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Market Update: Nifty PSU bank outperforms as 86 stocks hit new 52-week high on NSE; HDFC most active

November 22
21:05 2017
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The Nifty up 24.65 points or 0.24 percent while the Sensex gained 132 points at 33611 on Wednesday afternoon.

Nifty  PSU banks was the outperforming sector as all stocks were trading in the green led by Punjab National Bank, State Bank of India, Bank of India and Syndicate Bank.

From the Nifty, the stocks that gained the most were Zee Entertainment which was up over 3 percent while Aani Ports was up over 2 percent. SBI, HDFC and GAIL India were the other top gainers.

The most active stocks were HDFC Standard Life, HDFC, State Bank of India, Jet Airways and Reliance Industries.

The top losers were Tech Mahindra, Bajaj Finance, Bharti Infratel, IndusInd Bank and Aurobindo Pharma.

From the BSE, the stocks that gained the most included Gujarat Pipavav and Future Retail which zoomed over 8 percent each while BF Utilities, Prestige Estates and Jaiprakash Associates were the other top Sensex gainers.

86 stocks hit new 52-week high on NSE including Bajaj Auto, BASF, Emami, Gillette, IFB Industries, Kolte Patil, KPIT Tech, Maruti Suzuki, Tata Elxsi, Titan and Zee Entertainment among others.

From the BSE, the stocks that hit fresh 52-week high were Maruti Suzuki, Bajaj Auto and United Spirits among others.

The market breadth was in favour of the advances on Wednesday afternoon with 818 stocks advancing as against 844 declines. On the other hand, 1285 stocks advanced and 1310 stocks declined on the BSE.

Research and broking firm Edelweiss Financial Services has maintained a buy on Future Retail with a target of Rs 628 per share expecting 742 bps jump in RoE to 24.1 percent over FY17-19.

Macquarie has maintained an outperform rating on Zee Entertainment with a target of Rs 615 per share. It believes that the company has ample levers to continue its investments and achieve over 30 percent margin.

Technical Analyst Ashwani Gujral of ashwanigujral.com has a buy on Bajaj Auto with a stop loss of Rs 3250, target of Rs 3400.

DisclaimerReliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd

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