Nifty hovers around 8000, Sensex steady; Sun Pharma, M&M, HDFC, ONGC and Reliance are top gainers while Infosys, SBI, Hindalco, Tata Power and NTPC are among laggards in the Sensex.
Brokerage view: Shares of Eicher Motors jumped over 3 percent intraday after CLSA has initiated coverage on the stock with a buy rating and a target price of Rs 21800 per share.
The brokerage expects Eicher to deliver sector-leading 52 percent consolidated EPS Cagr over the next three years. Premium valuations should sustain given robust outlook and low competitive threat for Royal Enfield, it adds.
Royal Enfield will be a key beneficiary of rising replacement demand and shift in motorcycle demand profiletowards premium bikes. Commercial vehicle business should also deliver strong growth led by commercial cycle recovery and market share gains in heavy truck segment driven by new products,"it says in a report.
Shares of Glenmark Pharma climbed 1.7 percent intraday on receiving final approval from the USFDA for its extended cycle oral contraceptives. The pharma company has received final approval from the US Food and Drug Administration (USFDA) for the extended cycle oral contraceptive, Levonorgestrel & Ethinyl Estradiol tablets USP, 0.15 mg. 0.03 mg, the AB-rated generic version of seasonable by Teva Women's Health.