MARKET WRAP: Indices end flat ahead of July F&O expiry; SBI up over 1%

Representational Image
The benchmark indices ended flat on Wednesday.

The S&P BSE Sensex ended at 36,858, up 33 points. The index  hit a fresh record intra-day of 36,947.18 earlier today. The broader Nifty50 index settled at 11,132, down 2 points. It touched an intra-day high of 11,157.15.

Among sectoral indices, the Nifty PSU Bank index ended 1% higher led by a rise in Canara Bank, Indian Bank and State Bank of India.

RUPEE

The rupee recovered from its initial sluggishness to trade higher by 8 paise to 68.86 against the US dollar in late morning deals, following bouts of dollar selling from banks and exporters.

GLOBAL MARKETS

Asian stocks rose modestly on Wednesday, supported by upbeat Wall Street earnings and hopes China's government spending would boost growth but trade tensions remained in focus ahead of a meeting between the US and European Commission presidents.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 per cent. The Shanghai Composite Index was little changed after brushing a one-month high. Hong Kong's Hang Seng climbed 0.8 per cent. South Korea's KOSPI lost 0.4 per cent and Japan's Nikkei rose 0.4 per cent.

OIL PRICES

Oil prices edged higher for a second day on Wednesday after data showed US crude inventories fell more than expected last week, easing worries about oversupply that have dragged on markets in recent sessions.

Brent crude was up 57 cents (0.8 per cent) at $74.01 a barrel. The global benchmark settled 38 cents higher on Tuesday. US West Texas Intermediate rose 27 cents (0.4 per cent) to $68.79, having risen nearly 1 per cent in the previous session.

(with Reuters inputs)


3:51 PM IST Nifty PSU Bank ends 1.38% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) CANARA BANK 258.95 252.80 6.15 2.43 INDIAN BANK 331.90 325.05 6.85 2.11 ST BK OF INDIA 271.85 266.85 5.00 1.87 UNION BANK (I) 81.85 81.25 0.60 0.74 BANK OF INDIA 88.00 87.85 0.15 0.17

3:47 PM IST Nifty sectoral gainers and losers of the day

3:45 PM IST BSE Sensex: SBI, Tata Steel, Vedanta among top gainers

3:31 PM IST Market at close   The S&P BSE Sensex ended at 36,858, up 33 points while the broader Nifty50 index settled at 11,132, down 2 points.

3:15 PM IST Info Edge (India) rallies 10% post Q1 results; stock hits new high Info Edge (India) has moved higher to its record high of Rs 1,492, rising 10% and extending its 8% rally on the BSE in the past two days, after the company reported a standalone net profit of Rs 630 million in June quarter (Q1FY19). The profit included Rs 160 million relating to the diminution in the carrying value of Canvera. The company posted profit of Rs 642 million in year ago quarter. READ MORE

3:06 PM IST INDEX WATCH INDEX LATEST PREVIOUS CHANGE CHANGE(%) BSE SENSEX 36889.88 36825.10 64.78 0.18 BSE 500 15013.35 14994.47 18.88 0.13 BSE MID-CAP 15663.27 15664.48 -1.21 -0.01 BSE SMALL-CAP 16268.65 16218.54 50.11 0.31 S&P BSE LARGECAP 4319.25 4313.92 5.33 0.12 > More on BSE Indices

2:53 PM IST IPO WATCH HDFC AMC IPO opens for subscription today. Should you invest? The initial public offer (IPO) of HDFC Asset Management Company (AMC) opens today for subscription. The issue, which remains open till July 27, comprises of up to 25457555 equity shares of face value of Rs 5 each. The price band for the offer is fixed at Rs 1,095 - 1,100 per share. Bids can be made for a minimum lot of 13 equity shares and in multiples of 13 equity shares thereafter. HDFC AMC aims to raise Rs 27.87 billion at the lower end of this price band and Rs 28 billion at the higher end READ MORE

2:50 PM IST EARNINGS ALERT Bhel Q1 net up 93% to Rs 1.55 bn, chairman stresses prudent strategies Power equipment maker BHEL on Wednesday posted about 93 per cent jump in standalone net profit to Rs 1.55 billion in the first quarter of the current financial year on higher revenues. Its net profit was Rs 808.2 million in the April-June quarter of last financial year, 2017-18, the company said in BSE filing READ MORE

