Market Update: Nifty Realty outperforms as Sobha jumps over 7%; Tech Mahindra, HPCL top losers
The Indian benchmark indices on Thursday morning were in bear grip and were trading in the negative zone with the Nifty down 60 points or 0.58 percent while the Sensex shed 185 points at 33417.
CNX Realty was the outperforming sector led by Sobha which jumped 7 percent hitting new 52-week high.
The Nifty midcap index was down close to 1 percent as almost all stocks were in the red dragged by CG Power, Mcleod Russel, Oriental Bank of Commerce and Voltas.
From the Nifty, the stocks that gained the most were Indiabulls Housing Finance which was up 1.5 percent while Sun Pharma, Bajaj Auto, Infosys and Dr Reddy’s Labs were the other top gainers.
The most active stocks apart from Indiabulls Housing Finance were State Bank of India, HDFC, Indiabulls Real Estate and Jet Airways.
The top losers were Tech Mahindra, HPCL, Adani Ports, ONGC and Kotak Mahindra Bank.
From the BSE, the stocks that gained the most included PI Industries which jumped over 3 percent while Adani Transmission was up 2.34 percent. Den Networks, Hathway and Vakrangee were the other top Sensex gainers.
The top Sensex losers were Mcleod Russel which shed 3.5 percent while Delta Corp was down 2.77 percent. HCC, Religare Enterprises and OBC were the other top Sensex losers which fell over 2 percent each.
The stocks that hit new 52-week high on NSE included PI Industries and Shriram Transport Finance among others while Glenmark Pharma hit 52-week low.
From the BSE, the stocks that hit fresh 52-week high were Dixon Tech, Automotive Axles, Shriram Transport, Sobha, Balmer Lawrie among others.
The market breadth was in favour of the declines on Thursday morning with 461 stocks advancing as against 1077 declines. On the other hand, 650 stocks advanced and 1142 stocks declined on the BSE.
Global research firm Morgan Stanley has maintained an equal weight on Indiabulls Housing Finance with a target price of Rs 1,250 while CLSA has maintained a sell on Adani Transmission with a target of Rs 95 for a potential downside of 50 percent.