Market Update: JP Associates zooms over 16%, TCS top Nifty gainer; Coal India falls 3.3%

The Nifty and the Sensex extended their afternoon loses with the Nifty shedding 57 points while the Sensex was down 141 points.

The midcap Index was marginally in the green led by JP Associates as the stock rallied over 16 percent as 18 companies vie for Jaypee Infratech.

Bank Nifty was down 0.19 percent dragged by HDFC Bank which was down almost 1 percent while Federal Bank, Bank of Baroda and Bank of India was up.

CNX IT was up 0.38 percent led by Tata Consultancy Services which jumped 2.48 percent while Mindtree added 2.23 percent.

From the Nifty, the stocks that gained the most were TCS which was up over 2 percent while Sun Pharma which jumped 2 percent. Mahindra & Mahindra, Ambuja Cements and Axis Bank were the other top Nifty gainers.

The most active stocks included SBI, Axis Bank, Larsen & Toubro, HDFC and DLF.

The top Nifty losers were Coal India which slumped 3.45 percent followed by Adani Ports which fell 3.18 percent. Aurobindo Pharma, ONGC and BPCL were the other top Nifty losers.

From the BSE, the stocks that gained the most included Jai Prakash Asssociates, Jindal Steel & Power, M&M Financial Services, Amara Raja Batteries and Balkrishna Industries.

The top losers included Reliance Communications which tanked close to 12 percent while Marksans Pharma, IL&FS Transport, Redington India and Rattan India were the top Sensex losers.

65 stocks hit new 52-week high on the NSE including Axis Bank, Avanti Feeds, Balkrishna Industries, Eveready Industries, Jet Airways, JSPL, Jubilant Foodworks, Nestle India, TCS and Tube Investments.

From the BSE, 125 stocks hit fresh 52-week high including Tasty Bites, TCS, Hindustan Unilever, Goa Carbons and Hatsun Agro.

The market breadth was in favour of the declines on Monday afternoon with 715 stocks advancing as against 950 declines. On the other hand, 1158 stocks advanced and 1518 stocks declined on the BSE.

Research firm CLSA has maintained a buy on State Bank of India and has hiked the target price to Rs 400 from Rs 350. It has however cut the earnings estimates by 6-13 percent to build higher credit costs and weaker topline.

IDFC Securities has upgraded SBI to outperform from neutral and has hiked the target to Rs 375 from Rs 275.
Mitessh Thakkar of miteshthacker.com has a buy on State Bank of India with a stop loss of Rs 324 for target of Rs 355 and a buy on Hindustan Unilever with a stop loss below Rs 1274.50 for target of Rs 1325.