Market update: Bharti Airtel, Cipla hit new 52-week high; ICICI, SBI, Sun Pharma most active
Bharti Airtel, Bannari Amman, HEG, Balkrishna Industries and Shriram Transport were some of the Nifty stocks that hit new 52-week high.
Moneycontrol News
The Indian equity market recovered some lost ground in the afternoon trade with the Nifty trading down 4 points at 10435 while the Sensex was up 15 points and trading at 33615.
CNX Pharma was the outperforming sector which jumped 3.13 percent on Thursday afternoon with Divis Laboratories rallying over 15 percent. Other pharma stocks which gained the most were Aurobindo Pharma, Dr Reddy's Labs, Sun Pharma, Lupin and Glenmark Pharma.
From the Nifty, the stocks that gained the most included Aurobindo Pharma, Dr Reddy's Labs, Sun Pharma, Lupin and HCL Technologies. The most active stocks included Divis Laboratories, ICICI Bank, State Bank of India, Sun Pharma and Shriram Transport Finance Corporation.
The top Nifty losers were Tech Mahindra which fell over 3.68 percent followed by Hindalco Industries, ITC, Zee Entertainment and Bharti Infratel.
The stocks which gained the most in the BSE index were Infibeam, Divis Laboratories, Hexaware Technologies, Hindustan Copper and Shrrram Transport Finance.
Several stocks hit new 52-week high on the NSE, the likes of Bharti Airtel, Bannari Amman, HEG, Balkrishna Industries, Shriram Transport, Rushil Decor, Harita Seating, Tata Sponge and Minda Industries. The stocks which hit 52-week high on the BSE were Dalmia Bharat, Yuken India, Eldeco Housing, Weizmann Forex, 8K Miles Software and Dredging Corp.
The market breadth was weak and in favour of the declines with 815 stocks advancing as against 849 declines while on the BSE, 1262 advanced and 1399 declined.
Global research firm Credit Suisse has maintained a neutral rating on Hexaware Technologies and has hiked price target to Rs 265 from Rs 230. It has raised the company's earnings estimates by 4-7 percent, accounting for lower tax rate and slightly higher margins.
Technical Analyst Ashwani Gujral of ashwanigujral.com, has a buy on State Bank of India with a stop loss of Rs 318 for target of Rs 334 and a buy on Dr Reddy's Laboratories with stop loss of Rs 2,400 for target of Rs 2,520.
