchmark indices ended flat on Wednesday tracking broader Asia as investors trimmed exposure to riskier assets amid a political crisis in Italy, ahead of F&O expiry for the month of May.

The S&P BSE Sensex ended at 34,906, down 43 points while the broader Nifty50 index settled at 10,614, down 19 points.

Meanwhile, Fortis Healthcare rose as much as 4.8% during the day after it launched a new round of bidding for itself on Tuesday. The cash-strapped hospital operator’s board is also scheduled to meet to approve quarterly results on Wednesday.

GLOBAL MARKETS

Asian stocks extended a global sell-off as fears of repeat elections in the euro zone’s third-largest economy saw the euro hitting a 10-month low, sending investors rushing to safe-haven assets such as U.S. Treasuries.

MSCI’s broadest index of Asia-Pacific shares outside Japan tumbled 1.4 percent.

CRUDE OIL

Oil struggled under pressure from expectations that Saudi Arabia and Russia would pump more oil to counter potential supply shortfalls from Venezuela and Iran, even as US output has surged in recent years.

US crude futures retreated 0.2% to $66.58 per barrel, extending losses into a sixth consecutive sessions.

(with Reuters inputs)

3:42 PM IST Nifty Pharma index ends 1.06% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) AUROBINDO PHARMA 564.50 578.80 -14.30 -2.47 PIRAMAL ENTERP. 2353.95 2405.75 -51.80 -2.15 DIVI'S LAB. 1045.00 1066.75 -21.75 -2.04 SUN PHARMA.INDS. 493.00 499.50 -6.50 -1.30 DR REDDY'S LABS 1957.50 1980.70 -23.20 -1.17

3:36 PM IST Nifty sectoral gainers and losers

3:34 PM IST BSE Sensex gainers and losers of the day

3:31 PM IST Market at close   The S&P BSE Sensex ended at 34,906, down 43 points while the broader Nifty50 index settled at 10,614, down 19 points.

3:24 PM IST Dilip Buildcon slips 14% post Q4 results Dilip Buildcon slipped 14% to Rs 901 on the BSE in intra-day trade even after the company reported 11% year on year (YoY) growth in its consolidated net profit at Rs 2.18 billion in March 2018 quarter (Q4FY18). The net profit growth during the quarter was lowest in past six quarters. READ MORE  

3:09 PM IST Global Markets: Stocks battered as Italian crisis deepens   Asian stocks extended a global sell-off on Wednesday as Italy’s political crisis rippled across financial markets, toppling the euro to a 10-month low, pushing up borrowing costs for Rome and sending investors into safer assets such as US Treasuries.   MSCI’s broadest index of Asia-Pacific shares outside Japan tumbled 1.4%, while Japan’s Nikkei average sold off 1.5% to a six-week low.   Chinese shares also headed south, with the Shanghai Composite index down 1.4%. South Korea’s KOSPI and Australia’s S&P/ASX 200 slipped 2.0% and 0.5%, respectively.

2:54 PM IST Weizmann Forex falls 20%; board to meet Monday to consider share buyback   Shares of Weizmann Forex are locked in lower circuit of 20% at Rs 683 per share on the BSE with only sellers were seen on the counter.   Thus far in the calendar year 2018, the stock of financial services company tanked 52% from Rs 1,415, as compared to 2% rise in the S&P BSE Sensex. It touched an all-time high of Rs 1,640 on December 5, 2017 on the BSE in intra-day trade READ MORE

2:39 PM IST Stocks at 52-week low COMPANY PRICE() 52 WK LOW CHG() CHG(%) BHARTI INFRA. 300.85 299.10 -4.60 -1.51 CAPLIN POINT LAB 515.50 496.30 -21.10 -3.93 EVEREADY INDS. 250.00 225.00 -6.50 -2.53 G M D C 118.90 115.00 -0.20 -0.17 GE T&D INDIA 307.95 307.15 -5.80 -1.85 » More on 52 Week Low

2:30 PM IST AirAsia shares tumble as probe threatens plans for India unit's IPO   AirAsia Group shares dropped sharply on Wednesday after federal police in India filed a case against the airline accusing it of corruption - a probe that threatens to delay its India unit's IPO plans and international expansion.   The case, also filed against Chief Executive Tony Fernandes and unit AirAsia India, is a fresh blow to the airline's embattled leader, who has been under fire for supporting Malaysia's former prime minister and is being investigated over the cancellation of flights during the general election period. READ MORE

