Market update: Bharti Airtel zooms over 7%, hits 52-week high; ICICI, SBI top gainers

Moneycontrol News

The Indian benchmark indices was firmly in the grip of the bulls with both Nifty and the Sensex rallying in the morning trade and hitting fresh record highs. The Nifty50 zoomed close to 100 points and trading at 10432.85 while the Sensex jumped over 1 percent at 33570.15.

Bank Nifty was the outshining sector with the index gaining 1.87 percent led by ICICI Bank which jumped 4.5 percent while State Bank of India and Punjab National bank were the other top gainers. Bank of Baroda was up close to 3 percent while Axis Bank gained 2.72 percent.

The top gainers from the Nifty were Bharti Airtel which zoomed 7 percent while ICICI Bank added 4.5 percent. SBI, Axis Bank and HDFC were the other top Nifty gainers. The most active stocks in the index apart from Bharti Airtel, Axis Bank and ICICI Bank were Reliance Industries and DLF.

From the BSE index, the top gainers included Syndicate Bank and Sanofi which zoomed over 11 percent each followed by Cholamandalam Investment, Bharti Airtel and Shree Renuka Sugars.

The stocks that hit fresh 52-week high on the NSE included, Bharti Airtel, Cholamandalam Investment and Finance, Dabur India Limited, Delta Corp, DHFL, GVK Power, HEG, Motherson Sumi, Nalco, Titagarh Wagons and Voltas. From the BSE, the stocks which hit new 52-week high were ICICI Bank, Bharat Forge, Essel Propack, Godrej Properties, GSFC and Texmaco Rail.

The market breadth was strong with 1182 stocks advancing while 417 declined. On the BSE, 1588 stocks advanced while 680 declined.

Global research firm has maintained a buy on Dabur India with a target of Rs 400 while Macquarie has an outperform rating on the stock with target of Rs 369.

Technical Analyst Ashwani Gujral of ashwanigujral.com, has recommended a buy on GMR Infra with a stop loss of Rs 17, target of Rs 25 while Mitessh Thakkar of miteshthacker.com has a buy on Dabur India with a stop loss of Rs 325 for target of Rs 350.