Market Update: Maruti, United Spirits hit new 52-week high; Tech Mahindra up 2%; LT Finance falls 3%
The Indian benchmark indices on Tuesday morning were trading on a positive note with the Nifty up 33 points or 0.34 percent while the Sensex gained 124 points at 33484.
The midcap index was up 0.33 percent led by stocks like Mcleod Russel, Hindustan Zinc and IRB Infra.
Bank Nifty was trading on a positive note guided by Yes Bank, Punjab National Bank and HDFC Bank.
Oberoi Realty from the real estate space jumped over 2 percent followed by Prestige Estates and Indiabulls Real Estate.
From the Nifty, the stocks that gained the most were Tech Mahindra which was up over 2 percent while Reliance Industries gained 1.6 percent. Tata Steel, Aani Ports and Cipla were the other top gainers.
The most active stocks were L&T Finance Holdings which dived over 3 percent followed by Jet Airways, RIL, Venkys and State Bank of India.
The top losers were Larsen & Toubro which fell over 1 percent while Power Grid, ONGC, BPCL and Coal India were the other losers.
From the BSE, the stocks that gained the most included Rattan India which jumped 6.7 percent. Network18, Bombay Dyeing, Mcleod Russel and NCC were the other top Sensex gainers.
The stocks that hit new 52-week high on NSE included Maruti Suzuki, Kolte Patil, GATI, United Spirits, Proctor & Gamble, Tata Global, TV18 Broadcast and Voltas among others.
From the BSE, the stocks that hit fresh 52-week high were Maruti Suzuki, Eldeco, Pfizer, Venkys, Tata Metaliks and Nucleus Software among others.
The market breadth was in favour of the advances on Tuesday morning with 1120 stocks advancing as against 421 declines. On the other hand, 1332 stocks advanced and 493 stocks declined on the BSE.
Global research firm Goldman Sachs has maintained a buy on Reliance Industries and has hiked the price target to Rs 1,205 from Rs 960. It expects operating income to double to USD 14 billion in the financial year ending March 2020.
Technical Analyst Sudarshan Sukhani of s2analytics.com is of the view that there is more upside in Tata Global Beverage, but this is not a trading stock. You really want to buy it and hold it for some time, may be a few months, he said.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd