Market Update: PSU Bank index up 1% led by SBI; CNX IT drags as Wipro falls 2%; GAIL, HPCL shed up to 4%
The market breadth was in favour of the declines with 686 stocks advancing while 914 declined and 413 remained unchanged. On the other hand, in the BSE, 463 stocks advanced and 1074 declined and 96 remained unchanged.
The Indian equity market was trading almost flat on Monday morning with the Nifty trading lower by 9 points, trading below the 10,000 mark at 9988 while the Sensex was up 25 points or 0.08 percent.
Nifty PSU banking index was up 1 percent led by Bank of Baroda, State Bank of India and Punjab National Bank, each adding over 1 percent. Oriental Bank of Commerce and Union Bank of India were the other gainers.
However, CNX IT was trading lower by close to 1 percent dragged by Tata Consultancy Services, Wipro, Oracle Financial Services,Mindtree and Tech Mahindra.
The top Nifty gainers included Bajaj Finance which was up 1.5 percent followed by ICICI Bank, State Bank of India, IndusInd Bank and Yes Bank, each adding over 1 percent.
The top Nifty losers included GAIL India and HPCL which fell close to 3 percent while BPCL, Indian Oil Corporation and Wipro were the other losers.
The most active Nifty stocks included Jubilant Foodworks, ICICI Bank, Titan Company, Tata Steel and Yes Bank.
129 stocks hit new 52-week low including names like Capital First, Chennai Petroleum, Gammon India, GSK Pharma, IL&FS Engineering, PTC India, Reliance Naval, Tata Motors and Union Bank of India among others.
MMTC was sup 6.6 percent followed by Cadila Healthcare, Aban Offshore, SKF India and Sundaram Fasteners which were few of the top Sensex gainers while HCC, Vakrangee, IDBI Bank, Videocon and MCX India were the top losers.
The market breadth was in favour of the declines with 686 stocks advancing while 914 declined and 413 remained unchanged. On the other hand, in the BSE, 463 stocks advanced and 1074 declined and 96 remained unchanged.
Global research firm CLSA has upgraded Cadila Healthcare to Buy from Underperform and has raised target to Rs 450 from Rs 440. It is of the view that improving India outlook and strong US pipeline is likely to drive earnings.
The house expects 16 percent earnings CAGR over FY18-20.
Capital Ways Investment Adviser
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info@capitalways.com
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