Sensex Today | Stock Market Highlights: Nifty reclaims 26,000 mark to reach three-weak high led by banks, tech stocks

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Download our mobile app for Android and iOS platformMARKET AT CLOSEMkt Stages Smart Recovery Intra-day Led By Financials & ITNifty Reclaims 26,000, Ends At A 3-week HighNifty Bank Hits Record High, Ends Above 59,200 For The 1st TimeMarket Breadth Favours Declines As Midcaps Relatively UnderperformIT Stocks Lead Gains Ahead Of Nvidia Results, Wipro, HCL, Infosys Up 2-4%Sensex Rises 513 Points To 85,186 & Nifty 143 Points To 26,053Midcap Index Gains 127 Points To 60,949 & Nifty Bank 317 Points To 59,216More Than 30 nifty Stocks Close In The Green, Max, HCL, Infosys & Wipro Top GainersIT Stocks See A Big Buying With Stocks Rising Up To 10%, The Index Up 3%Auto Stocks See A Mixed Close, Maruti & TaMo PV Slip While M&M Ends HigherCapital Market Names Surge Trasking Market Upmove, BSE & 360 One Top GainersAuto Ancillaries Rise On The Hope Of A Trade Deal, Sona BLW, Bharat Forge Up 4% EachBuying In PSU Banks Continues Tracking Consolidation Newsflow, PNB, BoI Up 2% EachSammaan Capital Slides 13% As SC Questions Agencies’ Approach In InvestigationWaaree Energies Falls 3% After I-T Dept Officials Visit Facilities For InvestigationGroww Hits 10% Lower Circuit, Closes In Red For The First Time Since ListingKEC Intl Falls 10% After Power Grid Bars Co From New Projects For 9 MonthsAvanti Feeds Jumps 11% After China Halts Seafood Imports From JapanBiocon Drops 3% After Citi Double-downgrades Stock To Sell From BuyTenneco Lists At A 27% Premium, Closes At `491 Vs Issue Price Of `397/Sh

Piramal Pharma said on Wednesday its bioconjugates facility in Grangemouth, Scotland, has received updated good manufacturing practice (GMP) certificates from the UK’s Medicines and Healthcare products Regulatory Agency (MHRA).

The company said the certificates remain valid for three years. They cover all activities at the site’s Helix building, including its warehouse and laboratory operations. They were granted after the MHRA reviewed a GMP compliance report and completed a desktop inspection.

Brokerage firm Citi has issued a double downgrade for shares of Biocon.

Citi has double-downgraded Biocon to “sell” from its earlier “buy” rating and cut its price target to ₹360 from ₹430 earlier.

Price target implies a potential downside of 12% from current levels.

Mirae Asset Sharekhan + Astha Jain, Hem Securities

On Biocon

Astha Jain: Short term view is not positive. Short term, I might feel that there may be some more downside which can be seen in the stock. But in the long term, the stock can move upwards, provided if the upcoming results, that is Q3FY26 will be on the higher side. So, idea here is to wait for at least these results to come in. So, I am recommending a hold on this counter with the price target of ₹440, although I am giving a little more a higher price targets from the current level, I still believe that in the long term, definitely that will yield results. So just stay invested in this counter for the long term. Immediate target can be set at around ₹440 to ₹450 odd levels.

Somil Mehta: In the very short term, it’s not looking good at this point of time, so the buy on decline should be the strategy in the medium to long term outlook. Now the levels to watch out here on the downside would be around ₹405 in the very short term, but in the medium term outlook too ₹380-385 would be the levels I’ll look out for. And over there, I’ll be revisiting the stock. I think that will be the right time to go ahead and buy the stock, and my targets are above ₹465-470 levels. So yes, buy in medium term outlook and in the long-term outlook.

Citi has downgraded Biocon to ‘Sell’ From ‘Buy’, with a target price of ₹360/share.

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– Infosys is the top contributor to the Nifty upside with 59 points

– HCLTech (22 points), TCS (20 points), ICICI Bank (18 points) and SBI (13 points) are some of the other contributors to the Nifty upside.

– Gains as much as 8% on Wednesday

– Has oscillated between gains and losses over the last four sessions

– Today’s volumes are the highest since January this year

– 8 lakh shares traded Vs 20-day average of 55,900 shares

The Nifty is back at the highest point of the day with the index crossing the intraday highs of both Monday and Tuesday.

The Nifty is now near the 26,050 mark, aided by IT stocks, and a recovery in the Nifty Bank, which is again at a record high, above the 59,100 mark.

– Supreme Court questions “friendly approach” by CBI, MCA in investigating allegations of IHFL.

– SC questions SEBI reluctance to investigate, questions “double standards”, says top court is giving Sebi jurisdiction to probe.

– SC pushes CBI to file FIR, says it will strengthen ED’s hand, directs CBI to file response to clarify stance.

– ED assures a joint meeting of officers of ED, CBI, SEBI, SFIO in two weeks.

The Nifty IT Index has further extended its gains, surging over 1000 points.

Bitcoin has plunged about 30% from its all-time high of $126,000, striking a low of $87,000 during the recent selloff. Other major tokens have also weakened.

Despite the decline, traders believe the trend is predictable. The market classifies it as “pretty cyclical” and warns that comparable crashes tend to occur every four to five years, which some investors consider good entry possibilities.

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Broking firm UBS upped its recommendation on the company and raised its price target by more than 15%, suggesting that shares of Axis Bank Ltd. may rise by 20%.

The broking has raised its price objective for the private lender from ₹1,300 per share to ₹1,500 per share, and UBS has changed its recommendation from “neutral” to “buy” for Axis Bank.

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