2:16 PM IST Manpasand Beverages remains under pressure; stock plunges 42% in 3-days   Manpasand Beverages was locked in lower circuit for the third straight day, down 10% at Rs 248, also its fresh 52-week low on the BSE. The stock tanked 42% in past three trading days from Rs 431 after the Deloitte Haskins and Sells resigned as auditor of the company with effect from May 26, 2018. The auditor put their resignation due to lack of information provided the company for the purposes of audit of the financial results.   Manpasand Beverages informed on Sunday that the board meeting scheduled on Wednesday, May 30, 2018 to consider audited financial results and to recommend dividend, if any, has been cancelled, due to sudden resignation of existing auditors. READ MORE

2:01 PM IST Market Check   S&P BSE Sensex 34,933.29 -0.05%   Nifty 50 10,622.05 -0.11%   S&P BSE 200 4,621.80 -0.08%   Nifty 500 9,266.00 -0.05%   S&P BSE Mid-Cap 16,050.18 0.02%   S&P BSE Small-Cap 17,381.15 0.00%

1:46 PM IST March quarter was good for Indian economy but will road ahead be bumpy?   India’s economy probably gained a little momentum in the first three months of 2018 which should ensure that it remains the world’s fastest growing major economy, a Reuters poll found.   Gross domestic product expanded an annual 7.3 percent in the first three months of 2018, the May 24-29 poll of 55 economists predicted, a touch faster than the 7.2 percent achieved in the last three months of 2017 — and well above China’s pace of 6.8 percent for the quarter ending in March. READ MORE

LIVE UPDATES

Nifty Pharma index ends 1.06% lower. Top losers:

COMPANY LATEST PREV CLOSE LOSS() LOSS(%)
AUROBINDO PHARMA 564.50 578.80 -14.30 -2.47
PIRAMAL ENTERP. 2353.95 2405.75 -51.80 -2.15
DIVI'S LAB. 1045.00 1066.75 -21.75 -2.04
SUN PHARMA.INDS. 493.00 499.50 -6.50 -1.30
DR REDDY'S LABS 1957.50 1980.70 -23.20 -1.17

Nifty sectoral gainers and losers


BSE Sensex gainers and losers of the day


Market at close
 
The S&P BSE Sensex ended at 34,906, down 43 points while the broader Nifty50 index settled at 10,614, down 19 points.
Dilip Buildcon slips 14% post Q4 results

Dilip Buildcon slipped 14% to Rs 901 on the BSE in intra-day trade even after the company reported 11% year on year (YoY) growth in its consolidated net profit at Rs 2.18 billion in March 2018 quarter (Q4FY18). The net profit growth during the quarter was lowest in past six quarters. READ MORE
 

Global Markets: Stocks battered as Italian crisis deepens
 
Asian stocks extended a global sell-off on Wednesday as Italy’s political crisis rippled across financial markets, toppling the euro to a 10-month low, pushing up borrowing costs for Rome and sending investors into safer assets such as US Treasuries.
 
MSCI’s broadest index of Asia-Pacific shares outside Japan tumbled 1.4%, while Japan’s Nikkei average sold off 1.5% to a six-week low.
 
Chinese shares also headed south, with the Shanghai Composite index down 1.4%. South Korea’s KOSPI and Australia’s S&P/ASX 200 slipped 2.0% and 0.5%, respectively.
Weizmann Forex falls 20%; board to meet Monday to consider share buyback
 
Shares of Weizmann Forex are locked in lower circuit of 20% at Rs 683 per share on the BSE with only sellers were seen on the counter.
 
Thus far in the calendar year 2018, the stock of financial services company tanked 52% from Rs 1,415, as compared to 2% rise in the S&P BSE Sensex. It touched an all-time high of Rs 1,640 on December 5, 2017 on the BSE in intra-day trade READ MORE
Stocks at 52-week low

COMPANY PRICE() 52 WK LOW CHG() CHG(%)
BHARTI INFRA. 300.85 299.10 -4.60 -1.51
CAPLIN POINT LAB 515.50 496.30 -21.10 -3.93
EVEREADY INDS. 250.00 225.00 -6.50 -2.53
G M D C 118.90 115.00 -0.20 -0.17
GE T&D INDIA 307.95 307.15 -5.80 -1.85
» More on 52 Week Low
AirAsia shares tumble as probe threatens plans for India unit's IPO
 
AirAsia Group shares dropped sharply on Wednesday after federal police in India filed a case against the airline accusing it of corruption - a probe that threatens to delay its India unit's IPO plans and international expansion.
 
