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Last Updated : Aug 07, 2019 10:24 AM IST | Source: Moneycontrol.com

D-Street Buzz: Nifty Infra outperforms led by Bharti Airtel; Asian Paints hits record high

1,327 stocks advanced and 430 declined while 335 remained unchanged on the NSE. On the BSE, 1633 stocks advanced, 743 declined and 115 remained unchanged.

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Benchmark indices have added over a percent each in this afternoon session backed by short-covering rally ahead of the RBI policy decision. Nifty jumped 127 points to 10,990 while the Sensex rallied 437 points to 37,137.

Nifty Infra jumped over 2 percent led by Bharti Airtel, Engineers India, IRB Infra, Larsen & Toubro, NCC, NTPC, Reliance Infra, Reliance Power, Siemens, Tata Power, Adani Power and Adani Ports.

Bank Nifty added 1.5 percent led by YES Bank, Kotak Mahindra Bank, Axis Bank, RBL Bank, PNB, State Bank of India and ICICI Bank.

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Paint stocks hit the record high in this afternoon session after the two companies posted strong June quarter earnings backed by fall in crude oil prices.

Asian Paints was trading close to 3 percent higher on BSE. The company reported double-digit growth across earnings parameters and in decorative business. Consolidated profit grew 17.7 percent to Rs 655.44 crore in the quarter ended June 2019. Revenue increased 16.6 percent to Rs 5,130.63 crore compared to year-ago, beating analyst expectations.

On the other hand, Berger Paints spiked 4 percent thereby hitting record high as well. The company's net profit rose 32 percent at Rs 176.8 crore versus Rs 133.9 crore in the same quarter last fiscal. Revenue jumped 15.7 percent to Rs 1,716.5 crore versus Rs 1,483 crore.

India VIX is down 5 percent and is trading at 15.76.


The top gainers from NSE include Indiabulls Housing Finance, L&T, Tech Mahindra, Bharti Airtel and YES Bank while the top losers are Zee Entertainment, Cipla, Power Grid, Britannia Industries and Wipro.

The most active stocks are Reliance Industries, HDFC Bank, ICICI Bank, YES Bank and HDFC.

318 stocks have hit 52-week low on BSE including Future Retail, Bharat Forge, Sun TV Network, Vodafone Idea, Tata Motors (DVR) and Tata Motors among others.

1,327 stocks advanced and 430 declined while 335 remained unchanged on the NSE. On the BSE, 1633 stocks advanced, 743 declined and 115 remained unchanged.

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

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First Published on Aug 6, 2019 03:03 pm
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