Downtrend continues, Sensex dips 100 pts; Hindalco shines

Equity benchmarks extended losses amid consolidation in afternoon trade, with the Sensex falling 100 points, dragged by banking & financials, FMCG, auto and technology stocks. Investors maintained cautious stance ahead of assembly elections results next week.

The 30-share BSE Sensex was down 107.65 points at 28732.14 and the 50-share NSE Nifty declined 35.60 points to 8864.15.

About three shares declined for every two shares rising on the BSE.

Bharti Infratel jumped over 5 percent after CLSA has upgraded the stock to buy from outperform with a DCF-derived target price of Rs 356. The brokerage house feels with recent sharp correction in stock, risks related to tenancy impact due to likely Vodafone-Idea merger are overdone now.

Reliance Industries retained its upside, rising 2.66 percent. CLSA has retained its buy call on the stock, with increased target price at Rs 1,500 (from Rs 1,350) after the company guided on Jio’s FY21 EBITDA of over USD 11 billion and expects 50 percent rise in industry revenue to USD 45 billion by FY21.

Hindalco Industries shares gained nearly 4 percent on value buying. FTSE Russell added Hindalco in its largecap index.

For more information & more Stock Tips

Call us ✆ – 0731-6642300 or


Connect with our social media sites
Next Post »