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Market Update: Nifty tops 11K mark as Infosys, RIL hit new 52-week high; Axis Bank most active

The market breadth was in favour of the advances on Tuesday morning with 1047 stocks advancing as against 541 declines while 419 remained unchanged. On the other hand, 1292 stocks advanced and 701 stocks declined while 78 remained unchanged on the BSE.

January 23, 2018 / 09:57 AM IST
Doubled the investors' wealth

Doubled the investors' wealth

The Indian benchmark indices including the Nifty50 crossed the 11,000 mark for the first time on Tuesday morning and was trading higher, gaining 60 points and was trading at 11,026 while the Sensex jumped 205 points and was trading at 36,003.

CNX Energy was the outperforming sector which gained 1 percent as stocks like Indian Oil Corporation jumped close to 2 percent while Reliance Industries and ONGC were the other top gainers.

From the Nifty, the stocks that gained the most were Hindalco Industries which jumped over 4 percent followed by Tata Steel, Vedanta and Infosys which added over 2 percent each.

The most active stocks were Reliance Industries, Axis Bank, Jubilant Foodworks, Just Dial and Infosys.

From the BSE, the stocks that gained the most included Hathway which jumped 4.8 percent while JSPL, Vakrangee, Den Networks and Jet Airways.

Close

56 stocks hit fresh 52-week high on NSE including Axis Bank, Biocon, Godrej Consumer, HCL Tech, Infosys, Reliance Industries and Tech Mahindra among others.

From the BSE, TCS, Jubilant Food, ABB, L&T, Infosys, RIL, HCL Tech, Mindtree, Axis Bank and Havells India were some of the stocks which hit fresh 52-week high.

The market breadth was in favour of the advances on Tuesday morning with 1047 stocks advancing as against 541 declines while 419 remained unchanged. On the other hand, 1292 stocks advanced and 701 stocks declined while 78 remained unchanged on the BSE.

JP Morgan has maintained ‘Overweight’ on Axis Bank and has raised price target to Rs 700 from Rs 650. It expects guidance of 225-260 basis points with normalised credit costs and sees the next 2-3 quarters as challenging given the uncertainty over timing and quantum of back-book provisioning.

At about 2 times price-to-book and a FY20 return on equity estimate of 19.5 percent, Axis Bank is the house's top value pick.

Morgan Stanley has also maintained ‘Overweight’ on Axis Bank with price target Rs 770. It is of the view that impaired loans showed good trends after a weak December quarter and expects asset quality and core pre-provision operating profit trends to be volatile over the next four quarters with continued improvement in impaired loans over the next four quarters which should drive strong stock performance over the next 12 months.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
Sandip Das

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