Market Update: Bosch jumps over 5%; United Spirits hits 52-week high; HDFC, Axis fall 1-2%
The Indian benchmark indices on Wednesday afternoon were trading flat with the Nifty trading flat while the Sensex added 17 points at 33636.
CNX Pharma was one of the outperforming sectors gaining 0.5 percent led by Piramal Enterprises, Divis Labs and Sun Pharma.
From the Nifty, the stocks that gained the most were Bosch which jumped over 5 percent while Bharti Infratel was up 1.73 percent. Coal India, Wipro and Adani Ports were the other top gainers.
The most active stocks were HDFC, Indiabulls Real Estate, Jet Airways, Indiabulls Housing and Reliance Industries.
The top losers were Axis Bank which shed over 2 percent while Hindalco Industries, UPL, HDFC and Zee Entertainment were the other top Nifty losers.
From the BSE, the stocks that gained the most included Hathway and Sobha which jumped over 8 percent each. HCL Infosystems, Religare Enterprises and Granules India were the other top Sensex gainers.
115 stocks hit new 52-week high on NSE including Automotive Axles, Bajaj Corp, Finolex Cables, Kolte Patil, United Spirits, Sobha, Tata Coffee, Tata Global, Voltas, Zee Entertainment among others.
From the BSE, the stocks that hit fresh 52-week high were Yuken India, Maruti, Suzuki, Wabco, United Spirits among others.
The market breadth was in favour of the advances on Wednesday afternoon with 984 stocks advancing as against 648 declines. On the other hand, 1439 stocks advanced and 1014 stocks declined on the BSE.
Global research firm Macquarie has upgraded Coal India to outperform from neutral with a target price of Rs 310 per share. It expect domestic coal market to remain tight in the near term.
CLSA has maintained a buy call on Zee Entertainment with the target raised to Rs 707 from Rs 660 per share. It expects 20 percent earnings CAGR over FY18-20 which should drive share price performance.
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