Market Update: Nifty IT outperforms as 91 stocks hit new 52-week high; BHEL jumps 5%
The Indian benchmark indices on Thursday Afternoon were trading on a positive note with the Nifty up 16 points or 0.15 percent while the Sensex gained 45 points at 33606.
Nifty IT was the outperforming sector on Thursday afternoon as the Index was up 1 percent led by Cyient with jumped 3.5 percent while Infosys gained over 2 percent. HCL Technologies and Tech Mahindra were also up over 1 percent each.
From the Nifty, the stocks that gained the most were Infosys and Tech Mahindra. HPCL, Bharti Infratel and Sun Pharma were the other top gainers.
The most active stocks apart from Infosys were HDFC Standard Life which fell over 5 percent followed by Reliance Industries, Axis Bank and State Bank of India.
The top losers were Dr Reddy’s Labs, Adani Ports, Indiabulls Housing and Hindalco Industries.
From the BSE, the stocks that gained the most included Indian Hotels which added over 5.5 percent while BHEL was up 5 percent. Future Retail Dilip Buildcon and Shree Renuka Sugars were the other top Sensex gainers.
91 stocks hit new 52-week high on NSE including Emami, Dilip Buildcon, Eveready Industries, Jindal Steel & Power, KPIT Tech, Mcleod Russel and TVS Motor among others.
From the BSE, the stocks that hit fresh 52-week high were Gillette India, Yuken, Eldeco Housing, Whirlpool, TVS Motor and Cyient among others.
The market breadth was in favour of the advances on Thursday afternoon with 999 stocks advancing as against 619 declines. On the other hand, 1473 stocks advanced and 986 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.
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