Live Stock Market Tips: Market gains 150 pts, Nifty around 11,050; Wipro, ITC in focus
Bharat Forge shares have declined around 2 percent after the steep decline in North America class 8 truck orders.
North American Class 8 truck orders for February remained subdued for the second consecutive months at 16,700 units, falling sharply by 58 percent compared to same month last year, FTR Transportation Intelligence said. Company shares rallied more than 12 percent in the morning on Wednesday after North American fund manager CDPQ signed a deal to invest $250 mn in the company's NBFC subsidiary. Research house maintained outperform call on the stock with a target at Rs 1,310 per share. The earnings upgrades are in-line with peers, while valuations are much lower, it added.
The company is trading at a 40% discount to TCS versus the long-term average discount of 25 percent. The improving business fundamentals with reasonable valuations offer attractive risk-reward, it added further. Shares of Quick Heal Technologies added 7 percent in the early trade on Wednesday after the board approved buyback of equity shares.
Company board approved a proposal to buy back up to 63,63,636 equity shares of the company, is 9.02 percent of the total paid-up equity, for an aggregate amount not exceeding Rs 175 crore, at a price of Rs 275 per share. It is a strong start for the benchmark indices on Wednesday with Nifty opens above 11,000 level.
The Sensex is up 158.64 points at 36601.18, while Nifty is up 47.10 points at 11034.60. About 777 shares have advanced, 146 shares declined, and 43 shares are unchanged
Wipro, Indiabulls Housing, L&T, HPCL, BPCL, ITC, Vedanta, Grasim, DHFL, are the top gainers on the indices, while losers are Bharat Forge, Reliance Capital
All the sectoral indices are trading green, while midcap and smallcap also up 0.6 percent.
Sensex and Nifty are trading higher in the pre-opening trade with Nifty above the 11,000 marks.
The Sensex is up 106.63 points at 36549.17, while Nifty is up 50.30 points at 11037.80.source- www.moneycontrol.com
Vedanta, IOC, ITC, Bharti Airtel are among major gainers, while Bharat Forge and RIL are losers in the pre-opening trade. Wall Street's main indexes dipped in a choppy session on Tuesday as a drop in General Electric shares countered positive retailer earnings and investors eyed a key resistance level for the benchmark S&P 500 after the market's strong run.
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