New Delhi : The market on Monday ended flat with the Sensex trading up 5.25 points at 26402.96, while the Nifty traded up 6.10 points at 8094.70.
Dr Reddy’s Labs, Cipla, SBI and Sun Pharma were top gainers while TCS, Infosys, Wipro, Asian Paints and Bajaj Auto were losers in the Sensex.
Kotak Securities has downgraded Maruti Suzuki, the country’s largest car maker, to add from buy earlier and maintained target price at Rs. 4,300, citing fair valuations.
The brokerage believes positive earnings surprise is unlikely, given the sharp appreciation of Japanese yen against Indian rupee and capacity constraints.
It also believes pricing power of the company will improve once industry recovers to double digit growth which is likely once the Seventh Pay Commission is implemented. The full impact is likely in FY2018, says the brokerage.
Oil prices stabilized today as market participants better absorbed the shock of last week’s vote in Great Britain to leave the European Union and recognized the referendum would have little effect on global fuel demand.
Brent crude futures were trading at USD 48.67 a barrel, up 26 cents from their last settlement. US crude was up seven cents at USD 47.71 a barrel. (ANI)