Market update: Maruti hits new 52-week high; SBI, Jet Airways top gainers, ICICI most active
Oil and Natural Gas Corporation and Bharat Petroleum Corporation were the top gainers from Nifty which added over 3 percent each followed by State Bank of India which gained 2.59 percent while Oil and Natural Gas Corporation and Bharat Petroleum Corporation were the top gainers which added over 3 percent each followed by State Bank of India.
Moneycontrol News
The Indian equity market opened the week on a bullish note with the Nifty jumping 55.40 points or 0.54 percent while the Sensex gained 164.59 points at 33,2321.81. The Nifty midcap index was the outperforming sector which was up 1.18 percent led by Union Bank of India, Syndicate Bank, Bata India and Allahabad Bank.
From the Nifty50, Oil and Natural Gas Corporation and Bharat Petroleum Corporation were the top gainers which added over 3 percent each followed by State Bank of India which gained 2.59 percent while Bharti Infratel was up 2.14 percent. Yes bank was the other top gainer which added 1.97 percent in the morning trade. ICICI Bank, PNB, SBI and Maruti Suzuki were the most active Nifty stocks.
The stocks which gained the most from the BSE included Union Bank of India which zoomed close to 7 percent and Oriental Bank of Commerce was up 6.15 percent. Jet Airways was the other top Sensex gainer which jumped over 6 percent while PNB and Syndicate Bank were the other top contributors.
Many stocks from the Nifty hit fresh 52-week highs in today's trade, the likes of Maruti Suzuki, HEG, Dalmia Bharat, Bata India, Ramkrishna Forgings, IFB Agro, BPCL and Vaibhav Global. The stock which hit new 52-week high on the BSE were Keltech Energies, OCL India, Saregama India, Eldeco Housing and Shriram Transport Finance Corporation.
The market breadth was strong in the Monday morning trade with 1194 stocks advancing while 395 declined. On the BSE, 1570 stocks advanced while 618 declined.
Global research firm Macquarie has maintained an outperform rating on Maruti Suzuki post Q2 results and raised its target price to Rs 10,000 from Rs 8250 earlier while Nomura has retained a buy call on Maruti post Q2 results and raised its 12-month target price to Rs 9843 from Rs 8993 earlier.
CLSA has raised FY18-20 EPS estimates of Maruti By 3-4 percent and has maintained a buy rating and has revised target to Rs 10,000 from Rs 9,230 per share.
Stumps 
