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Indian benchmark indices the Nifty and the Sensex were trading in the red with the Nifty50 shedding 20 points at 10274.95 while the Sensex was down 0.27 percent at 32952.30. The Bank Nifty was down 0.32 percent led by HDFC Bank, ICICI Bank and Federal Bank but the PSU banks namely Punjab National Bank maintained yet another bull run on Thursday morning with the stock up over 6 percent followed by State Bank of India which gained 2.31 percent. Yes Bank ahead of its Q2 numbers was also in the green, adding 2.32 percent.
From the midcap sector, oil & gas major HPCL gained 3.57 percent while Steel Authority of India jumped over 7 percent. IFCI and IDBI Bank were the other top midcap gainers.
From the Nifty50, the stocks which gained the most were BPCL which gained 3.28 percent followed by HPCL. Hindalco Industries, Indian Oil Corporation and Larsen & Toubro were the othet top Nifty gainers which gained over 2 percent each. The top Nifty gainers included SBI, PNB, Bank of Baroda, ICICI Bank and Axis Bank.
On the other hand, Indiabulls Housing Finance, Power Grid, HCL Tech and HDFC were the top Nifty losers.
The stocks which gained the most from BSE included names like Polaris Consulting & Services, IFCI, Dilip Buildcon, Steel Authority of India and Engineers India while the top losers in the index were Jaiprakash Associates, PI Industries and Mindtree.
As many as 47 stocks hit new 52-week high on the NSE including State Bank of India, Tata Steel, Polyplex Corp, Deepak Fertilizers, Vedanta and GAIL India. On the other hand, Reliance Communications, Stampede Capital and Diamond Power Infra were some of the stocks which hit 52-week low.
On the BSE, Arfin India, Hindusthan Urban Infrastructure, EID Parry and Gillette India were some of the stocks which hit their respective 52-week high level. However, Diamond Power, Fortis Malar, Stewarts Lloyd and ST Corporation were some of the stocks which hit their 52-week lows.
Out the total 1963 stocks, 834 advanced while 745 declined. On the BSE, 1063 advanced and 996 declined.
Deutsche Bank has maitained a sell on HCL Technologies but has hiked price target to Rs 720 from Rs 700. It has cut earnings estimate by 4-5 percent for FY18/FY19 and expects HCL’s earnings to grow at CAGR of 3 percent over FY18-20.
Technical Analyst Ashwani Gujral of ashwanigujral.com has a buy on SBI with a stop loss of Rs 310 for target of Rs 340 and a buy on Engineers India with a stop loss of Rs 160 for target of Rs 172.
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