Market update: ICICI Bank hits new 52-week high; SBI, HUL top gainers; SCI zooms 10%

The Nifty and the Sensex in the Wednesday afternoon trade extended their gains with the The Nifty50 up 95 points, at 10431 while the Sensex zoomed close to 400 points at 33595.

Bank Nifty continued to charge ahead with the index gaining 1.78 percent led by ICICI Bank which jumped 4.77 percent while State Bank of India and Axis Bank were the other top gainers. Bank of Baroda and Canara Bank were the other gainers.

The top Nifty gainers were Bharti Airtel which was up 7.54 percent while ICICI Bank added 4.73 percent. SBI, Hindustan Unilever and HDFC were the other top Nifty gainers. One of the most active stocks in the index apart from Bharti Airtel, Axis Bank and ICICI Bank was Reliance Industries.

From the BSE index, the top gainers included Shipping Corporation of India which zoomed over 10 percent followed by Religare Enterprises, Syndicate Bank, MMTC and Hindustan Copper.

The stocks that hit fresh 52-week high on the NSE included, Bharti Airtel, Bata India, Carborundum Universal, Dabur India, ICICI Bank and India Glycols. From the BSE, the stocks which hit new 52-week high were Bharat Forge, Automotive Axle, Cholamandalam Investment, Deepak Fertilizer and Dhampur Sugar.

In the Nifty index 133 stocks hit fresh 52-week high while on the BSE, 205 stocks hit new 52-week high.

The market breadth was strong with 988 stocks advancing while 705 declined. On the BSE, 1546 stocks advanced while 1180 declined.

Global research firm UBS has maintained a buy on Dabur India with a target of Rs 400 while Macquarie has an outperform rating on the stock with target of Rs 369.

Technical Analyst Ashwani Gujral of ashwanigujral.com, has recommended a buy on GMR Infra with a stop loss of Rs 17, target of Rs 25 and a buy on Raymond with a stop loss of Rs 920 for target of Rs 945. Mitessh Thakkar of miteshthacker.com has a buy on Dabur India with a stop loss of Rs 325 for target of Rs 350.

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