Nifty reclaims 10,300 mark; SBI, Airtel stock up

Benchmark indices opened higher tracking positive cues from other Asian equity markets and US equities overnight. The gains on the Nifty50 were led by shares of Axis Bank, UltraTech Cement, Bharti Airtel and State Bank of India.

At 9:40 AM, the Nifty50 index was up 52 points, or 0.5% at 10,318 level, while the Sensex was at 33,427 points, up 0.5% or 162 points. IL&FS Engineering stock gained 5% after it won the pipeline-laying contract from GAIL India worth Rs216cr.

Shares of SBI were up 1.5% after brokerage firm Goldman Sachs upgraded the stock to ‘buy’ with a price target of Rs396. Max India’s shares fell 2% after the Delhi government canceled the license of its Shalimar Bagh, Delhi hospital.

The BSE Midcap index and BSE Smallcap index was up by 0.5%. Both these indices outperformed the Sensex. All sectoral indices on the NSE were trading in the green.

Bharti Airtel (+1.8%), Axis Bank (+1.7%), SBI (+1.69%), Wipro (+1.64%) and Eicher (+1.6%) were the top gainers on the Nifty50.

HUL (-1%), Indiabulls HF (-0.44%), Infosys (-0.24%), NTPC (-0.17%) and Kotak Mahindra Bank (-0.13%) were the top losers in today’s trade.

India VIX gained 4.68%.

Out of 1,982 stocks traded on the NSE, 1,175 advanced, 375 declined and 432 remained unchanged today.

A total of 53 stocks registered a fresh 52-week high in trade today, while 11 stocks touched a new 52-week low on the NSE.

Meanwhile, the Indian rupee opened flat at 64.45 per dollar against Friday’s close of 64.46.