Nifty hits fresh record high; Coal India, Lupin under pressure

Market Check: Equity benchmarks gained some momentum amid consolidation in morning trade, with the Nifty hitting fresh record high of 9,675.35.

The 30-share BSE Sensex was up 46.86 points at 31,320.15 and the 50-share NSE Nifty rose 20.60 points to 9,674.10.

The BSE Midcap index was up 0.4 percent and Smallcap gained 0.7 percent as about 1411 shares advanced against 853 declining shares on the BSE.

Coal India fell a percent as CLSA slashed target price to Rs 240 from Rs 245 following cut in EPS estimates by 14-15 percent for FY18-19 while maintaining sell call on the stock.

Lupin was also under pressure as USFDA in its observations said company's Indore facility failed to review discrepancies in products and operations did not have written norms for manufacturing process. US FDA inspected Lupin's Indore unit on May 8-19.

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