Market Update: RIL, Tata Steel hit fresh 52-week high; Bharti Airtel rises 6.5%, Infratel 3.7%

Eqquity benchmarks opened on a positive note on Friday with the Nifty conquoring the level of 10,100 largly driven by Index heavyweights Reliance Industries which was up 1 percent ahead of its Q2 numbers later in the day hitting a new 52-week high at Rs 890.70. Bharti Airtel jumped 6 percent thereby extending its yesterday gains. Sensex was also trading on a strong note in the early morning trade gaining 142 points at 32,324.

Among the Nifty50 Index, Bharti Airtel was the top gainer, up close to 7 percent followed by Bharti Infratel which gained 3.45 percent. Tata Steel was the other stock which hit the new 52-week high adding 1.98 percent at Rs 706.50. Yes Bank and Reliance Industries were the other top Nifty gainers.

The most active stocks in the Index included names like Reliance Industries, Tata Consultancy Services and Tata Steel.

Within the BSE Index, Idea Cellular reversed its trend and zoomed 5.3 percent followed by Sundaram Fasteners and Can Fin Homes which added 4.3 percent and 3.77 percent respectively.

The stocks which hit new 52-week high in the Nifty included names like Avenue Supermarts, Bharat Financial Inclusion, Dabur India, Havells, JSPL and TVS Motor apart frrom RIL and Tata Steel. In the BSE Index, stocks like NBCC, NIIT Technologies, Adani Transmission, Bombay Burmah, Coromandel International and Britannia Industries were some of the many stocks which hit 52-week high.

The midcap index was trading flat but it was the Bank Nifty which aided in the Nifty gains led by HDFC Bank, up 1 percent, ICICI Bank which gained 1.12 percent and Yes Bank which added 1.16 percent. Bank of India from the PSU banking space was up close to 1 percent while State Bank of India and Punjab National Bank were trading in the red.

The advance decline data in the Nifty showed 33 advances as against 17 declines while on the BSE Index, 1263 advanced and 810 declined.

Technical Analyst Ashwani Gujral of ashwanigujral.com recommended a buy on Jindal Steel and Power with a stop loss of Rs 158 and target of Rs 170 and Havells India with a stop loss of Rs 525 and target of Rs 550.”

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd