4 blue-chip stocks which are trying to pull Sensex up amid losses

By: | Updated: August 31, 2017 1:57 PM

Indian equities are trading marginally higher in the mid-morning trade on Thursday ahead of GDP data release. We take a look at 4 large cap stocks which are resisting further decline in the index amid the muted trade.

The stock of Bajaj Auto today rose as much as 2.3% to the day’s high of Rs 2,810.2 on BSE. (Image: Reuters)

Indian equities are trading marginally higher in the mid-morning trade on Thursday ahead of GDP data release. BSE Sensex which fell 100 points today regained partially around the early afternoon trade. The sell-off in the shares of heavyweight companies such as Infosys, ICICI Bank, and ITC are dragging the index down. However, on the other side few blue-chip stocks are rising the index and supporting the index to trim its losses further. We take a look at 4 large cap stocks which are resisting further decline in the index amid the dull trade.

Bajaj Auto

Shares of two wheeler maker Bajaj Auto are leading the Sensex amid the turbulent market activity. Earlier this month, Bajaj Auto entered into a non-equity tie-up with Triumph Motorcycles of UK to make mid-range motorcycles. Triumph and Bajaj will most likely make motorcycles displacing between 300 to 600 cc, which is the stronghold of Royal Enfield right now. The stock of Bajaj Auto today rose as much as 2.3% to the day’s high of Rs 2,810.2 on BSE.

Wipro

Wipro shares are also supporting the index to trim losses due to slump in shares of rival companies Infosys and TCS. The stock of India’s third-largest software services firm Wipro is one of the top gainers on the 30-share barometer on Thursday as its shareholders have approved the company’s Rs 11,000-crore buyback proposal. The Bengaluru-based company has fixed September 15 as the record date for the buyback offer. Wipro being into the top five contributors to Sensex gains, advanced 1.8% to the day’s high of Rs 296.9 on BSE.

Reliance Industries

Reliance Industries shares are also one of the top performers on Sensex today. The shares of RIL gained 1.71% to the day’s high of Rs 1,591 after the oil-to-telecom conglomerate yesterday said it will make an offer for issuing non-convertible debentures (NCDs) worth Rs 2,500 crore next week.

Other prominent gainer is India’s top automaker Maruti Suzuki and is the second best contributor to the index gains. The stock of Maruti Suzuki rose as much as 1.52% to the day’s high of Rs 7,685.15 on BSE. Collectively these four stocks contributed about 58 points to counter the 97 points slump in the index led by the shares of Infosys, ICICI Bank and, ITC.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition