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Oct 13, 2017 12:34 PM IST | Source: Moneycontrol.com

Market Update: Bank Nifty outperforms as Nifty inches towards record high; ICICI Bank, BOI up 2%

Bank Nifty was the top performing sector which was up 1.32 percent led b y ICICI Bank and Bank of India while on the other hand, from the midcap space, Havells India added 2.28 percent while Power Finance Corporation was up over 3 percent.

Market Update: Bank Nifty outperforms as Nifty inches towards record high; ICICI Bank, BOI up 2%

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The Nifty on Friday extended its morning gains and was up 0.63 percent at 10,160 closing on to its record high. The Sensex continued its strong run and was up 0.73 percent at 32,418, a gain of 231 points.

Among the Nifty50 Index, Bharti Airtel continued its dominant form and was the top gainer in the Index, up close to 7 percent followed by Bharti Infratel which gained close to 4 percent. Coal India and Power Grid were the other two stocks which gained 1.98 percent and 1.78 percent respectively.

Bank Nifty was the top performing sector which was up 1.32 percent as most of the banking stocks were trading in the green. ICICI Bank along with Bank of India were leading the Bank Nifty charge from the front, both up over 2 percent.

The most active stocks in the Nifty apart from Bharti Airtel and Bharti Infratel were Reliance Industries, Tata Consultancy Services and Tata Steel.

Within the BSE Index, Network18 was the top gainer which zoomed over 7 percent followed by Idea Cellular and NLC India.

The stocks which hit new 52-week high in the Nifty included names like NIIT Technologies, Dabur India, Britannia Industries, Hindalco Industries and Kotak Mahindra Bank. In the BSE Index, stocks like Bharat Financial Inclusion, Siyaram Silk, Gillette India and Edelweiss Financial Services were some of the many stocks which hit 52-week high.

From the midcap space, Havells India added 2.28 percent while Power Finance Corporation was up over 3 percent. The other midcap stocks which gained the most included Steel Authority of India, Union bank of India and TVS Motor Company.

The advance decline data in the Nifty showed 30 advances as against 20 declines while on the BSE Index, 1425 advanced and 1074 declined.

Technical Analyst Mitessh Thakkar of miteshthacker.com has suggested a buy call on Dabur India with a stop loss at Rs 319 for target of Rs 340. He also has a buy on Jindal Steel & Power with a stop loss below Rs 157.50 for target of Rs 170.

In an interview to CNBC-TV18, Rohit Ahuja, Senior VP Research, BOBCAPS said that there is a strong case for about 10-15 percent on earnings upgrade on petrochemicals and refining business because GRMs are trending much higher than expected which is what helps RIL’s earnings the most.
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