The case, also filed against Chief Executive Tony Fernandes and unit AirAsia India, is a fresh blow to the airline's embattled leader, who has been under fire for supporting Malaysia's former prime minister and is being investigated over the cancellation of flights during the general election period. READ MORE


Manpasand Beverages remains under pressure; stock plunges 42% in 3-days
 
Manpasand Beverages was locked in lower circuit for the third straight day, down 10% at Rs 248, also its fresh 52-week low on the BSE. The stock tanked 42% in past three trading days from Rs 431 after the Deloitte Haskins and Sells resigned as auditor of the company with effect from May 26, 2018. The auditor put their resignation due to lack of information provided the company for the purposes of audit of the financial results.
 
Manpasand Beverages informed on Sunday that the board meeting scheduled on Wednesday, May 30, 2018 to consider audited financial results and to recommend dividend, if any, has been cancelled, due to sudden resignation of existing auditors. READ MORE
Market Check

 
S&P BSE Sensex 34,933.29 -0.05%
 
Nifty 50 10,622.05 -0.11%
 
S&P BSE 200 4,621.80 -0.08%
 
Nifty 500 9,266.00 -0.05%
 
S&P BSE Mid-Cap 16,050.18 0.02%
 
S&P BSE Small-Cap 17,381.15 0.00%

March quarter was good for Indian economy but will road ahead be bumpy?
 
India’s economy probably gained a little momentum in the first three months of 2018 which should ensure that it remains the world’s fastest growing major economy, a Reuters poll found.
 
Gross domestic product expanded an annual 7.3 percent in the first three months of 2018, the May 24-29 poll of 55 economists predicted, a touch faster than the 7.2 percent achieved in the last three months of 2017 — and well above China’s pace of 6.8 percent for the quarter ending in March. READ MORE
Graphite India nears new high in weak market;stock up 22% post Q4 results

Shares of Graphite India were trading 3% higher at Rs 891 per share, extending their 6% gain in the past three days on the BSE in otherwise weak market, inching towards its all-time high price. READ MORE
 

Consumption growth to be lower at 10-11% in value terms this year: Nielsen

Consumption growth in the country this year will be slightly lower at 10-11 per cent in value terms, compared with 13.5 per cent in 2017, due to factors like implementation of GST, among others, according to market researcher Nielsen.
 
The growth in the June quarter is expected to be in 'high single digits', after a 11 per cent growth in the March quarter, owing to policy interventions and their impact on trade, it added. READ MORE

COMPANY NEWS RCom offers Ericsson Rs 5 bn to clear dues; NCLAT to hear interim prayer
 
The National Company Law Appellate Tribunal (NCLAT) will hear the interim prayer of Reliance Communications (RCom) on Wednesday after the bench headed by chairman Justice S J Mukhopadhaya suggested that the parties settle the matter themselves.
 
Appearing for RCom, senior advocate Kapil Sibal told New-Delhi based NCLAT that the stressed telecom company offered its operational creditor Ericsson an up-front sum of Rs 5 billion to clear all dues.READ MORE
Why the price of the Indian crude basket is sticky

In the last 10 days, Brent crude prices have dropped by 4.35 per cent after Saudi Arabia and Russia promised to increase output, but the price of the Indian crude oil basket has dropped only 1.9 per cent.
 
The Indian benchmark does not record the same fall as the price of the London-based Brent, which is followed by most international oil traders, because Brent has a share of around 27.62 per cent in the Indian basket. READ MORE

Merck hits record high; stock zooms 18%
 
Shares of Merck hit a new high of Rs 2,369 per share, up by 18% on the BSE on back of heavy volumes in otherwise weak market.
 
