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Indian equity benchmarks opened higher, snapping their two-day decline, even as Asian peers traded mixed following gains in U.S. stocks. The S&P BSE Sensex Index and the NSE Nifty 50 traded nearly 0.4 percent higher at 35,322.90 and 10,637.35, respectively, as of 10:40 a.m.
The market breadth was tilted in favour of buyers. Six of the 11 sectoral gauges advanced, led by a 1.44 percent gain in the NSE Nifty IT Index. On the flipside, the NSE Nifty Metal Index was the biggest loser, down 0.75 percent.
Here Are The Stocks Moving The Market This Morning
Indian Hotels Rises After Motilal Oswal Initiates A ‘Buy’
Shares of the Taj Group hotels operator rose as much as 8.9 percent, the most in nearly two- and-a half years, to Rs 147 apiece.
Research firm Motilal Oswal initiated coverage on the stock with a ‘Buy’ rating and a price target of Rs 163, implying a potential upside of 19 percent from the last regular trade, according to its research report.
Key highlights from the report:
- Attractive play on upcoming industry upcycle; market dynamics to turn favourable.
- Expects margins to increase by 500 basis points over FY18-20 due to operating leverage.
- Change in distribution channel mix to help reduce cost.
- Expects annualised recurring revenue growth of 8-10 percent as occupancy reaches optimum levels.
Indraprastha Gas Pares Losses After A Block Deal
Shares of the natural gas distributor pared losses and rose as much as 1.3 percent to Rs 269.10 apiece.
About 10 lakh shares changed hands in a single block deal, according to Bloomberg data. Buyers and sellers were not known immediately. The stock trades at 21 times its estimated earnings per share for the coming year.
CARE Ratings Near 28-Month Low
Shares of the credit rating agency fell for the second straight session to Rs 987 apiece, its lowest levels since July 2016.
The trading volume is double its 20-day average, Bloomberg data showed. The stock trades at 17.3 times its estimated forward earnings per share compared to 23.8 times for the two-year historical average.
Adani Gas Surges On Heavy Volumes
Shares of the natural gas distributor rose as much as 15.4 percent to Rs 112 apiece.
The trading volume is 13 times its 20-day average, according to Bloomberg data. The stock rose over 45 percent since its listing on Nov. 5.
Forbes & Co. At Over Two-Month High
Shares of Forbes & Co. rallied for the third session and are poised for their longest gaining streak in over a month. The stock rose as much as 9.2 percent to Rs 2,699 apiece.
Also, the company is planning a separate listing of Eureka Forbes Ltd., the water purification unit of publicly traded Forbes & Co., Bloomberg reported quoting its Executive Director Jai Mavani. “Sales of the commercial real estate will also be considered.” (More details here)
The trading volume is almost 30 times its 20-day average, Bloomberg data showed. The Relative Strength Index is above 70, indicating that the stock may be overbought.
. Read more on Markets by BloombergQuint.