Market Update: GAIL, Yes Bank top Nifty gainers; ICICI Bank falls 2%, IndusInd, HDFC most active
The Indian benchmark indices on Monday afternoon wiped out of of its morning gains and were trading in the red with the Nifty down 2.8 points while the Sensex was down 22.71 points at 33320.
The midcap Index outperformed and was up 0.49 percent led by Biocon which jumped over 5 percent on the back of EIR received from USFDA followed by Godrej Industries, Jain Irrigation, Mcleod Russel, SAIL, OBC and Tata Global Beverage.
CNX Infra was also outperforming the broader indices with Idea Cellular jumping 5.3 percent while PTC India and Tata Power were the other gainers.
Bank Nifty was trading almost flat with Yes Bank adding 2 percent while ICICI Bank was down 2.18 percent.
From the Nifty, the stocks that gained the most were GAIL India which was up 3 percent while Yes Bank was up 2 percent. Bharti Infratel, Coal India and Kotak Mahindra Bank were the other gainers.
The most active stocks were IndusInd Bank, HDFC, HDFC Standard Life Insurance, DLF and Rain Industries.
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 over 11 percent while BF Utilities jumped 8.44 percent. Navkar Corp, GATI and Indiabulls Real Estate were the other top Sensex gainers.
68 stocks hit fresh 52-week high on NSE including Adani Enterprises, Automotive Axles, DLF, Eveready Industries, Kolte Patil Developers, Maruti Suzuki, Tata Global, Tata Power and Tilaknagar Industries.
114 stocks hit new 52-week high on BSE including Maruti Suzuki, Cera Sanitaryware, Venkys, Eldeco Housing, BASF, Tata Metaliks and Apex Frozen Food among others.
The market breadth was in favour of the advances on Monday afternoon with 1038 stocks advancing as against 644 declines. On the other hand, 1575 stocks advanced and 1027 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.