2:49 PM IST Reliance Securities on Alkem Labs We expect ALKEM’s domestic formulations biz (71% of sales) to clock 14% CAGR through FY18-20E driven by increasing focus on Chronic/OTC segments and new launches in the key therapeutic segments. The company generates over 85% of its total EBITDA margin from domestic business. We expect EBITDA to clock 24% CAGR (EBITDA margin expansion by 320bps to 19%) through FY18-20E driven by better product-mix and improved field force productivity and positive operating leverage. We expect stock to command premium over its peers owing to healthy return ratios (RoCE at 20% and RoE at 18.0% by FY20E) and higher exposure to India business. Recommend BUY with a target price of Rs 2,360

2:30 PM IST Gold prices edge up ahead of US-EU trade talks Gold prices inched higher on Wednesday as the dollar held steady ahead of a meeting between the U.S. and European Commission presidents to discuss trade-related issues. Spot gold was up 0.2 per cent at $1,226.19 an ounce. US gold futures for August delivery were 0.1 per cent higher at $1,226.20 an ounce. READ MORE Gold

2:15 PM IST Infosys, Indiabulls Ventures, Relaxo Footwears hit new high Shares of Infosys, Indiabulls Ventures, Relaxo Footwears, Bajaj Finserv, NIIT Technologies and VIP Industries were among 11 stocks from the S&P BSE500 index hitting their respective new highs on the BSE on Wednesday. READ MORE

2:01 PM IST Market Check   S&P BSE Sensex 36,898.97 0.20%   Nifty 50 11,148.65 0.13%   S&P BSE 200 4,776.90 0.18%   Nifty 500 9,470.20 0.21%   S&P BSE Mid-Cap 15,714.61 0.32%   S&P BSE Small-Cap 16,310.19 0.57%

LIVE UPDATES

Nifty PSU Bank ends 1.38% higher. Top gainers:

COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
CANARA BANK 258.95 252.80 6.15 2.43
INDIAN BANK 331.90 325.05 6.85 2.11
ST BK OF INDIA 271.85 266.85 5.00 1.87
UNION BANK (I) 81.85 81.25 0.60 0.74
BANK OF INDIA 88.00 87.85 0.15 0.17

Nifty sectoral gainers and losers of the day


BSE Sensex: SBI, Tata Steel, Vedanta among top gainers


Market at close
 
The S&P BSE Sensex ended at 36,858, up 33 points while the broader Nifty50 index settled at 11,132, down 2 points.
Info Edge (India) rallies 10% post Q1 results; stock hits new high

Info Edge (India) has moved higher to its record high of Rs 1,492, rising 10% and extending its 8% rally on the BSE in the past two days, after the company reported a standalone net profit of Rs 630 million in June quarter (Q1FY19). The profit included Rs 160 million relating to the diminution in the carrying value of Canvera. The company posted profit of Rs 642 million in year ago quarter. READ MORE

INDEX WATCH

INDEX LATEST PREVIOUS CHANGE CHANGE(%)
BSE SENSEX 36889.88 36825.10 64.78 0.18
BSE 500 15013.35 14994.47 18.88 0.13
BSE MID-CAP 15663.27 15664.48 -1.21 -0.01
BSE SMALL-CAP 16268.65 16218.54 50.11 0.31
S&P BSE LARGECAP 4319.25 4313.92 5.33 0.12
> More on BSE Indices
IPO WATCH HDFC AMC IPO opens for subscription today. Should you invest?

The initial public offer (IPO) of HDFC Asset Management Company (AMC) opens today for subscription. The issue, which remains open till July 27, comprises of up to 25457555 equity shares of face value of Rs 5 each. The price band for the offer is fixed at Rs 1,095 - 1,100 per share. Bids can be made for a minimum lot of 13 equity shares and in multiples of 13 equity shares thereafter. HDFC AMC aims to raise Rs 27.87 billion at the lower end of this price band and Rs 28 billion at the higher end READ MORE
EARNINGS ALERT Bhel Q1 net up 93% to Rs 1.55 bn, chairman stresses prudent strategies

Power equipment maker BHEL on Wednesday posted about 93 per cent jump in standalone net profit to Rs 1.55 billion in the first quarter of the current financial year on higher revenues. Its net profit was Rs 808.2 million in the April-June quarter of last financial year, 2017-18, the company said in BSE filing READ MORE
Reliance Securities on Alkem Labs

We expect ALKEM’s domestic formulations biz (71% of sales) to clock 14% CAGR through FY18-20E driven by increasing focus on Chronic/OTC segments and new launches in the key therapeutic segments. The company generates over 85% of its total EBITDA margin from domestic business.

