The Indian markets on Thursday morning were trading flat with the Nifty shedding 4 points or 0.05 percent while the Sensex was up 10 points.
The Nifty midcap index was 0.6 percent led by Andhra Bank, IDBI Bank, JP Associates, Jubilant Foodworks, Reliance Power, Strides Shasun and Unitech.
CNX Pharma gained close to 1 percent aided by stocks like Divi's Labs, Sun Pharma, Dr Reddy's Labs and Glenmark Pharma.
The top Nifty gainers included Tech Mahindra which added 1.5 percent followed by Wipro, Dr Reddy's Labs, Mahindra & Mahindra and Bajaj Finance.
The top Nifty losers included IOC which fell close to 2.5 percent followed by BPCL, NTPC, Yes Bank and ICICI Bank.
The most active Nifty stocks included IDBI bank which jumped over 6 percent followed by Venky's, IOC, PNB and Tech Mahindra.
The top Sensex gainers were MMTC which zoomed close to 14 percent while Future Retail was up 8 percent. Jai Corp, Hindustan Copper and Shipping Corporation of India were the other gainers.
Ashok Leyland, Cholamandalam Investment, KPIT Tech, Tech Mahindra and TV18 Broadcast were few stocks that hit new 52-week high.
30 stocks hit new 52-week low including Indian Oil Corporation, Mcleod Russel and Gitanjali Gems among others.
The market breadth was in favour of the advances with 1188 stocks advancing while 430 declined and 395 remained unchanged. On the other hand, in the BSE, 1491 stocks advanced and 628 declined and 106 remained unchanged.
JPMorgan has maintained an Overweight stance on Dr. Reddy’s Labs with target of Rs 3,000. It feels that the underlying earnings can improve even without large launches. The house is of the view that the company is making progress in ramping up its proprietary portfolio in the US.
"Growing biosimilars in emerging markets is likely to support earnings beyond FY20," it added.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
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