02:42
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Epic Update HDFC Bank
Equity benchmarks extended gains amid consolidation in afternoon trade, supported by banking & financials and Tata Group stocks.
The 30-share BSE Sensex climbed 76.35 points to 27314.41 and the 50-share NSE Nifty was up 14.95 points at 8415.30 while the BSE Midcap and Smallcap indices gained 0.3-0.5 percent on positive breadth.
About 1499 shares advanced against 1112 declining shares on the BSE.
Tata Motors was biggest gainer among Sensex 30 stocks, up 2.6 percent after CLSA raised target price on the stock to Rs 650 (from Rs 585 earlier) on likely significant improvement in both JLR and India businesses. Even benefits of significant pound depreciation will flow through into JLR’s margin that may improve to 16 percent by FY19 from 10.3 percent in Q2FY17, it feels.
HDFC Bank, HDFC, Adani Ports, SBI, Axis Bank, Tata Steel and Lupin rallied 1-2 percent whereas Infosys, Reliance Industries, ITC, ONGC and Sun Pharma were under pressure.
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Posted in: Indian Market Tips
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