Sensex, Nifty hold morning gains; Dredging Corp surges 16%

Dredging Corporation of India Ltd Job Recruitment
Equity benchmarks continued to hold morning gains, with the Nifty hovering around 8950 level. Reliance contributed 21 points to the Nifty’s gains, thereby holding the market with its rally.

The Sensex was up 169.04 points at 29001.49, while the Nifty was up 50.00 points at 8947.55.

The market breadth was narrow after 1,430 shares advanced, 1,131 shares declined, while 156 shares remained unchanged.

Reliance, Power Grid and NTPC were the top gainers on the index, while pharma stocks, Grasim and Tech Mahindra were the top losers on the index.

Reliance Industries touched a fresh nine-year high of Rs 1,307.05, up 3.86 percent intraday Monday as investors remained bullish on its telecom as well as energy prospects. Analysts expect contribution from telecom and energy businesses to boost revenue growth in coming years.

L&T Technology Services gained over 2 percent intraday possibly on CLSA initiating coverage on the stock with a buy call. The brokerage house cited good client base as well as diversification of verticals, among others, as the reasons for the move.

Shares of Dredging Corporation zoomed over 16 percent on the back of possible stake sale reports. According to a media report, the government was looking to give up controlling stake of 51 percent and a Cabinet note on the proposal has been prepared.

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