Market Update: Sun Pharma, Infratel top Nifty gainers; Rain Industries zooms 4%, JSPL hits 52-week high
The Indian benchmark indices on Thursday morning were trading on a positive note with the Nifty up 11 points or 0.11 percent while the Sensex gained 16 points at 33577.
Nifty midcap Index was the outperforming sector led by Apollo Tyres, IDBI Bank, India Cements, JSW Energy and Steel Authority of India.
From the Nifty, the stocks that gained the most were Bharti Infratel which gained 1.63 percent while Sun Pharma added 1.32 percent. Ambuja Cements, Eicher Motors and Aurobindo Pharma were the other top gainers.
The most active stocks were HDFC Standard Life which fell over 1 percent followed by Rain Industries which zoomed over 4 percent.
The top losers were Dr Reddy’s Labs, Asian paints and Kotak Mahindra Bank.
From the BSE, the stocks that gained the most included Future Retail which zoomed over 5 percent while Dilip Buildcon added 4.6 percent. Sadbhav Engineering, KPIT Tech and GNFC were the other top Sensex gainers.
The stocks that hit new 52-week high on NSE included Emami, Dilip Buildcon, Eveready Industries, Jindal Steel & Power, L&T Infotech, Sadbhav Engineering, KPIT Tech, Tata Power among others.
From the BSE, the stocks that hit fresh 52-week high were Gillette India, Yuken, Eldeco Housing, Whirlpool, Automotive Axles, Mastek among others.
The market breadth was in favour of the advances on Thursday morning with 1041 stocks advancing as against 508 declines. On the other hand, 1288 stocks advanced and 619 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.