Market Update: Biocon zooms over 7% as midcaps outperform; BPCL, HPCL top gainers, ONGC down 3%
The Indian benchmark indices on Wednesday afternoon were still trading weak with the Nifty down 28 points or 0.28 percent while the Sensex shed 74 points at 32867.
The Nifty midcap index was the outperformer trading up by 0.27 percent led by Biocon which jumped over 7 percent while Apollo Tyres, HPCL, MRF, Jubilant Foodworks and Tata Global Beverage were the other top midcap gainers.
Bank Nifty was trading flat with Bank of Baroda adding over 1 percent while HDFC Bank and IndusInd Bank were trading weak. ICICI Bank added 0.3 percent.
From the Nifty, the stocks that gained the most were BPCL which gained close to 3 percent while HPCL was up 2.5 percent. Tech Mahindra, Indian Oil Corporation and Ambuja Cements were the other top gainers.
The most active stocks apart from Bank of Baroda, were Reliance Industries, Axis Bank and Jet Airways.
The top losers were ONGC which was down close to 3 percent while Hindalco Industries fell 2.8 percent.Sun Pharma, Indiabulls Housing Finance and Vedanta were the othet top losers.
From the BSE, the stocks that gained the most included Fortis Healthcare and Religare Enterprises which zoomed 10 percent while Balkrishna Industries, Biocon and Cox & Kings were the other top gainers.
39 stocks hit new 52-week high on NSE including Jubilant Foodworks, Balkrishna Industries, Jet Airways, Minda Industries Voltas, etc among others.
Lupin, Reliance Communications 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 high were Yuken India, Page Industries, Shreyas Shipping, Tata Global Beverage, Tejas Networks, etc among others.
The market breadth was in favour of the declines on Tuesday afternoon with 595 stocks advancing as against 1055 declines. On the other hand, 995 stocks advanced and 1443 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.