Market Update: Sun Pharma falls over 4%, Lupin, RComm hits 52-week low; TCS most active
The Indian benchmark indices on Wednesday afternoon were in bear grip with the Nifty down 58 points or 0.57 percent while the Sensex shed 155 points at 32782.
The Nifty midcap index led the Nifty fall which was down 0.82 percent dragged by GMR Infra, Bharat Financial, Hindustan Zinc, Reliance Capital,Reliance Infra and Voltas.
From the Nifty, the stocks that gained the most were BPCL which gained close to 2.5 percent while Tech Mahindra was up 1.63 percent. Ambuja Cements, ICICI Bank and HPCL were the other top gainers.
The most active stocks were TCS, Bank of Baroda, Reliance Industries, Jet Airways and State Bank of India.
The top losers were Sun Pharma and Hindalco Industries which were down over 4 percent each while ONGC, Indiabulls Housing Finance and Vedanta were the othet top losers.
From the BSE, the stocks that gained the most included Religare Enterprises which zoomed 10 percent while Fortis Healthcare added over 8 percent. Biocon and Videocon Industries were the other top gainers.
43 stocks hit new 52-week high on NSE including Automotive Axles, Jubilant Foodworks, Balkrishna Industries, Jet Airways, Minda Industries, Tata Global Beverage, Voltas, etc among others.
Dena Bank, Lupin, Reliance Communications, Reliance Infra, Reliance Power and Sakthi Sugars were some of the stocks hit new 52-week low in the afternoon trade.
From the BSE, the stocks that hit fresh 52-week low were Reliance Capital, Reliance Infra, Reliance Power, Pincon Spirits, Force Motors and Reliance Naval.
The market breadth was in favour of the declines on Wednesday afternoon with 403 stocks advancing as against 1283 declines. On the other hand, 748 stocks advanced and 1863 stocks declined on the BSE.
Morgan Stanley has maintained an ‘Equal-weight’ on Bank of Baroda with price target of Rs 170 expecting gradual recovery in pre-provisioning operating profits, given continued pressure on loan yields and staff cost growth picks up.
UBS has maintained a buy on Bank of Baroda and has hiked price target to Rs 230 from Rs 220.
Technical Analyst Mitessh Thakkar of miteshthacker.com has a buy on V Guard with a stop loss of Rs 220 for target of Rs 250 and a buy on Voltas around Rs 595, stop loss of Rs 580 for target of Rs 625.
Sandeep Wagle of powermywealth.com has a buy on V-Guard Industries with a stop loss of Rs 231 and target of Rs 246.
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