The Nifty PSU banking index jumped 3.66 percent led by Bank of India which zoomed over 9 percent intraday on the back of recovery of Rs 7,000 crore from other banks. Punjab National Bank was up 4.3 percent while Andhra Bank zoomed over 5 percent.
The Indian markets on Tuesday afternoon was trading on a flat note with the Nifty shedding 22 points at 10,395 while the Sensex was up 22 points or 0.7 percent.
The Nifty PSU banking index was trading higher by 2 percent led by Bank of India which zoomed over 7 percent intraday on the back of recovery of Rs 7,000 crore from other banks. Punjab National Bank was up 3.2 percent while Andhra Bank zoomed over 6 percent.
The top Nifty gainers included HPCL which jumped 4.2 percent while BPCL was up 3.96 percent. IOC, Bharti Infratel and Indiabulls Housing were the other top gainers.
The top Nifty losers included Tata Consultancy Services which fell 5.4 percent after the big block deal trade in opening trade. Promoter Tata Sons may have offloaded stake in the company. The other losers included HCL Tech, Kotak Mahindra Bank, Coal India and Ambuja Cements.
The most active Nifty stocks included TCS, State Bank of India, PNB, Bank of India and IOC.
The top Sensex gainers were Future Consumer which jumped over 15 percent while Bank of India was up 7 percent. PC Jeweller, OBC and Andhra Bank were the other top gainers.
Ashok Leyland, Bajaj Electricals and HG Infra were two of the few stocks that hit new 52-week high.
76 stocks hit new 52-week low including Gitanjali Gems, UCO Bank, Zee Learn and JBF Industries among others.
The market breadth was in favour of the advances with 1082 stocks advancing while 618 declined and 322 remained unchanged. On the other hand, in the BSE, 1607 stocks advanced and 1017 declined and 158 remained unchanged.
Motilal Oswal has initiated a buy on Future Consumer with target of Rs 76 per share. It believes that Future Consumer is the best play on huge window of opportunity for brands using modern retail and is also best placed among Future Group companies.
The house feels that the company is likely to be profitable at consolidated net level only in FY19 and expects revenue/EBITDA to grow at a CAGR of 39 percent/147 percent over FY17-22, adding that the stock provides an attractive opportunity from a 3-year perspective as well.
Research and broking firm Stewart & Mackertich has recommended a buy on Tata Motors Futures (CMP-Rs 353.30) on dips at Rs 351 with target at Rs 359 and stop loss below Rs 347It also has a buy on Infosys on dips in the price range of Rs 1180-1175 for target of Rs 1225 and Rs 1235 with stop loss below Rs 1145.