Market Update: CNX Pharma outperforms led by Dr Reddy#39;s , Sun Pharma; RComm zooms over 11%
The Indian benchmark indices on Tuesday afternoon extended their morning gains and were trading on a positive note with the Nifty up 41 points at 10340 while the Sensex gained 141 points at 33500.
The midcap index was up 0.34 percent led by stocks like Apollo Tyres, Mcleod Russel and Reliance Power.
CNX Pharma zoomed over 2 percent and was distinctively the outperforming sector led by Dr Reddy’s Labs and Sun Pharma which jumped over 3 percent each while Cipla and Lupin were the other top pharma gainers.
On the other hand, the ADAG stocks were in complete control of the bulls as Reliance Communications spiked over 11 percent while Reliance Capital added 2.5 percent. Reliance Infra was also up over 2 percent while Reliance Naval jumped close to 3 percent.
From the Nifty, the stocks that gained the most were Sun Pharma, Dr Reddy’s Labs, Lupin, Bharti Airtel and Cipla.
The most active stocks were L&T Finance Holdings which dived over 4 percent followed by HDFC Life which zoomed over 11 percent. Reliance Industries and Jet Airways were the other most active stocks.
From the BSE, the stocks that gained the most included RComm, Mcleod Russel, Apollo Hospitals, Sadbhav Engineering and Network18.
83 stocks hit new 52-week high on NSE including Maruti Suzuki, Kolte Patil, GATI, United Spirits, BASF and Titagarh Wagons.
From the BSE, the stocks that hit fresh 52-week high were Gillette, Cera Sanitaryware, Dixon Tech, Pfizer, Lux Industries, Tata Metaliks and Voltas among others.
The market breadth was in favour of the advances on Tuesday afternoon with 1180 stocks advancing as against 543 declines. On the other hand, 1554 stocks advanced and 903 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.
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