Market Update: Tech Mahindra, Dr Reddy#39;s top gainers, Tata Comm up 4%; TCS, Maruti most active
The Indian benchmark indices on Thursday morning were trading on a positive note with the Nifty up 12 points or 0.12 percent while the Sensex added 31 points and was trading at 33083.
Nifty realty was the outperforming sector which gained 0.5 percent led by Oberoi Realty, Phoenix Mills and Unitech.
From the Nifty, the stocks that gained the most was Tech Mahindra which gained 2 percent and HCL Tech added 1.4 percent followed by Bharti Infratel, BPCL and Dr Reddy’s Labs.
The most active stocks were Tata Communications which was up 4.6 percent while TCS, Maruti, Indiabulls Housing Finance and Reliance Industries were the other active stocks.
The top losers were TCS, GAIL India, IndusInd Bank, Cipla and HDFC Bank.
From the BSE, the stocks that gained the most included Religare Enterprises which zoomed close to 5 percent while Natco Pharma was up 4 percent. Wockhardt, Oberoi Realty and IRB Infra were the other top gainers.
Tech Mahindra, Nestle, Sterlite Tech, Balkrishna Industries and MM Forgings were some of the stocks which hit new 52-week high on the NSE.
Dena Bank and IDFC Bank were some of the stocks that hit new 52-week low.
From the BSE, the stocks that hit fresh 52-week high were Nestle India, Tech Mahindra, Sterlite Tech, Hinduja Global among others.
The market breadth was in favour of the declines on Thursday morning with 710 stocks advancing as against 823 declines. On the other hand, 950 stocks advanced and 939 stocks declined on the BSE.
Research firm IDFC has reiterated an underperform rating on Tata Communications with a target of Rs 655 per share. However, the house likes company’s services portfolio, but feels that business execution needs to improve for constructive view.
Technical Analyst Sudarshan Sukhani of s2analytics.com feels that Tata Consultancy Services has been going through a deep correction, and that correction has come to strong support level. So he recommends buying on a dip.
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