Sensex, Nifty Log Third Day Of Gains Aided By Banks, RIL
- Oldest First
India's stock benchmarks advanced for the third consecutive session, aided by banking, power and energy stocks.
The S&P BSE Sensex rose 1.14% (over 670 points) to 59,855.93. The NSE Nifty 50 index rose over 1% to close at 17,805.25. This is the first time the 50-stock gauge closed above 17,800 since November 17, 2021.
NTPC Ltd. had the largest increase, rising 5.5%. Today, 36 of 50 shares rose, while 14 fell.
The broader indices underperformed their larger peers with S&P BSE MidCap little changed and S&P BSE SmallCap adding 0.4%. Sixteen of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Power and Utilities rising over 2%.
The market breadth was skewed in the favour of bulls. About 1,889 stocks advanced, 1,492 stocks declined and 108 remained unchanged.
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ICICI Lombard Gains As ICICI Securities Upgrades Stock To 'Buy'
Shares of ICICI Lombard General Insurance Co Ltd. rose 2% in intraday trade to Rs 1,438 apiece after ICICI Securities upgrade the stock from 'hold' to 'buy. The brokerage also raised the target priced from Rs 1,575 to Rs 1,675.
Upgrades to 'buy' from 'hold'; price target raisedto Rs 1,675 from Rs 1,575.
Long-term story remains intact.
Strong growth potential of Indian non-life insurance remains the key investment argument of ICICI Lombard.
Stable business model and RoE illustrates the stability of the business
Concerns on competition are overdone as the opportunities in non-life insurance is huge and ICICI Lombard has been able to maintain its market share.
Significant growth levers exist such as recovery in motor new car registrations, synergies from the acquisition of Bharti Axa etc.
Cost synergies with Bharati Axa is likely to be achieved over next 12 months, while revenue synergies is likely to take 24 months.
Of the 26 analysts tracking the company, 18 maintained 'buy', three maintained 'hold' and five maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 16.4%.
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