Shares of RIL settled 2.05 per cent higher at Rs 1,330.85 on the NSE, while ICICI Bank and Axis Bank gained 3.42 per cent and 1.10 per cent to close at Rs 388.70 and Rs 742.60, respectively.
“Reliance is the consumer-facing businesses. Retail, Jio and the media businesses are unlocking its value. In the next two-three years the stock should see 100 per cent appreciation from the current levels, given the kind of fundamental possibilities the company has created for its shareholders,” said Deven Choksey, MD, KR Choksey Investment Managers in an interaction with ETNow.
UPL (up 0.14 per cent) and Titan Company (up 1.03 per cent) also hit their record close of Rs 898 and Rs 1080.25, respectively. Brokerage firm Sharekhan in February gave ‘Buy’ rating to Titan Company with a target price of Rs 1,200.
“Q3FY19 was yet another strong quarter for Titan with revenue rising by 35 per cent and adjusted PAT growing by 63.2 per cent, beating ours as well as the street’s expectation,” Sharekhan had said in a report.
Going by market experts, positive global cues, as well as unabated buying by overseas institutional investors, mainly lifted market sentiment.
Hemang Jani, Head-Advisory, Sharekhan by BNP Paribas said: “Strong global cues and aggressive buying by foreign investors are some of the triggers that led to positive market sentiment. However, elections results on May 23 will be the deciding factor for further upside in the short term. In such a scenario, investors should focus on quality stocks and use price corrections to add fundamentally strong stocks.”
Jani is bullish on ICICI Bank and Axis Bank. “With peaking of NPA cycle, corporate-facing banks are likely to benefit with improvement in the overall asset quality and profitability,” he said.
The BSE Sensex closed 481.56 points, or 1.30 per cent, higher at Rs 37,535.66 today.