Market Update: Jubilant Food, Voltas hit new 52-week high; BoB up over 2%, Vedanta top loser
The Indian benchmark indices on Wednesday morning were trading on a negative note with the Nifty down 21 points or 0.21 percent while the Sensex shed 53 points at 32888.
The Nifty midcap index was trading in the red, down 0.19 percent dragged by Bata India, GMR Infra, SAIL and Voltas. However, Biocon jumped over 3 percent while HPCL was up 2.5 percent.
Bank Nifty was trading flat with Bank of Baroda added over 2 percent while HDFC Bank and IndusInd Bank were trading weak.
CNX PSU Bank was the outperformer with the index gaining 0.5 percent led by BoB, Punjab National Bank and Union Bank of India.
From the Nifty, the stocks that gained the most were BPCL which gained close to 3 percent while HPCL was up 2.5 percent. Indian Oil Corporation, Ambuja Cements and Tech Mahindra were the other top gainers.
The most active stocks apart from Bank of Baroda, The Tinplate Company, Tata Global Beverage, Sun Pharma and State Bank of India.
The top losers were Vedanta which fell 2.9 percent while Hindalco Industries was down 2.89 percent. Sun Pharma, Indiabulls Housing Finance and GAIL India were the other top Nifty losers.
From the BSE, the stocks that gained the most included Religare Enterprises which zoomed close to 10 percent while Cox & Kings jumped over 6 percent. Videocon Industries, Biocon and Fortis Healthcare were the other top gainers.
The stocks that hit new 52-week high on NSE included Jubilant Foodworks, Balkrishna Industries, Tata Global Beverage, V-Guard Industries and Voltas.
Lupin, Reliance Communications and Suzlon Energy were some of the stocks hit new 52-week low in the morning trade.
From the BSE, the stocks that hit fresh 52-week high were Yuken India, IFB Industries, Minda Industries, Voltas, Bombay Cycle and Shreyas Shipping.
The market breadth was in favour of the declines on Tuesday morning with 585 stocks advancing as against 1005 declines. On the other hand, 865 stocks advanced and 1243 stocks declined on the BSE.
Morgan Stanley has maintained an ‘Equal-weight’ on Bank of Baroda with price target of Rs 170 expecting gradual recovery in pre-provisioning operating profits, given continued pressure on loan yields and staff cost growth picks up.
UBS has maintained a buy on Bank of Baroda and has hiked price target to Rs 230 from Rs 220.
Technical Analyst Mitessh Thakkar of miteshthacker.com has a buy on V Guard with a stop loss of Rs 220 for target of Rs 250 and a buy on Voltas around Rs 595, stop loss of Rs 580 for target of Rs 625.