Since April 19, 2018, the stock of pharmaceutical company has zoomed 57% from Rs 1,510, after the Procter & Gamble Overseas India made mandatory open offer to acquire 26% stake in the company at price of Rs 1,500.36 per share. READ MORE
ITI Ltd's FPO likely to be completed soon to meet minimum 25% shareholding

Public sector telecom manufacturer, ITI Ltd is hopeful of completing its follow-on public offer (FPO) in the next two months for which it has already received Union Cabinet's approval in March this year.
 
The company will sell 180 million equity shares through this FPO, which will help it to meet the minimum public shareholding norm of 25 per cent as mandated by the market regulator, Securities and Exchange Board of India (SEBI). Notably, the deadline for achieving the minimum public float of 25 per cent will end in August this year. READ MORE

Glenmark Pharma hits 52-week low on subdued Q4 results
 
Shares of Glenmark Pharmaceuticals hit a fresh 52-week low of Rs 484 per share, slipping 9% on the BSE in early morning trade, after the company reported a decline of 17% in its consolidated net profit at Rs 1.52 billion for the quarter ended March 2018 (Q4FY18), on account of de-growth in US business. The drug company had profit of Rs 1.84 billion in the same quarter last fiscal. READ MORE
Markets at noon

S&P BSE Sensex 34,820.21 -0.37%
 
Nifty 50 10,584.90 -0.46%
 
S&P BSE 200 4,609.95 -0.34%
 
Nifty 500 9,236.65 -0.37%
 
S&P BSE Mid-Cap 16,029.07 -0.11%
 
S&P BSE Small-Cap 17,379.51 -0.01%

SGX delays launch of new India products as NSE gets injunction order

The Singapore Exchange (SGX) has put on hold the launch of its new India derivatives products following the injunction order obtained by the National Stock Exchange (NSE) from the Bombay High Court.
 
The Singapore bourse was to migrate all existing client contracts on the SGX Nifty Futures to the new SGX India Futures from June. However, SGX now plans to continue offering NSE-licensed Nifty contracts until August 2018, when the agreement between the two bourses is to end. READ MORE

Top BSE500 losers

COMPANY PRICE() CHG() CHG(%) VOLUME
DILIP BUILDCON 935.00 -118.15 -11.22 108775
MANPASAND BEVER. 248.30 -27.55 -9.99 2732
VAKRANGEE 34.30 -1.80 -4.99 1464080
SITI NETWORKS 12.40 -0.65 -4.98 3066
BHARAT ELECTRON 117.60 -5.30 -4.31 176657
» More on Top Losers
FY19 likely to see turnaround for M&M's utility vehicles
 
Led by strong volumes for both automotive and farm equipment segments (FES or tractor business), Mahindra and Mahindra (M&M) ended the fiscal on a strong note. Net sales was up nearly 26 per cent largely on the back of a 40 per cent jump in tractor volumes and 20 per cent uptick in the auto space.
 
The strong volume performance, price hikes and richer product mix also reflected on the margins as well as the bottom line. While margins came in at a strong 15.1 per cent, the bottom line was up nearly 50 per cent compared to the same period in the previous year. READ MORE
Why mutual fund managers are betting on information technology stocks

Mutual fund managers have been raising their bets on the information technology (IT) stocks amid weakening of the rupee and market volatility. Since January, most leading fund houses have increased their weightage towards the sector, which derives a bulk of its revenues in dollars.
 
IT shares have been on a roll since last August, with the BSE IT index over 35 per cent. On a year to date basis, the BSE IT index is up 18 per cent even as the Sensex has gained 2.6 per cent. READ MORE

M&M hits new high on strong Q4 results

Shares of Mahindra & Mahindra (M&M) hit a new high of Rs 895 per share, up 3%, extending their 2.2% gain on Tuesday on the BSE in an otherwise weak market, after the company reported a strong 50% year on year growth in consolidated net profit at Rs 11.55 billion in March 2018 quarter (Q4FY18). It had profit of Rs 7.7 billion in the same quarter last fiscal. READ MORE
 
37 banks see Rs 1.3 trillion jump in gross non-performing assets in Q4

Weighed down by the Reserve Bank of India’s (RBI’s) new rules on restructured assets, domestic banks, both public and private, added over Rs 1.3 trillion in gross non-performing assets (NPAs) in the fourth quarter ended March.
 