We expect EBITDA to clock 24% CAGR (EBITDA margin expansion by 320bps to 19%) through FY18-20E driven by better product-mix and improved field force productivity and positive operating leverage. We expect stock to command premium over its peers owing to healthy return ratios (RoCE at 20% and RoE at 18.0% by FY20E) and higher exposure to India business. Recommend BUY with a target price of Rs 2,360
Gold prices edge up ahead of US-EU trade talks

Gold prices inched higher on Wednesday as the dollar held steady ahead of a meeting between the U.S. and European Commission presidents to discuss trade-related issues.

Spot gold was up 0.2 per cent at $1,226.19 an ounce. US gold futures for August delivery were 0.1 per cent higher at $1,226.20 an ounce. READ MORE
Gold

Infosys, Indiabulls Ventures, Relaxo Footwears hit new high

Shares of Infosys, Indiabulls Ventures, Relaxo Footwears, Bajaj Finserv, NIIT Technologies and VIP Industries were among 11 stocks from the S&P BSE500 index hitting their respective new highs on the BSE on Wednesday. READ MORE

Market Check

 
S&P BSE Sensex 36,898.97 0.20%
 
Nifty 50 11,148.65 0.13%
 
S&P BSE 200 4,776.90 0.18%
 
Nifty 500 9,470.20 0.21%
 
S&P BSE Mid-Cap 15,714.61 0.32%
 
S&P BSE Small-Cap 16,310.19 0.57%

Vodafone reports slowdown in quarterly growth

Vodafone reported a slowdown in first-quarter organic service revenue on Wednesday, with tough trading in Italy and Spain taking the shine off the final set of results delivered by outgoing boss Vittorio Colao.
 
For the quarter, organic service revenue grew by 0.3 percent under its new IAS 18 accounting basis, slightly ahead of consensus forecasts at 0.2 percent. Using the old IFRS 15 system, it grew by 1.1 percent, down on the 1.6 percent growth it recorded last year. READ MORE
Vodafone

Redeeming investments partially is more tax-efficient than dividend option

Priyesh Patel approached his mutual fund distributor to change the dividend option in a balanced fund to the growth option. Patel, who has been investing in the fund for about four years, was advised to stay put. The distributor’s reason: Changing from dividend to growth option will amount to the redemption of old units, which will attract tax. READ MORE

Ahead of LIC deal, Moody's places IDBI Bank's long-term ratings for upgrade

Rating agency Moody's has placed IDBI Bank's long-term ratings under review for upgrade following LIC's intent to acquire a 51 per cent controlling stake in the ailing public-sector lender.
 
The review would focus on the exact amount of fresh capital that Life Insurance Corporation of India (LIC) plans to infuse and its impact on the capital adequacy of IDBI. READ MORE

Strong volumes add colour to Asian Paints: Top line up 15%, net profit 30%

Amid improved demand and implementation of the goods and services tax (GST), stocks of Asian Paints soared by 26 per cent in the past three months, outpacing the BSE FMCG index growth of six per cent. READ MORE

In the fast lane: Despite speed bumps, M&M bullish on big trucks market

Mahindra and Mahindra (M&M) sees the high operating costs facing transporters as an opportunity to sell more of its high tonnage trucks as the latter boasts of better fuel and operational efficiency as well as lower cost of ownership. READ MORE

Hexaware Technologies slips 9% post Q2 results

Shares of Hexaware Technologies have slipped 9% to Rs 453 per share on the BSE after the information technology (IT) company reported a flat EBITDA margin at 15.6% in June 2018 quarter (Q2CY18). The company has reported year on year (YoY) margin decline from 16.2% in Q2CY17. READ MORE

