Market Update: Nifty Pharma outperforms with DRL top Nifty gainer; TCS falls 3%, SBI most active
The Indian benchmark indices on Thursday afternoon were trading on a negative note with the Nifty down 9 points or 0.09 percent while the Sensex shedding 46 points and was trading at 33012.
Nifty Bank was up 0.15 percent led by PNB, Canara Bank and Axis Bank.
CNX Pharma was the outperforming sector led by Dr Reddy’s Labs and Cipla.
From the Nifty, the stocks that gained the most was Dr Reddy’s Labs which was up close to 2 percent while Tech Mahindra gained 1.7 percent. HPCL, HPCL Tech and M&M were the other top gainers.
The most active stocks were TCS which shed 3 percent followed by Tata Communications which was up 2 percent. Reliance Industries, State Bank of India and M&M were the other active stocks.
The top losers were TCS which fell 3 percent while UPL, Bajaj Finance, GAIL India and Ambuja Cements were the other losers.
From the BSE, the stocks that gained the most included Religare Enterprises which zoomed close to 5 percent while Reliance Communications was up 4.8 percent. Wockhardt and Oberoi Realty were the other top gainers.
37 stocks hit 52-week high on NSE including L&T Infotech, MM Forgings, Tech Mahindra and Relaxo Footwears.
Dena Bank, Glenmark, Sakthi Sugars, Equitas Holdings 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 Tech Mahindra, Nestle India, Balkrishna Industries, L&T Infotech among others.
The market breadth was in favour of the declines on Thursday afternoon with 495 stocks advancing as against 1173 declines while 322 remained unchanged. On the other hand, 819 stocks advanced and 1705 stocks declined while156 remained unchanged 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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