Provisions and contingencies, amounts set aside for NPAs, also rose to Rs 1.4 trillion in the final three months of 2017-18, according to a review of the performance of 37 listed banks. READ MORE

From Jaypee to Monnet, IBC bound stocks have witnessed a steep fall in 2018

Investors betting on insolvency-bound stocks have been caught on the wrong foot. Several investors had lapped up shares of companies that were headed for insolvency proceedings late last year, anticipating a business turnaround. This optimism led to a 30-40 per cent rally in these stocks.
 
However, the stocks have been on a downward spiral for the past few months as the turnaround process has not panned out according to expectations. Uncertainty within the resolution process, consistent delays and the fear of trading curbs have prompted investors to book losses. READ MORE

Market Check

 
S&P BSE Sensex 34,840.73 -0.31%
 
Nifty 50 10,590.45 -0.40%
 
S&P BSE 200 4,614.14 -0.25%
 
Nifty 500 9,247.75 -0.25%
 
S&P BSE Mid-Cap 16,059.54 0.08%
 
S&P BSE Small-Cap 17,398.37 0.10%

RBI monetary policy: Four charts show markets are preparing for a rate hike

The interest-rate cycle in India is turning. The central bank may be set to tighten policy next week to keep inflation in check and stem the declines in the rupee if the rate-market moves are any indication.
 
The Reserve Bank of India hasn’t tinkered with rates since August, and even cut inflation projections last month, raising expectations that borrowing costs would remain on hold. But a surprising hawkish tilt revealed in its April policy minutes and the recent spike in oil has boosted speculation the authority may lift rates at its June 6 meeting. READ MORE

MUST READ What is in store for Vedanta's shareholders?

When it comes to newsflow, it could hardly get worse for Vedanta Resources. The metals and mining conglomerate got hit with bad publicity last week, when police fired on a crowd of protesters at the Sterlite Copper smelting unit in Tuticorin. The plant was already in trouble due to environmental concerns.
 
Power had been cut off by the TN Pollution Control Board, and the Madras High Court stayed an expansion plan. After the shootings, the TN government has ordered permanent closure. Vedanta says it is studying the order, presumably to challenge it in court. READ MORE

Sectoral Trend


Top Sensex gainers and losers


Market at open

At 9:16 am, the S&P BSE Sensex was trading at 34,797, down 151 points, while the broader Nifty50 index was ruling at 10,571, down 62 points
Anand Rathi on Greenlam Industries

We expect a 37% earnings CAGR over FY18-20 (the fastest of peers), with higher return ratios. We maintain a Buy and a target of Rs 1,506 (30x FY20e EPS). Risks: Delay in turnaround of newer product segments; keen competition, unfavourable currency movements.
Anand Rathi on India Cements

Dominant in the south, India Cements was struck during the quarter by rising expenses and high working-capital needed. Its 10% growth expectation for FY19, a pickup in demand from government-initiated infrastructure projects and synergies from Trinetra promises a better performance in coming quarters. We think the stock is fairly valued given its return ratio profile, profitability and investment in a non-core sector. We maintain a Hold, with a revised target of Rs 150.
IIFL on Bhel

We have cut our FY19 estimates in line with management guidance of lower revenue growth. However, with the huge order backlog we believe FY20 execution would be stronger. Higher tax rate for the next two years has led to a cut in earnings estimate. We maintain our accumulate rating with a revised price target of Rs.94.
MARKET COMMENT Amar Ambani, head of research, IIFL

Global markets went into a tailspin after Italian President vetoed the choice of a finance minister who has criticized Italy’s membership in the Euro zone. This move came even as two political parties were attempting to form a government. Chances are that coming months could see elections in Italy, which is the third-largest economy in the Euro zone and has substantial debt which is held by foreign banks. The outlook is a weak start. Indian indices were dragged by banking and financial stocks.

The monsoon has hit Kerala, marking the arrival of the rainy season in the country. Meanwhile, US President Donald Trump announced that he is going ahead with imposing tariffs on $50 billion of Chinese goods, thus ramping up trade tensions with China. Results of Alkem Laboratories, Apollo Hospitals, Borosil and Fortis Healthcare are on tap today.
COMMENT

GDP growth for Q4 and FY18 is likely to spring a positive surprise. We expect GDP growth for Q4FY18 would be around 7.6% and subsequently the FY18 growth would be at 6.7%. We expect 9.0% growth in Manufacturing GVA in Q4 due to smart growth in Corporate GVA as both of these are strongly positively correlated.

