Larsen and Toubro (L&T) shares are up 6 percent in morning trade to Rs 1206, after hitting a 52-week high of Rs 1221.80 earlier in the session.
Brokerage house Citi has raised its target price for the stock to Rs 1305 from Rs 1137. "L&T looks set to grow sales 15% over FY14E-16E with stable margins. Domestic capex should rebound in early FY16E," it said.
Nifty and Sensex scale fresh all time highs today. The Nifty has gained 7.5 percent since February13 with the Bank Nifty rising over 14 percent. The Sensex is up 310.03 points or 1.44 percent at 21823.90, and the Nifty is up 91.50 points or 1.43 percent at 6492.65. About 1227 shares have advanced, 1050 shares declined, and 102 shares are unchanged.
The capital goods index is trading at a 15-month high today. ICICI Bank is up 8 percent while Axiz Bank gains 7 percent. L&T, Bharti and SBI jump 5-6 percent. Wipro, TCS lose around 3 percent each with weakness in rupee.
Equity market sentiment, strong FII flows and strength in the likes of the euro support the rupee. Gilts trade tad lower due to lack of buying support and participation.
Asian markets are firm tracking gains in the US after jobless claims fell to a 3-month low. The US markets saw the S&P touch record highs on better-than-expected US jobless claims. The ECB's decision to keep interest rates unchanged is helping sentiment. Investors are eyeing the release of US non-farm payrolls data for February due later today.Currencies saw the dollar weaken as risk appetite improved globally with the euro surging and Asian currencies such as the Korean won, Malaysian ringgit rising.
Brokerage house Citi has raised its target price for the stock to Rs 1305 from Rs 1137. "L&T looks set to grow sales 15% over FY14E-16E with stable margins. Domestic capex should rebound in early FY16E," it said.
Nifty and Sensex scale fresh all time highs today. The Nifty has gained 7.5 percent since February13 with the Bank Nifty rising over 14 percent. The Sensex is up 310.03 points or 1.44 percent at 21823.90, and the Nifty is up 91.50 points or 1.43 percent at 6492.65. About 1227 shares have advanced, 1050 shares declined, and 102 shares are unchanged.
The capital goods index is trading at a 15-month high today. ICICI Bank is up 8 percent while Axiz Bank gains 7 percent. L&T, Bharti and SBI jump 5-6 percent. Wipro, TCS lose around 3 percent each with weakness in rupee.
Equity market sentiment, strong FII flows and strength in the likes of the euro support the rupee. Gilts trade tad lower due to lack of buying support and participation.
Asian markets are firm tracking gains in the US after jobless claims fell to a 3-month low. The US markets saw the S&P touch record highs on better-than-expected US jobless claims. The ECB's decision to keep interest rates unchanged is helping sentiment. Investors are eyeing the release of US non-farm payrolls data for February due later today.Currencies saw the dollar weaken as risk appetite improved globally with the euro surging and Asian currencies such as the Korean won, Malaysian ringgit rising.
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