Following positive Asian cues the Indian benchmark indices are trading in green with Nifty up 30 points at 11,878 while the Sensex gained 123 points and is trading at 39,715 level.
Nifty Realty is the outperforming sector, up over 2 percent led by Indiabulls Real Estate which jumped 5 percent followed by Prestige Estates, Oberoi Realty, Sunteck Realty, Unitech, Godrej Properties and Brigade Enterprises.
Auto stocks are also buzzing led by Ashok Leyland, Eicher Motors, Motherson Sumi Systems, Mahindra & Mahindra, Tata Motors, Tata Motors DVR and TVS Motor Company.
However, pharma stocks are down in this morning session led by Aurobindo Pharma, Dr Reddy’s Labs, Glenmark Pharma, Sun Pharma and Divis Labs.
India VIX is down 0.88 percent and is trading at 14.62 levels.
Bharti Infratel shares gained 2.6 percent intraday on June 27 after global investment firm Morgan Stanley resumed its coverage with overweight rating on the stock, citing stability in tenancy. The stock rallied 14 percent in last three months.
Share price of Cox & Kings tanked 10 percent after Brickwork Ratings has downgraded rating of the company’s NCD’s of Rs 50 crore.
Brickwork Ratings India Pvt Ltd has downgraded its rating on the company’s Rs 50 crore non-convertible debentures issue (NCDs) from BWR AA to BWR AA- with Stable outlook.
Banking stock IndusInd Bank gained 2 percent intraday after global brokerage Deutsche Bank expects 32 percent upside in the stock, amid benefits from Bharat Financial merger and improving asset quality.
“We have buy rating on the stock with a price target at Rs 1,900 per share as we believe merger benefits from Bharat Financial will play out and fears on non-performing loans (NPLs) misplaced,” the research firm said.
The top gainers from the NSE include Bharti Infratel, Indiabulls Housing Finance, IndusInd Bank, Mahindra & Mahindra and Axis Bank while the top losers are Tech Mahindra, UPL, Dr Reddy’s Labs, Power grid and Adani Ports.
The most active stocks are Reliance Industries, BEML, State Bank of India, Indiabulls Housing and Reliance Infra.
HDFC Bank, ICICI Bank, Bajaj Finserv, Container Corporation, HDFC Asset Management Company and ABB India have hit new 52-week high on BSE.
On the other hand, 102 ;stocks have hit 52-week low on BSE including McNally Bharat, Eros Media, Mercator, Glenmark Pharma, GSK Pharma, Mangalam Drugs, TCI Finance and La Opala RG among others.
1085 stocks advanced and 535 declined while 459 remained unchanged on the NSE. On the BSE, 1171 stocks advanced, 597 declined and 105 remained unchanged.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.