Market Update: TCS, UPL fall 2%, Glenmark Pharma hits 52-week low; Tata Comm, RIL most active
The Indian benchmark indices on Thursday afternoon were trading on a negative note with the Nifty up 19 points or 0.19 percent while the Sensex shedding 80 points and was trading at 32972.
Nifty IT was down 0.3 percent but Tech Mahindra, Oracle Financial and HCL Tech were the outperforming stocks.
From the Nifty, the stocks that gained the most was Dr Reddy’s Labs which was up close to 2 percent while HCL Tech and Tech Mahindra gained 1.5 percent each. HPCL and M&M were the other top gainers.
The most active stocks were Tata Communications which was up 2.7 percent while TCS, Maruti, Reliance Industries and M&M were the other active stocks.
The top losers were TCS which fell 2.8 percent while UPL, Bajaj Finance, GAIL India and Wipro were the other losers.
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 and Oberoi Realty 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, Glenmark, Sakthi Sugars 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, Balkrishna Industries, L&T Infotech among others.
The market breadth was in favour of the declines on Thursday afternoon with 417 stocks advancing as against 1218 declines. On the other hand, 744 stocks advanced and 1650 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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