MarketsStock Market Live: Nifty, Sensex Rebound As RIL, L&T Rise
Find all updates on Indian stock markets here on March 27.
27 Mar 2024, 09:50 AM IST
27 Mar 2024, 08:21 AM IST
27 Mar 2024, 09:50 AM IST
BSE Headquarters in Mumbai. (Source: NDTV Profit/Vijay Sartape)
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BSE Headquarters in Mumbai. (Source: NDTV Profit/Vijay Sartape)
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ABB India Surges To Record High As UBS Retains ‘Buy’ Rating
ABB India Ltd. rose 6.57% to Rs 6,319.55. It is trading 6.09% higher at Rs 6,219, compared to 0.44% advance on NSE Nifty 50 index.
UBS has maintained ‘Buy’ rating on ABB India Ltd., and raised the price target to Rs 7,550 from Rs 5,380 earlier. This implied an upside potential of 26%.
UBS expects margin improvement, which enhance the premium valuation.
The scrip has risen 89.28% in 12 months. Total traded volume so far in the day stood at 4.8 times its 30-day average. The relative strength index was at 76, indicating that stock may be overbought.
Out of 29 analysts tracking the company, 15 maintain a ‘buy’ rating, eight recommend a ‘hold,’ and six suggest ‘sell’, according to Bloomberg data. The average 12-month consensus price target implies a downside 16%.
CDSL Falls Following Large Trades
Central Depository Services India Ltd. has 77.2 lakh shares or 7.4% equity changed hands in a large trade, reported Bloomberg.
Buyers and sellers are not known immediately.
Nifty, Sensex Rebound As RIL, L&T Rise: Opening Bell
India’s benchmark indices recouped losses to open higher on Wednesday, lead by gains in Larsen & Toubro Ltd., Reliance Industries Ltd.
As of 09:21 a.m., the NSE Nifty 50 was trading 57.60 points or 0.26% higher at 22,062.30, and the S&P BSE Sensex 162.92 points or 0.22% higher at 72,633.22.
The Nifty 50 has reversed its previous day gains and crossover of 22,200 will give an upward breakout on the higher side to test the highs, said Vikas Jain, senior research analyst at Reliance Securities.
The inside range candle will give an either side breakout from the current range and 21,900 would act as trend reversal level. The hourly RSI is moving upwards and crossover of the averages would give a swift up move along with the broader markets momentum, Jain added.
“On the hourly chart, it appears that the Index is forming an inverted head and shoulder formation where a level of 22,200 will be considered as a breakout point (neckline), and in that case, the target is 22,640,” said Aditya Gaggar, director, Progressive Shares.
Reliance Industries Ltd., Larsen & Toubro Ltd., Axis Bank Ltd., Bajaj Finance Ltd., and State Bank of India added to the benchmark index.
Britannia Industries Ltd., Dr Reddy’s Laboratories Ltd., ITC Ltd., Sun Pharmaceutical Industries Ltd., and Nestle India Ltd. limited gains to the index.
On NSE, 11 sectors advanced, and one declined. The NSE Nifty Media index rose the most among peers to become the top performer. The NSE Nifty FMCG was the worst performing sector.
Broader markets outperformed benchmark indices. The S&P BSE Midcap was 0.63% higher, and the S&P BSE Smallcap was 0.88% up.
On BSE, all sectors advanced with the S&P BSE Oil & Gas sector rose over 1% to become the top performing sector among peers.
Market breadth was skewed in favour of buyers. Around 2,048 stocks advanced, 818 stocks declined, and 118 stocks remained unchanged on BSE.
Nifty, Sensex Higher At Pre-Open
At pre-open, the NSE Nifty 50 was 49.80 points or 0.23% higher at 22,054.50, and the S&P BSE Sensex was 0.31% or 221.86 points higher at 72,692.16.