Corporate GVA which decelerated since Q3 FY17 rebounded in Q2 FY18 and exhibited positive growth of 16.1% in Q4 Agriculture sector will post a growth rate in excess of CSO projections with a better foodgrain production estimates. We also believe Service sector growth will hold up in excess of 8%

(Source: SBI Ecowrap report)
Markets at pre-open

Index Current Pt. Change % Change
 
S&P BSE SENSEX 34,980.30 +31.06 +0.09
 
S&P BSE SENSEX 50 11,117.90 -6.60 -0.06
 
S&P BSE SENSEX Next 50 33,145.24 +46.44 +0.14
 
S&P BSE 100 10,959.73 -3.35 -0.03
 
S&P BSE Bharat 22 Index 3,592.78 +29.12 +0.82

(Source: BSE)
Today's picks: From SBI to HCL Tech, hot stocks to watch on Wednesday

SBI 
Current price: Rs 264 
Target price: Rs 259
 
Keep a stop at 267 and go short. Add to the position between Rs 260 and Rs 261. Book profits at Rs 259.
 
HCL Technologies 
Current price: Rs 909
Target price: Rs 925
 
Keep a stop at 900 and go long. Add to the position between Rs 919 and Rs 922. Book profits at Rs 925. READ MORE

Top trading ideas by HDFC Securities: Buy Dabur India, Indian Hotels

BUY DABUR INDIA
CMP: Rs 385.55
SL: Rs 370
Tgt: Rs 405
 
Stock price has broken out from the consolidation range of 365-380 with jump in volumes. Primary trend of the stock has bullish has been bullish with higher tops and higher bottoms. Stock price has registered new all-time high of 387. FMCG sector has been an outperformer for last many months.
 
BUY INDIAN HOTELS
CMP: Rs 146.30
SL: Rs 141
Tgt: Rs 154
 
Primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly charts. Stock price has recently reversed north from long term upward sloping trend line support. Stock is currently placed above its 50,100 and 200 DMAs, indicating bullishness for medium to long term. Oscillators like MACD, RSI and DMI have been showing strength in the counter. We recommend buying Indian Hotels for the upside target of 154, keeping SL at 141. READ MORE

Nifty outlook from Prabhudas Lilladher for today

The daily trend in Nifty & Bank Nifty continues to be positive since 3 days. Market still does not have a clear trend. Crude & Rupee have been the market drivers, which brings in lot of uncertainty to the stocks. The support for the day is seen at 10570 while resistance is seen at 10680. A decisive break of 26000 would bring heavy weight banks like HDFC Bnk, Kotak Bank, etc. under pressure. READ MORE
 
Markets on Tuesday

 
S&P BSE Sensex 34,949.24 -0.61%
 
Nifty 50 10,633.30 -0.52%
 
S&P BSE 200 4,625.52 -0.51%
 
Nifty 500 9,270.60 -0.40%
 
S&P BSE Mid-Cap 16,047.36 -0.44%
 
S&P BSE Small-Cap 17,380.46 -0.26%

SGX NIfty

The SGX Nifty was at 10,539.50, down 0.66 per cent from the previous close.
Asian Markets

Asian shares extended a global sell-off in early trading Wednesday as Italy’s political crisis provoked a heavy retreat on Wall Street, sent the euro to a 10-month low and pushed up borrowing costs for the government in Rome.
 
MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.1 per cent, while Japan's Nikkei average shed 1.7 per cent to hit a six-week low. South Korea's KOSPI slipped 1.6 per cent.
Wall Street

The S&P 500 and the Dow Jones Industrial Average registered their biggest one-day percentage drops in a month on Tuesday as political turmoil in Italy sparked concerns about the stability of the euro zone and shares of US banks tumbled.
 
The Dow Jones Industrial Average fell 391.64 points, or 1.58 per cent, to 24,361.45, the S&P 500 lost 31.47 points, or 1.16 per cent, to 2,689.86 and the Nasdaq Composite dropped 37.26 points, or 0.5 per cent, to 7,396.59.
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