Markets at Noon

 
S&P BSE Sensex 36,865.65 0.11%
 
Nifty 50 11,126.20 -0.07%
 
S&P BSE 200 4,773.17 0.10%
 
Nifty 500 9,451.75 0.01%
 
S&P BSE Mid-Cap 15,696.88 0.21%
 
S&P BSE Small-Cap 16,299.23 0.50%

This Adani Group stock zooms 100% in 17 trading sessions

Adani Green Energy (AGEL), an Adani Group company, is locked in the upper circuit for the fourth straight day, rising 10% to Rs 51.20. The stock has rallied more than 100% in past 17 trading days on the BSE and is trading at its highest level since its debut on the bourses on June 18, 2018. READ MORE

Top gainers in BSE 500:

COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
NAVIN FLUO.INTL. 691.00 600.05 90.95 15.16
MULTI COMM. EXC. 816.65 768.00 48.65 6.33
FUTURE CONSUMER 47.30 44.60 2.70 6.05
JINDAL STAIN. 64.35 60.90 3.45 5.67
REL. COMM. 14.35 13.65 0.70 5.13

Sebi bans Nava Diganta, 9 directors from markets for at least 4 years

Sebi has banned Nava Diganta Capital Services as also its nine current and former directors from the securities market for at least four years for illegally raising money, and directed them to refund it to the investors. READ MORE

5 out of 8 insurance, MF IPOs trade 23% below issue price in aggregate

Investors who subscribed to the shares of companies engaged in insurance and mutual fund businesses through initial public offering (IPO) have lost their money, with five out of eight stocks underperforming the market since their listing. These five companies collectively raised Rs 344 billion through IPOs, which is currently valued 23 per cent lower at Rs 264 billion. READ MORE

India to remain fastest-growing major economy, but oil poses risk: Poll

India will remain the fastest-growing major economy this year supported by increased government spending ahead of next year's general election, but rising oil prices pose the biggest downside risk, a Reuters poll of economists showed. READ MORE

Sebi proposes three-phase process for re-classification of promoters

The Sebi on Tuesday proposed a three-phase process for re-classification of promoters as public shareholders. In the first stage, the concerned promoter shareholder or the company will have to file an application to the stock exchange requesting re-classification. In the next stage, the request will go to the board of directors. READ MORE

Nifty Metal index up over 1.5 per cent


HDFC Bank likely to take fund raising plan from Dalal Street to Wall Street

HDFC Bank is likely to take its fund raising plan from Dalal Street here to Wall Street. Sources say the bank prefers an issue of American Depository Receipts (ADR) over Qualified Institutional Placement (QIP) for its Rs 15.5-billion ($2.2 billion) equity raising exercise.
 
Attractive valuations and greater investor appetite is prompting the country’s highest-valued bank to go for overseas issuance. However, the foreign institutional investment ceiling could force it to also do a fourth of its fund raising in the domestic market. READ MORE

CIMB on MindTree

We raise FY19F-21F EPS by 2-5% to factor in better revenues and change in currency assumptions. We maintain Reduce given the unfavourable risk-reward at current valuations, in our view. Our higher target price is based on 17.5x forward P/E (up from 16.5x for improving sales/margins and ROE), close to its mean of 1-year and 5-year average 1-year forward P/E. Higher-than-expected EBIT margins are a key upside risk.
TOP CONTRIBUTORS TO SENSEX TODAY

COMPANY LATEST CHG(RS) CHG(%) FREE FLOAT
MKT CAP
(RS CR)
WEIGHT IN
INDEX (%)
ADANI PORTS 399.55 8.05 2.06 36407.72 0.97
TATA STEEL 533.90 7.20 1.37 41503.30 0.71
HERO MOTOCORP 3141.85 40.40 1.30 40782.78 1.42
H D F C 2001.25 22.05 1.11 338261.27 7.92
BAJAJ AUTO 2673.80 23.00 0.87 39459.59 1.50

Edelweiss on Symphony

Symphony (SYML) reported a lower-than-expected Q1FY19 top line, suggesting high sensitivity of volumes/profitability to the subdued air coolers business (due to a bad summer).

Key highlights: a) High stock levels with dealers coupled with weak demand sentiment led to a double-digit drop in revenue at Symphony (40% drop was a surprise that translated to a sharper reduction in bottom line) and the industry at large. b) While management is enthused by current month booking advances, we estimate overall domestic growth in FY19 will be lower given back-ended channel stocking and nil new offerings by SYML this year.

