2024-03-27 05:01:41
Indian stocks rose on Wednesday, led by heavyweight Reliance Industries following Goldman Sachs set a high target price, and by oil marketing companies as falling crude prices boosted hopes for sustained refining margins .
The NSE Nifty 50 index rose 0.64% to 22,144.70 at 10:27 IST, while the BSE Sensex rose 0.65% to 72,942.63.
The Nifty has been hovering around 22,000 this month and this is likely to continue for a few more sessions, with the earnings season from mid-April likely to provide the next directional trigger, said Pramod Gubbi, co-founder of Marcellus Investment Managers.
“The large-cap space looks attractive from a valuation perspective and reallocations from small and mid-caps to large-caps will continue to maintain resilience in benchmarks,” Mr. Gubbi said.
Small and mid-caps, which are larger and more domestically focused, gained 0.6% and 0.5%, respectively, on the day. But they have fallen 4.8% and 0.75% respectively so far in March, while the Nifty has risen 0.5%.
All 13 major sectors posted gains. The energy, oil and gas sectors rose 1 per cent and 1.4 per cent, boosted by a 2.3 per cent rise in Reliance Industries to Rs 2,948.40.
Goldman Sachs raised its price target on Reliance to 3,400 rupees, a high for the bourse, citing favorable valuations and potential earnings growth with capex peaking.
Oil marketing companies Bharat Petroleum, Hindustan Petroleum and Indian Oil gained around 2% each as crude oil prices continued to fall, supporting their refining margins.
ABB India, which provides technology automation products and services, jumped 6% to Rs 6,286.80 following UBS raised its price target to Rs 7,550, a high for the bourse, citing sustainable profits and growth of its electrification activities.
Metals processor Gravita India soared 10.5% following Kotak Institutional Equities initiated coverage with a “buy”, calling it a leader in the domestic recycling industry. (Reporting by Bharath Rajeswaran and Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema and Savio D’Souza)
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