Market Update: LT falls close to 2%, Bharti Infratel Nifty top loser; Jet Airways hits fresh 52-week high

The Indian benchmark indices on Tuesday afternoon extended the loses with the Nifty down 30.4 points or 0.3 percent while the Sensex shed 80.19 points at 32953.

The Nifty midcap index was trading in the red, down 0.41 percent dragged by Jaiprakash Associates which fell over 5 percent after the Supreme Court came down heavily after the company missed deadline to deposit Rs 2,000 crore towards refunding home buyers. Apollo Tyres, Biocon and CG Power were the other top midcap losers.

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.

CNX Infra was trading lower by 0.9 percent as Larsen & Toubro fell second day in a row on tepid guidance which was down to 2 percent.

From the Nifty, the stocks that gained the most were Lupin which was up over 2 percent followed by Hero Moto which added 1.5 percent. Cipla, Bajaj Auto and UPL were the other top gainers.

The most active stocks were Bharti Infratel which fell 4.5 percent while Just Dial, SBI, HDFC and Axis Bank were the other active Nifty stocks.

The top losers apart from Bharti Infratel were IOC which fell 2.43 percent followed by BPCL, HPCL and Asian Paints.

From the BSE, the stocks that gained the most included Repco Home Finance which zoomed over 7 percent followed by Videocon Industries, Vakrangee, Torrent Pharma and NBCC.

As many as 46 stocks hit new 52-week high on NSE including Hexaware Technologies, Balkrishna Industries, Graphite India and Hatsun Agro, Jet Airways, Universal Cables and HOEC.

Apollo Hospitals and Dena Bank were some of the Nifty stocks which hit new 52-week low.

From the BSE, the stocks that hit fresh 52-week high were Vardhman Holdings, Yuken India, HEG, Lux Industries, Minda Industries and Nucleus Software.

The market breadth was in favour of the declines on Tuesday afternoon with 706 stocks advancing as against 930 declines. On the other hand, 1107 stocks advanced and 1312 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.