Market Update: ICICI, PNB drag Bank Nifty lower; Maruti, United Spirits hit new 52-week high, Idea up 4%
The Indian benchmark indices on Monday afternoon wiped out of of its morning gains and were trading flat with the Nifty down 1 points while the Sensex was up 4 points at 33347.
The midcap Index outperformed with Biocon jumping close to 5 percent on the back of EIR received from USFDA followed by Godrej Industries, IGL, NHPC, Reliance Capital and Voltas.
CNX Infra was also outperforming the broader indices with Idea Cellular jumping 4.8 percent.
Bank Nifty was trading almost flat with Yes Bank and IndusInd Bank trading in the green while ICICI Bank was down over 2 percent.
From the Nifty, the stocks that gained the most were GAIL India which was up over 2 percent while Yes Bank was up 1.9 percent. Bharti Infratel, Coal India and IndusInd Bank were the other gainers.
The most active stocks were IndusInd Bank, HDFC, HDFC Standard Life Insurance, Just Dial and State Bank of India.
The top losers were Ambuja Cements, ICICI Bank, UltraTech Cement, Cipla and Tech Mahindra.
From the BSE, the stocks that gained the most included Rattan India jumped close to 10 percent while GATI zoomed 8.3 percent. Polaris and BF Utilities were the other top Sensex gainers.
61 stocks hit fresh 52-week high on NSE including Automotive Axles, Eveready Industries, Kolte Patil Developers, Maruti Suzuki, Minda Corp, Tata Global, Tata Power and Voltas.
99 stocks hit new 52-week high on BSE including Maruti Suzuki, United Spirits, Zandu Realty, Tata Metaliks, Voltas, VRL Logistics among others.
The market breadth was in favour of the advances on Monday afternoon with 1041 stocks advancing as against 613 declines. On the other hand, 1544 stocks advanced and 925 stocks declined on the BSE.
Global research firm CLSA has maintained a buy on Bharti Infratel with target price of Rs 490 while CITI has maintained a buy on UltraTech with a target at Rs 5350 per share.
Credit Suisse has maintained a neutral call on Maruti Suzuki with a target of Rs 7,300 per share while Nomura has maintain a buy on the stock but has kept the target unchanged at Rs 9843 per share.
Ashwani Gujral of ashwanigujral.com has a buy on DLF with a stop loss of Rs 218, target of Rs 234 and a buy on Tata Global with a stop loss of Rs 254, target of Rs 272.