Market Update: Nifty trims morning gains as Bank Nifty turns negative; BPCL up 2%, Godrej Agrovet most active
Both Nifty and the Sensex trimmed their respective morning gains after both indices hit record highs in morning trade. The fall was largely aided by Reliance Industries which was down 0.68 percent. IndusInd Bank was the top Nifty loser down over 2 percent as the market did not take its merger with Bharat Financial Inclusion in a positive way.
Bharti Airtel was the top Nifty gainer which continued its positive trend from last week while Bharti Infratel was up 2.8 percent followed by Vedanta, Bharat Petroleum Corporation and Mahindra & Mahindra which were all up over 2 percent each. The most active stocks in the Nifty were Godrej Agrovet followed by Reliance Industries, Bharat Financial Inclusion, Bharti Airtel and IndusInd Bank.
The top gainers in the BSE were telecom major Idea Cellular which zoomed over 5 percent. NHPC, Berger Paints, JM Financial and Granules India were the other top gainers which added over 3 percent.
From the Nifty Index, the stocks which hit 52-week highs included Tata Steel, Dilip Buildcon, Goa Carbon and Uflex while on the BSE, HCL Technologies, IFB Industries, LG Balakrishnan and IG Petrochem were some of the few stocks that hit 52-week high in the afternoon trade.
The Bank Nifty Index slipped in the red led by stocks like IndusInd Bank, Axis Bank and Punjab National Bank while HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Bank of India traded in the green.
In the Nifty, the advance-decline ratio was in favour of the bulls with 35 advances as gainst 14 declines. However, on the BSE, the market breadth turned negative with 1230 advances as against 1263 declines.
Technical Analyst Ashwani Gujral of ashwanigujral.com, recommends buying Tata Steel with a stop loss of Rs 710 and target of Rs 735 while Mitessh Thakkar of mitesshthakkar.com has a buy on Kotak Mahindra Bank with a stop loss at Rs 1,059 and look for target of Rs 1,125.
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