We are trimming FY19/20E earnings by 10/6% building in lower industry numbers, which tests our long-term growth thesis on SYML. However, we maintain ‘BUY/SO’ with a revised target price of Rs 1,605 (versus Rs 1,870) lowering our premium to sector from 50% to 35% factoring in rising business volatility
Edelweiss on Greenlam Industries

Factoring in the weak results and margin pressure, we are cutting the FY19/20 estimates by 11%/13%. We are also slashing the target multiple by 10% to 24x based on a slower-than-expected pickup in demand and a sluggish trend in the anticipated shift towards organised players. Thus, we are revising down the target price to Rs 1,100 (from Rs 1,430).

That said, given its presence in niche segments and the potential turnaround of new segments, Greenlam will deliver an EPS CAGR of 31% over FY18–20 with an FY20E ROCE of 30% in our view. Maintain ‘BUY’.
 
Market Check

 
S&P BSE Sensex 36,878.79 0.15%
 
Nifty 50 11,142.55 0.07%
 
S&P BSE 200 4,778.84 0.22%
 
Nifty 500 9,468.25 0.19%
 
S&P BSE Mid-Cap 15,719.74 0.35%
 
S&P BSE Small-Cap 16,302.46 0.52%

RESULT IMPACT Symphony tanks 20% on weak Q1 results

Shares of Symphony tanked 20% to Rs 1,125 per share, also their 52-week low on the National Stock Exchange (NSE) in early morning trade after the company’s consolidated net profit almost halved to Rs 200 million in June 2018 quarter (Q1FY19), on account of lower sales. Symphony, a world leader in evaporative air coolers, had a profit of Rs 390 million during the same quarter in the previous fiscal READ MORE HERE
WEB EXCLUSIVE HDFC AMC IPO opens for subscription today. Should you invest?

The initial public offer (IPO) of HDFC Asset Management Company (AMC) opens today for subscription. The issue, which remains open till July 27, comprises of up to 25457555 equity shares of face value of Rs 5 each. The price band for the offer is fixed at Rs 1,095 - 1,100 per share. Bids can be made for a minimum lot of 13 equity shares and in multiples of 13 equity shares thereafter. READ MORE HERE

Illustration: Ajay Mohanty

HDFC Mutual Fund allots Rs 7.3 billion shares to anchor investors

HDFC Mutual Fund (MF) on Tuesday allotted shares worth Rs 7.3 billion to anchor investors ahead of its Rs 28-billion initial public offering (IPO). The shares were allotted at Rs 1,100 apiece — the top-end of the price band. Some of the investors’ allotted shares include Capital, Fidelity, Blackrock and Temasek. READ MORE

Nifty sectoral trend


BSE Sensex gainers and losers


Market at open
 
At 9:15 AM, the S&P BSE Sensex was trading at 36,875, up 50 points while the broader Nifty50 was ruling at 11,140, up 6 points.
Markets at pre-open

Index Current Pt. Change % Change
 
S&P BSE SENSEX 36,953.49 +128.39 +0.35
 
S&P BSE SENSEX 50 11,684.51 +31.39 +0.27
 
S&P BSE SENSEX Next 50 32,659.34 +84.90 +0.26
 
S&P BSE 100 11,408.08 +30.50 +0.27
 
S&P BSE Bharat 22 Index 3,433.67 +12.65 +0.37

(Source: BSE)
Technical calls by HDFC Securities: Buy Surya Roshni, KEC International

Buy Surya Roshni
CMP: Rs 350
Target: Rs 380
Stop-loss: Rs 330
 
Stock price formed multiple bottoms in the range of 300-315 and bounced northward with the jump in volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms on the monthly chart. The stock price has surpassed the crucial resistance of its 50 DMA. We recommend buying Surya Roshni for the upside target of 380, keeping SL at 330.
 
Buy KEC International
CMP: Rs 344.60
Target: Rs 370
Stop-loss: Rs 325
 
Stock price formed multiple bottoms in the range of 315-320 and bounced northward with a jump in volumes. The stock has been one of the out-performer in the mid-cap space for last 7 months. Oscillators and indicators have turned bullish on the short-term charts. We recommend buying KEC International for the upside target of 370, keeping SL at 325. READ MORE

Today's picks: From L&T to Tata Steel, hot stocks to watch on Wednesday

Larsen & Toubro
Current price: Rs 1,324
Target price: Rs 1,345
 
Keep a stop at Rs 1,215 and go long. Add to the position between Rs 1,335 and Rs 1,340. Book profits at Rs 1,345.
 
