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The Nifty on Tuesday opened on a positive note above that psychological mark of 10,000, up by 23.75 points backed by healthcare, metals and select banks stocks. Within the pharma space, Lupin was the top gainer, up by 2.64 percent after the company received USFDA final approval for gCorgard Tablets used to treat chest pain & hypertension.
Infosys was up by 1.19 percent after the company fixed November 1, 2017 as record date for Rs 13,000 crore share buyback. It was closly followed by Bharti Infratel which gained 1.18 percent and Aurobindo Pharma added over 1 percent.
Biocon was the other pharma stock which was up 2.47 percent. However, USFDA has issued a Complete Response Letter (CRL) for proposed biosimilar pegfilgrastim. Within the IT space, HCL Technologies was the top gainer, up by 1.13 percent.
Reliance Infra was the other stock which was up 1.6 percent after the company announced transferring its Western Region System Strengthening Scheme (WRSSS) transmission undertakings to its two subsidiaries as part of the process to sell the businesses to Adani Transmission Limited.
The most traded stocks in the Nifty Index were Infosys which was trading at Rs 935.75 per scrip, up 1.31 percent and HEG which jumped 4.68 percent. Lupin from the pharma space was also among the most traded stock in the Index.
In the BSE Index, the top gainers were Religare Enterprises, up close to 10 percent while Bombay Dyeing gained 4.99 percent and NCC added 4.26 percent.
Within the Nifty Index, the stocks that hit 52-week high included names like Siyaram Silk, HEG Limited, Jindal Worldwide, Goa Carbon, Apex Frozen Foods and VIP Industries. Within the BSE Index, stocks like Gillette India, Kotak Mahindra Bank, Bharat Financial, Bata India, Tata Steel, TVS Motor and TVS Electronics hit 52-week high in today's trade.
In the Nifty50, the advance-decline ratio was in favour of the advances with 30 stocks advancing and 20 stocks declining. On the other hand, the BSE Index saw 1381 stocks advance and 650 stocks decline.
Technical Analyst Ashwani Gujral of ashwanigujral.com has a buy on TVS Motor with a stop loss of Rs 670 and target of Rs 695, Kotak Mahindra Bank with a stop loss of Rs 1,040 and target of Rs 1,075 and Bata India with a stop loss of Rs 750 and target of Rs 785.
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