ONGC extended gains, rising 4 percent followed by Reliance Industries, TCS, Wipro and GAIL with over 1.5 percent upside whereas ITC, HDFC, Tata Motors, Axis Bankk, L&T, SBI and ICICI Bank fell 1-2.5 percent.
Equity benchmarks extended losses again in last hour of trade as the Sensex fell 216.73 points to 28828.55 and the Nifty declined 72.80 points to 8879.70.
Macquarie has maintained outperform rating on IRB Infrastructure Developers with a target price of Rs 313 as the IPO of infrastructure investment trust will be game changer for the company.
“Divestment through IRB InvIT Fund should help deleverage balance sheets, free up capital for growth and enable better value discovery,” the brokerage house says.
Equity benchmarks recouped some losses in afternoon trade with the Nifty reclaiming 8900 level, supported by oil & gas and select technology stocks. However, FMCG, banking & financials, infra and auto stocks continued to keep the market under pressure. The Sensex was down 164.67 points at 28880.61 and the Nifty fell 49.50 points to 8903.