you are here: HomeNewsBusiness
Last Updated : Mar 12, 2018 02:17 PM IST | Source:

Market Update: CNX FMCG up 2% led by ITC, United Spirits; Bharti Airtel up 3.5%; PSU banks drag

The market breadth was in favour of the declines with 811 stocks advancing while 897 declined and 325 remained unchanged. On the other hand, in the BSE, 1223 stocks advanced and 1399 declined and 155 remained unchanged.

Sandip Das @Im_Sandip1

The Indian markets on Monday afternoon continued to trade on a positive note with the Nifty jumping 133 points at 10,360  while the Sensex zoomed 431 points.

The Nifty FMCG Index jumped 2.1 percent led by stocks including ITC which gained 3 percent while United Spirits added 4.2 percent. The other FMCG gainers included Tata Global Beverage and United Breweries.

The Nifty IT index gained 1.5 percent led by HCL Tech which was up close to 3 percent while Infosys was up 2 percent. Wipro and Cyient were the other top IT gainers.

The Nifty PSU banking index was however down 2.4 percent dragged by Andhra Bank which plunged close to 12 percent after the Enforcement Directorate filed a charge sheet against a former bank director in an alleged Rs 5,000-crore bank fraud case involving a Gujarat-based pharma firm.

The other top losers included IDBI Bank, Canara Bank, Syndicate Bank and Oriental Bank of Commerce.

From the Nifty the stocks which gained the most were ITC and Bharti Airtel which gained over 3.5 percent each while HCL Tech, Vedanta and Bharti Infratel were the other top gainers.

The most active Nifty stocks included Tata Steel, State Bank of India, HDFC, ITC and IDBI Bank.

The top losers included Coal India, Aurobindo Pharma, State Bank of India, Ambuja Cements and UPL.

The top Sensex gainers were Network18 which jumped close to 7 percent while Vakrangee was up 5 percent. Videocon, Century Textiles and IIFL Holdings were the other top Sensex gainers.

Ashok Leyland, Mastek, Tech Mahindra and Rane Holdings were four of the few stocks that hit new 52-week high.

132 stocks hit new 52-week low including Andhra Bank, Bank of India, Bank of Baroda, Eros International, Canara Bank, UCO Bank, Union Bank of India, PNB, PTC India Financial, PFC and Zee Learn among others.

The market breadth was in favour of the declines with 811 stocks advancing while 897 declined and 325 remained unchanged. On the other hand, in the BSE, 1223 stocks advanced and 1399 declined and 155 remained unchanged.

Morgan Stanley has maintained an underweight stance on Coal India with target at Rs 221 per share. It is of the view that dividend is marginally higher than estimate of Rs 14 per share.

Goldman Sachs has maintained a sell call on Coal India with target at Rs 270 per share. The house believes that its payout can sustain over the next three years

while high dividend payout is likely to limit capex growth.

Research and broking firm Stewart & Mackertich has recommended a positional buy on HCL Technologies Futures (CMP-Rs 971) on dips around Rs 967 for target of Rs 997 with stop loss below Rs 952.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
First Published on Mar 12, 2018 10:24 am
Follow us on
Available On