Indian equities continued to extend gains on Tuesday with Nifty rising 0.66% to 10,190.85 while BSE Sensex rose 0.66% to 33,215.91 in noon trade. The US markets also witnessed uptrend on Tuesday as technology sell off faded and investors welcomed a preliminary deal on a transitional agreement that will lead to the orderly withdrawal of the UK.
Among the top Sensex gainers of Wednesday morning trade were Bharti Airtel 415 (3.71%), NTPC 169/70 (2.17%), Axis Bank 528 (1.36%), Maruti 8906.95 (1.23%), HDFC 1822 (1.22%). Among the major losers were Dr Reddy’s Lab 2145.95 (-0.53%), Hero Motor Corp 3495 (-0.52%), Tata Steel 590.45 (-0.46).
Domestic institutional investors continue to be active with Rs 731.17 cr buying on Tuesday while foreign portfolio investors pumped in Rs 344.16 cr.
Among the top picks given by Angel Broking on Wednesday-Blue Star (Accumulate Target 867) , Dewan Housing Finance (Target 720), Century Plyboards (Target 400), Navkar Corpation (Target 265) and KEI Industries (Target 436) have buy rating.
On the economic front, investment bank Goldman Sachs reportedly downgraded its forecasts for India’s economy on Tuesday, in the wake of a more than $2 billion fraud at Punjab National Bank, warning it could spark tighter regulation of the banking sector that would constrain credit growth. Goldman Sachs lowered its real GDP forecast on India till March 2019 to 7.6% from 8% earlier. For the current fiscal ending 31 March, it forecasts the Indian economy to grow 6.6%