Tata Steel
Current price: Rs 528
Target price: Rs 537
 
Keep a stop at Rs 523 and go long. Add to the position between Rs 534 and Rs 536. Book profits at Rs 537. READ MORE

Top trading ideas by Prabhudas Lilladher: Buy Bank of India, Hind Zinc

BUY BANK OF INDIA
CMP: Rs 87.85
TARGET: Rs 103
STOP LOSS: Rs 80
 
The stock has witnessed much erosion from the peak level and recently has bottomed out at around 76.50 levels and given a bounce back. The current cluster of positive candles signify strength and has the potential to rise further in the coming days to scale till 100-103 levels. The RSI has recently indicated a trend reversal to signal a buy and is on the rise. With consistent decent volume participation witnessed, we recommend a buy in this stock for an upside target of 103 keeping a stop loss of 80.
 
BUY HIND ZINC
CMP: Rs 272.60
TARGET: Rs 305
STOP LOSS: Rs 260
 
The stock has indicated a good revival from the bottomed made at around 260 levels and looks potential for an upward move with potential and strength and with the RSI currently showing a trend reversal has also signaled a buy. The chart looks attractive for further rally and can scale upto 300-310 levels. With good volume activity seen, we recommend a buy in this stock for an upside target of 305 keeping a stop loss of 260. READ MORE

Nifty outlook by Prabhudas Lilladher for today:

Nifty much to our liking continues to surge with supporting indicators and participation coming from many frontline stocks which looks healthy along with mid-cap showing signs of bottoming out and moving higher. The support for the day is seen at 11070 while resistance is seen at 11200. Axis, ICICI, SBI now have a favourable risk reward ratio.
Technical calls by Religare Broking: Buy Dabur India, Muthoot Finance

Dabur India Limited
Rec: BUY
Last Close: Rs 373.70
Initiation range: Rs 370-372
Target: Rs 385
Stop loss: Rs 365
 
DABUR, after making a new record high in June, 2018, retraced marginally of late and tested support zone of 100 EMA on the daily chart. Currently, it hovering in narrow range around that area and formed a fresh buying pivot. We suggest traders to initiate fresh longs as per given levels.
 
Muthoot Finance Limited
Rec: BUY
Last Close: Rs 409.65
Initiation range: Rs 400-405
Target: Rs 430
Stop loss: Rs 385
 
MUTHOOTFIN has been witnessing correction for last eight months, after it failed to close the resistance barrier of its record high in November, 2017. It formed a base around 365 levels and recovering gradually from thereon. Indications are in the favour fresh surge. We advise traders not to miss this opportunity and create fresh longs as per the mentioned zone. READ MORE

Markets on Tuesday

 
S&P BSE Sensex 36,825.10 0.29%
 
Nifty 50 11,134.30 0.45%
 
S&P BSE 200 4,768.52 0.82%
 
Nifty 500 9,450.65 0.93%
 
S&P BSE Mid-Cap 15,664.48 1.77%
 
S&P BSE Small-Cap 16,218.54 2.21%

SGX Nifty

The SGX Nifty was at 11,153.50, up 0.10 per cent from the previous close.
Asian Markets

Asian stocks rode higher on Wednesday thanks to strong US corporate earnings and hopes that China will boost fiscal support for its economy, while long-term US yields hovered near six-week highs on speculation the Bank of Japan could be less accommodative.
 
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.17 per cent. South Korea's KOSPI advanced 0.35 per cent and Japan's Nikkei rose 0.5 per cent.
Wall Street

The S&P 500 on Tuesday closed at its highest level since Feb. 1 as Alphabet's blowout results bolstered expectations of a robust earnings season.

The Dow Jones Industrial Average rose 197.65 points (0.79 per cent) to 25,241.94, while the S&P 500 gained 13.42 points (0.48 per cent) to 2,820.4. The Nasdaq Composite dropped 1.11 points (0.01 per cent) to 7,840.77. It reversed course after having hit a record high earlier in the session.
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