Market Update: CNX Energy outperforms as RIL jumps 2%; Hero Moto, Axis Bank top gainers
The Indian benchmark indices on Tuesday afternoon managed to recover some of the loses with the Nifty down 20.3 points or 0.2 percent while the Sensex shed 28.66 points at 33007.
CNX Energy was the outperforming sector with the index gaining 0.42 percent led by Reliance Industries which jumped over 2 percent. However, BPCL, HPCL and IOC were all down over 2 percent each.
CNX Realty was also trading in the green led by DLF, HDIL and Sobha which added over 2 percent each.
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.
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. CG Power and Reliance Communications were the other top midcap losers.
From the Nifty, the stocks that gained the most were Hero MotoCorp and Reliance Industries which were up over 2 percent each followed by Axis Bank, Lupin and Bajaj Finance.
The most active stocks were Bharti Infratel which fell 3.72 percent while SBI, Just Dial, Axis Bank and HDFC were the other active Nifty stocks.
The top losers apart from Bharti Infratel were IOC, HPCL, Eicher Motors and Larsen & Toubro.
From the BSE, the stocks that gained the most included Repco Home Finance which zoomed over 8 percent followed by Videocon Industries, Vakrangee, Shree Renuka Sugars and Torrent Pharma.
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 and RComm 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 Graphite India.
The market breadth was in favour of the declines on Tuesday afternoon with 735 stocks advancing as against 923 declines. On the other hand, 1169 stocks advanced and 1438 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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