Market Update: Maruti at record highs, Bajaj Auto hits 52-week high; Tech Mahindra top Nifty loser
The Nifty up 16.55 points or 0.17 percent while the Sensex gained 88 points at 33567 on Wednesday afternoon.
Nifty realty was outperforming with the index gaining over 1 percent led by Prestige Estates which zoomed over 6 percent followed by Oberoi Realty and Sobha.
CNX Media was also up close to 2 percent after Zee Entertainment jumped 3.4 percent followed by Sun TV Network and TV18 Broadcast.
Nifty PSU banks was also outperforming led by Punjab National Bank, State Bank of India and Syndicate Bank.
From the Nifty, the stocks that gained the most were Zee Entertainment which was up over 3 percent while Aani Ports was up close to 2 percent. Tata Motors, Mahindra & Mahindra and HDFC were the other top gainers.
The most active stocks were HDFC Standard Life, HDFC, State Bank of India, Jet Airways and Rain Industries.
The top losers were Tech Mahindra and Bharti Infratel which fell over 2 percent each while Bajaj Finance, Dr Reddy’s Labs and Aurobindo Pharma were the other top losers.
From the BSE, the stocks that gained the most included Gujarat Pipavav and Future Retail which zoomed over 8 percent each while BF Utilities, Prestige Estates and Dilip Buildcon were the other top Sensex gainers.
75 stocks hit new 52-week high on NSE including Bajaj Auto, BASF, Emami, IFB Industries, KPIT Tech, Maruti Suzuki, Tata Elxsi, Zee Entertainment among others.
From the BSE, the stocks that hit fresh 52-week high were Maruti Suzuki, Proctor & Gamble, BASF, Titan Company among others.
The market breadth was in favour of the advances on Wednesday afternoon with 832 stocks advancing as against 799 declines. On the other hand, 1220 stocks advanced and 1226 stocks declined on the BSE.
Research and broking firm Edelweiss Financial Services has maintained a buy on Future Retail with a target of Rs 628 per share expecting 742 bps jump in RoE to 24.1 percent over FY17-19.
Macquarie has maintained an outperform rating on Zee Entertainment with a target of Rs 615 per share. It believes that the company has ample levers to continue its investments and achieve over 30 percent margin.
Technical Analyst Ashwani Gujral of ashwanigujral.com has a buy on Bajaj Auto with a stop loss of Rs 3250, target of Rs 3400.
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