Market Update: Nifty hits record high led by Bank Nifty; Kotak, BOI, Canara Bank top gainers
Fri Oct 13 2017
Rajesh Sharma (2002 articles)

Market Update: Nifty hits record high led by Bank Nifty; Kotak, BOI, Canara Bank top gainers

 

The Nifty on Friday hit a fresh record high of 10,179.15, backed by banks as the Bank Nifty added 1.53 percent, up 372.30 points. The charge was largely led by Bank of India, Kotak Mahindra Bank and Canara Bank which were up over 2 percent each.

Among the Nifty50 Index, Bharti Airtel continued its dominant form as the top gainer followed by Bharti Infratel, Tata Steel, Kotak Mahindra Bank and UltraTech Cement.

The most active stocks in the Nifty apart from Bharti Airtel and Bharti Infratel were Reliance Industries, Tata Consultancy Services and Tata Steel.

Within the BSE Index, Oberoi Realty was the top gainer, up 8.66 percent while telecom major Bharti Airtel and Idea Cellular also spiked. Network18 and Sobha were the other stocks which were up over 6 percent.

The stocks which hit new 52-week high in the Nifty included names like Adani Transmission, Bata India, Bombay Burmah and Avenue Supermarts. In the BSE Index, stocks like Bharat Financial Inclusion, Edelweiss Financial Services, Havells India, Hindalco Industries and Kotak Mahindra Bank were some of the many stocks which hit 52-week high.

The CNX metal Index was up 1.7 percent led by stocks like Tata Steel which jumped over 3 percent while Steel Authority of India gained 3.66 percent. Hindustan Zinc was the other stock which was one of the top performers, adding 2.48 percent.

The advance decline data in the Nifty showed 37 advances as against 13 declines while on the BSE Index, 1390 advanced and 1271 declined.

Technical Analyst Ashwani Gujral of ashwanigujral.com has suggested a buy call on Canara Bank with a stop of Rs 302 and target of Rs 321.

In an interview to CNBC-TV18, Rohit Ahuja, Senior VP Research, BOBCAPS said that there is a strong case for about 10-15 percent on earnings upgrade on petrochemicals and refining business because GRMs are trending much higher than expected which is what helps RIL’s earnings the most.

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

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.

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