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Nov 13, 2017 10:43 AM IST | Source: Moneycontrol.com

Market Update: SBI, TCS, M&M top Nifty gainers; Axis Bank, HUL hit new 52-week high

State Bank of India which was up close to 3 percent while Mahindra & Mahindra was up 2.32 percent. Tech Mahindra, Tata Consultancy Services and Axis Bank were the other top Nifty gainers.

The Indian benchmark indices on Monday morning were trading on a negative note with the Nifty down 34.20 points or 0.33 percent while the Sensex shed 74.40 points at 33240.

The Nifty midcap index was trading in the red, down 0.27 percent dragged by Ashok Leyland, Biocon, CG Power, India Cements, HPCL, Just Dial, Reliance Capital and Reliance Power.

Bank Nifty was the outperformer which added 0.21 percent led by State Bank of India which jumped over 2.5 percent followed by Bank of Baroda, Axis Bank and Federal Bank.

From the Nifty, the stocks that gained the most were State Bank of India which was up close to 3 percent while Mahindra & Mahindra was up 2.32 percent. Tech Mahindra, Tata Consultancy Services and Axis Bank were the other top gainers.

The most active stocks apart from SBI, Axis Bank and M&M included HDFC and Larsen & Toubro.

The top losers were Aurobindo Pharma which fell 3.75 percent followed by Larsen & Toubro which was down over 3 percent. BPCL, Coal India and ONGC were the other top losers.

From the BSE, the stocks that gained the most included Jaiprakash Associates which zoomed close to 13 percent followed by Adani Transmission which jumped 5 percent while Vakrangee, Hindustan Copper and EID Parry were the other top gainers.

The stocks that hit new 52-week high on NSE included Axis Bank, EID Parry, CG Power, Hexaware Technologies, Jubilant Foodworks, Nestle India and Tata Elxsi.

From the BSE, the stocks that hit fresh 52-week high were Cera Sanitaryware, Balkrishna Industries, Jubilant Foodworks, Hindustan Unilever, Tejas Networks and Tata Consultancy Services.

The market breadth was in favour of the declines on Monday morning with 730 stocks advancing as against 860 declines. On the other hand, 1088 stocks advanced and 1141 stocks declined on the BSE.

Research firm CLSA has maintained a buy on State Bank of India and has hiked the target price to Rs 400 from Rs 350. It has however cut the earnings estimates by 6-13 percent to build higher credit costs and weaker topline.

IDFC Securities has upgraded SBI to outperform from neutral and has hiked the target to Rs 375 from Rs 275.

Mitessh Thakkar of miteshthacker.com has a buy on State Bank of India with a stop loss of Rs 324 for target of Rs 355 and a buy on Hindustan Unilever with a stop loss below Rs 1274.50 for target of Rs 1325.
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