Although bears took control of the NSE on Monday morning, the Nifty IT and Pharma indices surged close to 0.80% on the back of a retreating rupee. All top IT stocks were trading in the green, led by Tech Mahindra, MindTree and Tata Elxsi, which registered a gain of more than 2%. Meanwhile, most top pharma stocks advanced, with Cipla, Sun Pharma and Aurobindo Pharma up over 1%. Only Glenmark was down 0.72%, which can be attributed to its net profit declining 30% yoy in Q1FY19 and an ET report claiming that private equity firm True North Capital is in advanced talks to buy up to 20% stake in Glenmark’s active pharmaceuticals ingredient (API) business. A retreating rupee usually bodes well for Indian IT and Pharma companies because they mainly derive their share of revenues from exports.

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BUY APPOLO HOSPITAL FUT ABOVE 997 TARGET 1015 SITH SL 989 TOTAL 7 LOTS

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