It looks like an early Diwali in the Indian equity market as the bulls charge ahead with the Sensex zooming 228 points, inching towards its all-time record high while the Nifty yet again hit a record high, rising over 71 points backed by heavyweight Reliance Industries which was up 0.68 percent.
Bharti Infratel continued its dominant form from last week as the stock was the most active gainer in the Nifty, gaining over 2.47 percent followed by Vedanta and Tata Motors which were up 2.12 percent and 1.71 percent respectively. Mahindra & Mahindra and Hindalco Industries were the other top Nifty gainers. The most active stocks in the Nifty were Reliance Industries, followed by Godrej Agrovet, Bharat Financial Inclusion and IndusInd Bank.
The top gainers in the BSE were Carborundum Universal which was up close to 4 percent while closely followed by JM Financial which gained 3.55 percent. Ujjivan Financial Services, Jindal Steel & Power and Berger Paints were the other top stocks which were the top performers in today’s trade.
From the Nifty Index, the stocks which hit 52-week highs included HDFC Bank, Reliance Industries, Kotak Mahindra Bank, Tata Steel, Sobha and Bharti Infratel while on the BSE, Procter & Gamble, Avanti Feeds, Bombay Burmah, HCL Technologies, Bata India and Goa Carbon were some of the few stocks that hit 52-week high.
It was a one-way charge by the bulls with a strong market breadth. In the Nifty, the advance-decline ratio was firmly in favour of the bulls with 42 advances as gainst 7 declines. On the BSE, the advances were 1442 while 742 declined.
Technical Analyst Ashwani Gujral of ashwanigujral.com, recommends buying Avanti Feeds with a stop loss of Rs 2,450 and target of Rs 2,600 and Sobha with a stop of Rs 458 and target of Rs 480 and advises betting on Reliance Industries.
Mitessh Thakkar of mitesshthakkar.com has a buy on Kotak Mahindra Bank with a stop loss at Rs 1,059 and look for target of Rs 1,125.
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