Nifty around 11,950, Sensex gains 100 points; Indiabulls Housing up 4%
Axis Bank shares gained nearly a percent intraday after global brokerage firm maintained buy call on the stock as profit is expected to turn around in FY20.
The research house raised price target to Rs 1,000 from Rs 890 earlier, implying 24 percent potential upside and it sees an earnings recovery in FY20 as credit costs normalize. Indian indices are trading higher after a flat start in the morning trade with Nifty around 11,950.
The Sensex is up 114.10 points or 0.29% at 39953.35, and the Nifty up 37.60 points or 0.32% at 11954.40. About 1003 shares have advanced, 559 shares declined, and 79 shares are unchanged. Shares of Titan Company declined 1 percent in the early trade on July 4 after foreign brokerage house Morgan Stanley downgraded the stock to the equal-weight from overweight. It is a flat start for the Indian indices on July 4 ahead of Union Budget scheduled on July 5.
At 09:17 hrs IST, the Sensex is up 66.64 points at 39905.89, while Nifty is up 22.50 points at 11939.30. About 440 shares have advanced, 245 shares declined, and 29 shares are unchanged.
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