Written by Bharath Rajeswaran and Ritam Mukherjee
BENGALURU, March 27 (Reuters) – Indian stocks on Wednesday were led by major Reliance Industries after Goldman Sachs set its highest price target, and oil sales rose as falling crude prices supported hopes for sustained refining margins. The company led the rise.
Excellent NSE Nifty 50 .NSEI The BSE Sensex index rose 0.64 per cent to 22,144.70 at 10:27 am IST. .BSESN It rose 0.65% to 72,942.63.
Pramod Gubbi, co-founder of Marcellus Investment Managers, said the Nifty has been hovering around 22,000 this month and should remain like this for a few more periods, with the next earnings season starting in mid-April. He said that there is a high possibility that it will be a catalyst for direction.
“The large-cap space is attractive from a valuation perspective, and reallocation from small- and mid-caps to large-caps will continue to keep the benchmark resilient,” Gabi said.
broader, domestically focused, and smaller .NIFSMCP100 and mid cap .NIFMDCP100 They rose 0.6% and 0.5%, respectively, on the day. However, as of March, they were down 4.8% and 0.75% respectively, while Nifty was up 0.5%.
All 13 major sectors rose.energy .NIFTYENR oil and gas .Nifoil gas 1% and 1.4%, boosted by Reliance Industries' 2.3% rise. lilith 2948.40 up to Rs.
Goldman Sachs raised Reliance's price target to a street high of Rs 3,400, citing favorable valuation and the potential for earnings boost from peak capex.
Oil marketing company Bharat Petroleum BPCL.NSHindustan Petroleum HPCL.NS and indian oil IOC.NS As crude oil prices continue to fall, each company's prices have risen by about 2%, supporting refining margins. or
ABB India ABB.NSThe technology automation products and services provider rose 6% to Rs 6,286.80 after UBS raised its price target to a street high of Rs 7,550, citing sustainable earnings and growth in its electrification business. Ta.
Metal Fabricator Gravita India grains The stock rose 10.5% after Kotak Institutional Equities initiated 'buy' coverage on the stock, calling it a leader in the domestic recycling industry.
(Reporting by Bharath Rajeswaran and Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema and Savio D'Souza)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
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