Indian equity benchmarks were once again caught in a narrow range on Thursday, as investors digested minutes of U.S. central bank's last meeting while rising geopolitical concerns kept them on the edge.
The S&P BSE Sensex Index gained 0.15 percent to 31,290 while the NSE Nifty 50 index was little changed at 9,646. Real estate stocks, along with select public sector banks, led the gains.
The market breadth was firmly in favour of the buyers. About 1,006 shares advanced, while 409 stocks declined on the NSE.
Here Are The Stocks Moving The Market This Morning:
Cadila Healthcare: To License Phibro's Poultry Vaccine
Shares of the pharmaceutical company rose 1.5 percent to Rs 525. The drug maker entered an agreement with animal health products maker Phirbo Animal Health to license its poultry vaccine technologies.
The move will serve the growing poultry market in India, the drug manufacturer said in an exchange filing. About 30 percent of analysts covering the company have changed their price targets over the past month (11 up, 0 down, 25 unchanged), Bloomberg data showed.
Bharat Forge: Demand Pick Up
Shares of the country's largest auto parts maker rose 2.7 percent to Rs 1,140 after multi-axle truck sales rose 20 percent in the U.S., according to FTR.
The stock has risen five times in the six trading session. Trading volume was 3.5 times the 20-day average at 10:05 a.m.
The Pune-based company trades at 36.8 times trailing 12-month earnings per share and 32 times its estimates for the coming year, Bloomberg data showed.
InterGlobe Aviation: Swings Ahead Of Call
Shares of the airline company rose as much as 1.5 percent, extending gains to day four, before paring most of the advance. The company announced that it will hold a conference call to discuss on details of its possible deal with debt- laden Air India.
Shriram EPC: Bags Ropeway Project
Shares of the engineering company rose 12.4 percent, the biggest intraday jump since June 23, after it bagged a new order.
The company won a ropeway project worth Rs 71 crore for Arulmigu Dandayuthapani Temple, located at Palani in Tamil Nadu, according to its filing on the exchange.
Trading volume was 38.4 times its 30-day average. The stock returned a negative 8.8 percent so far this year and a gain of 18 percent in the past 52 weeks.
IRB Infrastructure Developers: Reaches Financial Closure For Project
Shares of the infrastructure developer rose 1.9 percent to Rs 217.40 after its subsidiary achieved financial closer for one its of road projects valued at Rs 2,088 crore.
Udaipur Tollway, wholly-owned subsidiary of the company achieves financial closure for its Udaipur-Gujarat border six-laning project, the road maker said in a statement.
The company trades at 10.7 times trailing 12-month earnings per share and 9.3 times its estimates for the coming year, according to Bloomberg data. The stock has returned 13 percent year-till-date.
Bhushan Steel: Q4 Net Loss Narrows
Shares of the steel product manufacturer swung between gains and losses after the company's net loss declined to Rs 1,130 crore during the March-ended quarter, according to the company's exchange filing.
The steel maker's revenue increased by 36 percent to Rs 4,227.82 crore during the fourth quarter of FY17, compared to Rs 3,108.35 crore during the same period previous year.
The stock is testing support at 100-day moving average. The stock returned 70 percent so far this year and a gain of 62 percent in the past 52 weeks.
Stocks Reacting To Block Deals
Future Consumer
- Shares of the Kishore Biyani-led firm rose 4.9 percent, the biggest intraday jump since June 13, to Rs 33.6
- Around 15 crore shares changed hands in a block deal on National Stock Exchange (NSE).
Follow all the updates on block deals on our live blog: https://t.co/vqZhJPXdEf pic.twitter.com/YRsSPciP10
Redington India
- Shares of the supply chain solution provider rose 8.7 percent intraday, the biggest jump since June 2, to Rs 138
- Around 2 crore shares changed hands at Rs 130 each on the Bombay Stock Exchange (BSE)
Welspun Corporation
- Shares of the pipe manufacturer rose 4.9 percent, the biggest intraday jump since over a week to Rs 114
- Around 27 lakh shares changed hands on the BSE at Rs 108.10 apiece.
Gayatri Projects
- Shares of the construction services company rose 9.8 percent, the biggest intraday jump in one month, to Rs 164.80
- Around 1.1 crore shares changed hands in multiple block deals on the NSE
Buyers and sellers were not immediately known
Source: Bloomberg
Stocks Reacting To Brokerage Calls
Punjab National Bank
- Shares of the country's second-largest lender rose 4.5 percent intraday, the biggest jump since May 16, to Rs 142.75
- Brokerage firm Nomura upgraded the stock rating to 'Buy' from Neutral' while maintaining its price target at Rs 180.
ONGC
- Shares of the crude oil explorer fell 1.5 percent to Rs 163.30
- Brokerage firm Bernstein downgraded the stock rating to 'Market-perform' from 'Outperform' and decreased its price target to Rs 172 from Rs 240
- The stock was the worst performer on Nifty 50 Index
NTPC
- Shares of the power supplier fell 1.3 percent to Rs 157
- Brokerage firm Morgan Stanley downgraded the stock rating to 'Equal-weight' from earlier 'Overweight' and reduced its target price to Rs 149 from Rs 163
Shree Cement
- Shares of the cement maker swung between gains and losses.
- Brokerage firm Axis Capital upgraded the stock rating to 'Hold' from its earlier 'Sell', however, maintained its price target at Rs 16,867
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