Market Update: CNX Energy outperforms as RIL hits record high, HDFC Bank hits 52-week high

In the afternoon trade, both Nifty and the Sensex managed to buck the trend with the Nifty50 still down 13.05 points or 0.13 percent while the Sensex crawl back in to the green, up 16.33 points, or 0.05 percent. CNX Energy was the top performing sector which jumped 2.38 percent led by Reliance Industries which hit record level followed by Power Grid which was up over 4 percent and ONGC which gained 1.61 percent.

Bank Nifty remained in the bear grip, still down 1.13 percent with Axis Bank, ICICI Bank, Punjab National Bank and State Bank of India as the top losers.

From the Nifty50 index, apart from Axis Bank, the top losers were ICICI Bank, Yes Bank, Bharti Infratel and Tech Mahindra. The most active Nifty stocks apart from Axis, ICICI and SBI were Mas Financial Services which zommed over 43 percent. Reliance Industries hit record high, gaining over 4 percent.

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

The stocks which hit 52-week high on the NSE were HDFC Bank, Jubilant Foodworks, Hitachi Home, Britannia Industries and Kotak Mahindra Bank. On the BSE, Avanti Feeds, Bombay Burmah, Indraprastha Gas, Century Textiles, Havells India and Whirlpool were some of the stocks which hit 52-week high.

The market breadth was weak with the advance decline trend in favour of the declines as 14 advanced while 34 declined. On the BSE, 1283 advanced while 1299 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.

Technical Analyst Ashwani Gujral of ashwanigujral.com has a buy on Power Grid with a stop loss of Rs 205 and target of Rs 220 while he has a sell on Yes Bank is a sell with a stop of Rs 372 and target of Rs 358. He also recommends buying Indraprastha Gas with a stop loss of Rs 1,520 and target of Rs 1,565 and a buy also on Reliance Industries with a stop loss of Rs 875 and target of Rs 920.
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