Market Live: Nifty opens above 10,000; Sensex, Midcap hit record highs; HCL Tech up

Moneycontrol News

9:38 am Buzzing: Shares of Indiabulls Real Estate rose nearly 9 percent intraday as investors cheered a ratings initiation on the stock.

While the stock rallied post its removal from the F&O ban, CLSA too initiated coverage on the stock with a buy rating and a target price of Rs 282.

CLSA said that the portfolio shift towards office income should double the lease income over the next five years.

The company, the brokerage added, will complete 20 msf of ongoing residential development projects over 3-4 years.

The recent steps for reorganization should lead to value discovery, it added.

The stock has multiple triggers to gain 50 percent over the next two years.

9:25 am Earnings: Software solutions provider HCL Technologies’ first quarter profit fell sharply by 6.6 percent sequentially to Rs 2,171 crore, impacted by lower revenue growth but better operational performance capped degrowth.

Revenue during the quarter grew by 0.8 percent to Rs 12,149 crore and dollar revenue rose by 3.7 percent to USD 1,884.2 million on sequential basis.

9:15 am Market Check: The market hit fresh record highs in early trade on Thursday, with the Nifty opening above 10,000 level on expiry day after US Federal Reserve meet and ahead of corporate earnings.

The 30-share BSE Sensex was up 126.76 points at 32,509.22 and the 50-share NSE Nifty rose 40.55 points to 10,061.20.

HCL Technologies and Yes Bank rallied up to 2.5 percent post earnings while ICICI Bank, Idea Cellular, ITC and Maruti Suzuki gained up to 1 percent ahead of earnings.

Tech Mahindra, Cipla, Hindalco and Bosch were moderately lower.

Nifty Midcap was up 0.5 percent as about seven shares gained for every two shares falling on the NSE.

Bharat Financial, Manappuram Finance, Ujjivan Financial and L&T Finance Holdings gained up to 3 percent while Indiabulls Real surged 8 percent. Shree Renuka Sugars and Parsvnath Developers also rallied.

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