New Delhi: The market gained marginal strength amid volatility with the BSE Sensex rising up 62.88 points to 24933.57 and the Nifty climbing 26.35 points to 7589.90.
Larsen and Toubro surged four percent following Q3 earnings. With maintaining outperform on stock and target of Rs. 1469, Macquarie says given the investors concerns, broadly maintaining guidance is a positive outcome and stock is likely to see a bounce back.
HDFC Bank, Infosys, Lupin, Adani Ports, Wipro, Cipla, Bharti Airtel and BHEL were up 1-2 percent while ICICI Bank fell three percent.
As per a report by Morgan Stanley, State Bank of India’s bad loan has reduced target price to Rs. 115 per share, implying 36 percent downside. It has also cut earnings per share (EPS) by 28-35 percent.
“Following ICICI Bank’s earnings, we are building in much higher NPL formation estimates for the SBI parent up at Rs. 35000 crore for first half of FY16 from earlier Rs. 15000 crore,” Morgan Stanley said in a note. (ANI)