Ways2Capital Morning Update : Sensex Gains After Opening flat, Nifty Eyes 8950

After opening flat, the market on Monday gained on the back of strong movements in Reliance Industries. The Nifty is now hovering around 8950-mark.
The 30-share Sensex was up 59.74 points at 28952.71, while the Nifty was up 9.00 points at 8948.50. The market breadth was slightly narrow, with 1,150 shares have advanced, 781 shares having declined. Meanwhile, 122 shares remained unchanged. Reliance was an index-mover in early morning trade, with the stock soaring 6 percent intraday on Monday.
The company touched a market capitalisation of Rs 4 lakh crore. The scrip also saw a big upgrade from Morgan Stanley. It increased the target price at Rs 1,506 from Rs 1,280 on the back of better than expected earnings.
Indian Oil Corporation saw a fall of over 2 percent intraday after Odisha government withdrew sales tax sops given to the firm at Paradip refinery. This has made the company rethink its Rs 52,000-crore investment in the refinery.
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