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Jan 12, 2018 09:55 AM IST | Source: Moneycontrol.com

Market Update: Nifty, Sensex hit record high; RIL, ICICI Bank, L&T top gainer, Shree Cements up 1% on strong nos

ICICI Bank, IDFC, Larsen and Toubro, Kotak Mahindra Bank, Reliance Industries, Vedanta, HDFC, Gail and Ambuja Cements are the top gainers on the indices.

Moneycontrol News @moneycontrolcom

Equity benchmarks opened at fresh record high on last day of the week, with the Nifty inching towards new milestone of 10,700, tracking record highs on Wall Street.

The Sensex was up 111.04 points at 34614.53, and the Nifty was up 30.70 points at 10681.90.

About 1521 shares have advanced, 577 shares declined, and 286 shares are unchanged.

ICICI Bank, IDFC, Larsen and Toubro, Kotak Mahindra Bank, Reliance Industries, Vedanta, HDFC, Gail and Ambuja Cements are the top gainers on the indices.

Shares of Shree Cements rose 1.5 percent in the early trade on strong December quarter numbers. The company has reported a better-than-expected December quarter numbers, with net profit increased 41.6 percent at Rs 333.3 crore against Rs 235.4 crore posted during the same quarter last year.

The company in its board meeting held on January 11 approved the acquisition of majority equity stake (minimum 92.83 percent) in Union Cement Company (UCC), UAE for an enterprise value of USD 305.24 million (Rs 1,945 crore).

Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "After the consolidation of couple of trading session HDFC Bank is at the verge of breakout and could start the next leg of rally. So, recommending to buy with a stoploss of Rs 1,850 for an upside target towards Rs 1,919."

He further added, "Arvind has seen significant built up of long positions in last couple of trading sessions. It is trading at higher levels and the momentum is visible. This momentum could take it towards Rs 490, so one can buy with a stoploss of Rs 462. Hindustan Unilever (HUL) has taken support at the previous resistances zone, so classical examples of resistance turning at the support level. So one can buy with a stoploss of Rs 1,358 for an upside target towards Rs 1,425."

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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