Market Update: Dr Reddy#39;s, Hindalco fall over 2%; Bajaj Electricals zooms 10%, Infosys, RIL most active
The Indian benchmark indices on Thursday afternoon erased all the day’s gains with the Nifty down 19 points or 0.19 percent while the Sensex shed 39.51 points at 33522.
Nifty IT continued to outperform as the Index was up 0.87 percent led by Cyient with jumped 5.6 percent while Infosys gained over 2 percent. HCL Technologies and Tech Mahindra were also up over 1 percent each.
From the oil & gas space, Reliance Industries gained over 1 percent while closely followed by HPCL.
From the Nifty, the stocks that gained the most were Infosys and HPCL. HCL Tech, Tech Mahindra and Eicher Motors were the other top gainers.
The most active stocks apart from Infosys were Reliance Industries, Axis Bank, HDFC Standard Life and State Bank of India.
The top losers were Adani Ports, Hindalco Industries, Dr Reddy’s Labs, Vedanta and Bajaj Auto.
From the BSE, the stocks that gained the most included Bajaj Electricals which zoomed over 10 percent while GE T&D gained 6 percent. Nilkamal, Fortis and Cyient were the other top gainers.
97 stocks hit new 52-week high on NSE including Emami, Bajaj Electricals, Dilip Buildcon, Eveready Industries, Future Retail, JSPL, Mastek, SRF, TV18 Broadcast and Whirlpool among others.
From the BSE, the stocks that hit fresh 52-week high were Gillette India, Yuken, Eldeco Housing, Dixon Tech, Whirlpool, TVS Motor and Tata Elxsi among others.
The market breadth was in favour of the advances on Thursday afternoon with 853 stocks advancing as against 796 declines. On the other hand, 1258 stocks advanced and 1290 stocks declined on the BSE.
Global research firm HSBC has maintained a buy on Future Retail and has hiked the target price to Rs 730 from Rs 590. It expects earnings CAGR of 30 percent over FY18-20 driven by operating leverage and store rollout.
Technical Analyst Ashwani Gujral of ashwanigujral.com has a buy on Rain Industries with a stop loss of Rs 315, target of Rs 332 and a buy on Future Retail with a stop loss of Rs 565, target of Rs 590.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd