During the day, it soared 436.22 points, or 0.51 per cent, to hit a fresh lifetime intra-day peak of 84,980.53.
NBFC stock UGRO Capital will be in focus as two brokerage firms, Choice Broking and InCred Capital, have forecasted a potential upside of up to 37 per cent for the stock. The stock is also in focus ahead of a board meeting on September 24 to discuss potential fundraising.
Choice Broking has issued an outperform rating on the stock setting a target price of Rs 345, indicating a 35 per cent upside. Also, InCred Capital provided an ‘add’ recommendation with a target price of Rs 350, representing an almost 37 per cent potential gain.
Meanwhile, benchmark BSE Sensex jumped 384 points to close at a new all-time high on Monday, driven by gains in energy, select banking and auto shares amid continued optimism over the US Fed rate cut and positive Asian markets.
Rallying for the third day running, the 30-share BSE Sensex jumped 384.30 points, or 0.45 per cent, to settle at an all-time high of 84,928.61. During the day, it soared 436.22 points, or 0.51 per cent, to hit a fresh lifetime intra-day peak of 84,980.53.
The NSE Nifty rose 148.10 points, or 0.57 per cent, to close at a record peak of 25,939.05. During the day, it zoomed 165.05 points, or 0.63 per cent, to reach a new intra-day all-time high of 25,956.
“The euphoria from the FED rate cut continued to lift the domestic market. The benign input costs and an expectation of a change in stance by the RBI amid cuts by global banks will provide tailwinds to valuation. Though there is moderation in India PMI data, investors are anticipating that the wave of liquidity from FII may provide stability in the sentiment,” Vinod Nair, Head of Research, Geojit Financial Services said.
From the 30 Sensex firms, Mahindra & Mahindra was the biggest gainer, rising by 3.29 per cent. State Bank of India rose by 2.55 per cent, Bharti Airtel by 2.25 per cent and Kotak Bank by 1.71 per cent.