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28 Mar 2024, Edition - 3180, Thursday

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Business

Sensex Rises For Fourth Day, Nifty Firm Above 10,350

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Reliance Industries surged 2 per cent after Goldman Sachs raised the target price on Reliance by 26 per cent.

Indian stock markets rose for a fourth consecutive session on Tuesday, boosted by Reliance Industries after Goldman Sachs raised its target price on the stock. Goldman Sachs raised the target price on Reliance by 26 per cent to Rs. 1,205 and added the stock to its ‘conviction list’ with a ‘buy’ rating. The investment bank also expects the company’s core earnings to double over the next three years. Reliance shares gained as much as 2 per cent.

The Sensex was up over 200 points to 33,585 in noon trade while Nifty rose above 10,353.

The Nifty Pharma index rose over 2 per cent with Dr Reddy’s Laboratories Ltd gaining 9.65 per cent after the company got Establishment Inspection Report from the US FDA for its Duvvada facility at Vishakapatman.

Broader Asian markets were trading higher after strong German economic data boosted sentiment.
“Markets are riding on momentum and though there could be profit-booking by derivatives expiry next week, I expect Nifty to cross 10,500,” said Krish Subramanyam, co-head – equity advisor at Altamount Capital.

Logistics firms gained after the government granted infrastructure status to the sector to help enable easy access to loans. Allcargo Logistics Ltd rose as much as 3.8 percent.

Quess Corp surged as much as 9.5 per cent after agreeing to buy a 51 per cent stake in Tata Business Support Services Ltd.

Among losers, L&T Finance Holdings Ltd fell 3.9 percent after IFR reported that Citigroup is selling a 2.15 percent stake in the company.

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