Market Update: JP Associates tanks over 10%, RComm hits 52-week low; RIL top Nifty gainer

The Indian benchmark indices on Tuesday morning were trading on a negative note with the Nifty down 10.85 points or 0.11 percent while the Sensex shed 17.83 points at 33015.

The Nifty midcap index was trading in the red, down 0.25 percent dragged by Jaiprakash Associates which tanked over 10 percent after the Supreme Court came down heavily after the company missed deadline to deposit RS 2,000 crore towards refunding home buyers. Petronet LNG was down 1.8 percent while Unitech fell over 3 percent.

Bank Nifty was also in the red dragged by ICICI Bank, IndusInd Bank and Federal Bank. Bank of Baroda and Axis Bank were the top gainers.

From the Nifty, the stocks that gained the most were NTPC which was up over 2 percent followed by Reliance Industries which added 1.06 percent. UPL, Hero MotoCorp and Mahindra & Mahindra were the other top gainers.

The most active stocks apart from Bharti Infratel, SBI, Just Dial, SBI and Sun Pharma.

The top losers were Bharti Infratel which fell 3.5 percent followed by Sun Pharma which shed 1.92 percent while BPCL, IOC and HPCL also added to the Nifty fall.

From the BSE, the stocks that gained the most included Repco Home Finance which zoomed over 9 percent followed by Videocon Industries, Vakrangee, Cox & Kings and KPIT Technologies.

The stocks that hit new 52-week high on NSE included Hexaware Technologies, Minda Corp, VIP Industries, Balkrishna Industries, Graphite India and Hatsun Agro.

Reliance Communications hit new 52-week low and was down 3.7 percent in the morning trade.

From the BSE, the stocks that hit fresh 52-week high were Vardhman Holdings, Lux Industries, Goa Carbons and Yuken India.

The market breadth was in favour of the declines on Tuesday morning with 731 stocks advancing as against 859 declines. On the other hand, 1049 stocks advanced and 1061 stocks declined on the BSE.

Research firm Nomura has maintained a buy on Yes Bank but has cut the target price to Rs 375 from Rs 440.

Chandan Taparia of Motilal Oswal Securities recommends buying 330 Put options in Yes Bank with stop loss of Rs 4 and if the stock declines, then this Put can move towards Rs 13-14.
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