Market Update: Biocon, Tata Global lead midcap outperformance; LT, SBI most active
The Indian benchmark indices on Tuesday afternoon were trading on a negative note with the Nifty down 6 points or 0.06 percent while the Sensex slipped 29 points at 33695.
The midcap index continued to outperform led by Biocon which was up 4.7 percent while IGL, Jubilant Food, CG Power, Mcleod Russel, NHPC, Siemens and Tata Global were some of the top gainers.
From the Nifty, the stocks that gained the most were Indiabulls Housing Finance which was up 2 percent while UPL gained 1.6 percent. Maruti Suzuki, Zee Entertainment and HDFC were the other top Nifty gainers.
The most active stocks were Larsen & Toubro, Axis Bank, State Bank of India and ITC.
The top losers were NTPC, Aurobindo Pharma, Bharti Infratel, ONGC and GAIL India.
From the BSE, the stocks that gained the most included Mcleod Russel India which zoomed over 7 percent while Rallis India jumped over 6 percent. NCC, Religare Enterprises and Videocon Industries were the other top Sensex gainers.
128 stocks hit new 52-week high on NSE including Automotive Axles, Axis Bank, Bajaj Electricals, Emami, Eveready Industries, KPIT, Tech, IGL, HOEC, Maruti Suzuki, Jubilant Food, Mcleod Russel, PC Jeweller, Raymond, SRF, Tata Global Beverage, Zee Entertainment among others.
From the BSE, the stocks that hit fresh 52-week high were Yuken India, Jubilant Food, Fag Bearings, Minda Industries, 8K Miles Software, Zee Entertainment, GSK Consumer, IFB Industries and Raymond among others.
The market breadth was in favour of the advances on Tuesday afternoon with 909 stocks advancing as against 746 declines. On the other hand, 1408 stocks advanced and 1209 stocks declined on the BSE.
Research and broking firm Motilal Oswal has upgraded IGL to buy with a target price of Rs 404 per share and expects 13/11/11 percent volume growth in FY18/19/20.
Technical Analyst Ashwani Gujral of ashwanigujral.com has a buy on 8k Miles with a stop loss of Rs 935, target of Rs 980 and a buy on Axis Bank with a stop loss of Rs 554, target of Rs 580.