Market Update: RIL hits record high, Power Grid top gainer; Axis Bank tanks over 8%

The Nifty and the Sensex extended their respective morning losses with the Nifty50 falling 47.25 points or 0.46 percent while the Sensex slipped 0.34 percent, down 111.45 points. The Bank Nifty was the top index loser down 1.5 percent led by Axis Bank which nose-dived over 8 percent while Yes Bank and PSU major State Bank of India were the other banking stocks which aided in the market fall.

The midcap index also joined the bear party, shedding 0.5 percent led by Godrej Industries, Jubilant Foodworks, Jaiprakash Associates and HPCL.

From the Nifty50 index, apart from Axis Bank, the top losers were ICICI Bank, Yes Bank, Zee Entertainment Enterprises and Bharti Infratel. The most active Nifty stocks apart from Axis, ICICI and SBI were Mas Financial Services which zommed over 43 percent. Reliance Industries hit a record high, gaining over 2.43 percent as the CNX Energy index jumps 1.5 percent.

The top losers from the Sensex included names like Dena Bank which cracked 5.8 percent while Religare Enterprises, ICICI Bank and Yes Bank were the other top index losers.

The stocks which hit 52-week low on the NSE were Ybrant Digital, JITF Infralogistics, Shriram EPC, SE Power and Stampede Cap while on the BSE, Vax Housing, Shalimar Agencies, Healthfore Tech, NCL Research and Tera Software were some of the stocks which fell to new 52-week low.

The market breadth was weak on Wednesday afternoon with the advance decline trend in favour of the declines as 11 advanced while 36 declined. On the BSE, 1153 advanced while 1257 declined.

Global broking firm CLSA has maintained a buy on Axis Bank but has cut the target price to Rs 612 from Rs 620. However, the firm expects pickup in loan growth along with healthy CASA growth and strong growth for subsidiaries.

Credit Suisse on the other hand has maintained a neutral rating and has cut price target to Rs 485 from Rs 506. It expects equity dilution in coming quarters with total stress portfolio at 10 percent and CET-1 less than 11 percent and estimates EPS for FY18 cut by 25 percent on higher provisions.

BoFA-ML has maintained a buy on Axis Bank buut has cut price target to Rs 590 from Rs 650. The house has also cut EPS forecasts by 34 percent and 13 percent for FY18 and FY19 respectively on higher credit cost.
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