The Nifty in the afternoon trade on Friday was trading in the positive territory, up 9 points at 1035 and the Sensex gained over 100 points at 33259.21. Bank Nifty was the drag which fell 0.47 percent. The top loser from the banking index were Yes Bank which tanked over 7 percent while PNB slipped over 5 percent. Kotak Mahindra Bank however was up 2.17 percent.
The midcap index was outperforming the broader indices which gained 0.26 percent led by MRF, Godrej Industries, Unitech and Sun TV Network.
CNX Energy fell 1.21 percent led by Hindustan Petroleum Corporation which tanked 4.29 percent while Indian Oil Corporation and Reliance Industries were also down.
From the Nifty50, the stocks which gained the most were Adani Ports, Sun Pharma, Bajaj Finance, Aurobindo Pharma and ITC. The most active stock was Yes Bank which crashed over 7 percent. United Spirits, ICICI Bank, State Bank of India and PNB were the other active stocks in the index.
On the BSE, United Spirits, Future Consumers, Ipca Laboratories, RattanIndia Power and United Breweries were some of the top gainers.
85 stocks hit fresh 52-week high on the NSE including Maruti Suzuki, United Spirits, Dalmia Bharat, Emami GM Breweries, Mphasis and Maithan Alloys while on the BSE 136 stocks hit new 52-week high namely Avanti Feeds, Keltech Energies, Shriram Transport Finance and Camphor & Allied.
The market breadth was strong with 1004 stocks advancing while 627 declined on the NSE. On the other hand, 1444 stocks advanced and 1022 stocks declined on the BSE.
Global research firm, Morgan Stanley has reiterated its overweight rating on United Spirits with a target of Rs 2,900 per share while UBS has reiterated a sell call on the stock with a target price of Rs 2,000 per share.
Technical Analyst Ashwani Gujral of ashwanigujral.com has a buy on United Spirits which has a fresh breakout, and expects Rs 3,500-3,600 . Mitessh Thakkar of mitesshthakkar.com has a buy on Bajaj Auto with a stop loss of Rs 3240 for target of Rs 3360.
Sandeep Wagle of powermywealth.com has a buy on Sun TV Network with a stop loss of Rs 838 and target of Rs 875.Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd