Nifty at over 15-month high, Sensex strong; ICICI lead gainer

Epic Update ICICI Bank
Epic Update ICICI Bank

Equity benchmarks recouped previous day’s losses to trade at over 15-month high on the Nifty, supported by banking & financial, auto and infra stocks.

The 30-share BSE Sensex was up 213.58 points at 28190.10 and the 50-share NSE Nifty rose 63.70 points to 8654.35. The broader markets traded in line with benchmarks as the BSE Midcap and Smallcap indices gained 0.8 percent each.

About three shares advanced for every share falling on the Bombay Stock Exchange.

ICICI Bank and Maruti Suzuki topped the buying list on Sensex, up more than 3 percent followed by HDFC, Tata Motors, L&T, SBI and BHEL.

Dr Reddy’s Labs crashed 9 percent after dismal set of earnings in Q1 due to US pricing issue. Jefferies has downgraded the stock to underperform from hold with a reduced target price of Rs 2850 per share. It has also cut FY17-18 earnings estimates by 28-14 percent and expects earnings to remain flat over FY16-18.
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