Indian shares ended over a percent higher on Tuesday, as factory activity data signalled a recovery in demand after coronavirus-led disruptions. The gains were mainly supported by a rise in banking and financial stocks.
The Sensex ended 503 points higher at 40,261 while the Nifty rose 144 points to settle at 11,813. Broader markets were mixed for the day with the Nifty Midcap up 0.6 percent and the Nifty Smallcap index was flat.
ICICI Bank, Hindalco, SBI, Powergrid, and HDFC were the top gainers on the Nifty50 index while UPL, NTPC, Reliance Industries, Nestle, and HUL led the losses.
The Nifty banking index rose 3.1 percent led by a 6.7 percent gain in ICICI Bank. The lender's shares are up for a second session after it reported upbeat earnings on Saturday.
Here are the key stocks that moved the most today:
HDFC: The share price of the lender settled 4 percent higher to Rs 2,121 per share on the NSE as CLSA increased its target price on the stock to Rs 2,300 from Rs 2,100 earlier while maintaining an 'Outperform' rating.
Bandhan Bank: The stock ended 2 percent higher to Rs 307.15 per share after CLSA reiterated a 'Buy' rating with its target price raised to Rs 430 from Rs 400, valuing the bank at 2.9x Sep-22CL ABV. The brokerage is of the view that these premium valuations are justified due to its high RoA profile and growth.
Cadila Healthcare: The pharma major's shares closed 6 percent higher to Rs 435 apiece after the company's net profit jumped over four-fold to Rs 473.4 crore in the September quarter. CLSA maintained a 'Buy' call on the stock and raised the target to Rs 540 per share from Rs 525 earlier.
NTPC: The stock ended over 3 percent lower to Rs 85.85 on profit-booking as the company's consolidated profit suffered a 7.7 percent decline YoY, falling to Rs 3,494.61 crore.
(Edited by : Jomy)
First Published: IST