Besides these five stocks, Astral Poly Technik, Bajaj Holdings, Bata India, CreditAccess Grameen, Divi’s Laboratories, Gujarat Flurochemicals, Havells India, Info Edge (India), Muthoot Finance, PI Industries and Vinati Organics from the Nifty 500 index also hit their respective new high on Tuesday.
Over the past two sessions, the Nifty and Sensex have gained 2.4 per cent to hit a fresh 2019 high today. After pumping net amount of Rs 15,329 crore ($2.15 billion) in Indian equities during the month of February, FPIs made net inflow of Rs 9,694 crore ($1.38 billion) thus far in March.
Foreign brokerages such as HSBC, BNP Paribas and Morgan Stanley have turned bullish on Indian equities despite the election-related uncertainty. In its recent report, HSBC for instance, has raised its weightage on India from ‘neutral’ to ‘overweight’ and remains bullish on financial, metal, and consumer discretionary sectors in the Indian context. READ MORE HERE
RIL hit a new high of Rs 1,330, up 2 per cent today, surpassing its previous high of Rs 1,329 recorded on August 29, 2018 in intra-day trade. In past two months, RIL has outperformed the market by gaining 21 per cent, as against 4 per cent rise in Nifty 50 index.
The rating agency, CRISIL, on March 5 had assigned its 'CRISIL AAA/Stable' rating to Rs 8,000 crore Non-Convertible Debentures (NCDs) of RIL, while reaffirming the rating on its existing debt instruments and bank facilities at 'CRISIL AAA/Stable/CRISIL A1+'.
The ratings continue to reflect RIL's leadership in the petrochemicals industry in India, strong competitiveness in the global oil refining business, leadership position attained by Reliance Jio Infocomm Limited (RJIL) in terms of its 4G mobile broadband subscriber base and exceptional financial flexibility. These strengths are partially offset by RIL's exposure to risks relating to reducing gas volumes at its largest gas production field, the Krishna-Godavari D6 (KG-D6) and exposure to an intensely competitive telecom industry, CRISIL said in a note.
Shares of ICICI Bank also hit a record high of Rs 388, up 3 per cent, on the NSE in intra-day trade today. The stock surpassed its previous high of Rs 383 touched on January 9, 2019 in intra-day trade. In the first seven trading days of March, ICICI Bank has outperformed the market by gaining 11 per cent. In comparison, the benchmark Nifty 50 index has moved 4 per cent north during the same period.
Analysts remain bullish on the ICICI Bank stock with a target price in the range of Rs 425 to Rs 470 as the brokerage firms believe the bank is entering a new phase charaterised by better asset quality, healthy credit growth and superior margins.
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