Market Update: 81 stocks hit 52-week high on NSE; ICICI Bank top gainer, Bharti Airtel jumps over 4%

Moneycontrol News

Nifty as well as the Sensex in the afternoon trade ate up all their morning gains with the Nifty50 down 0.14 percent or 14.40 points at 10131.60 while the Sensex fell over 50 points and was trading at 32336.31. The Nifty midcap index was still outperforming the larger indices, marginally up 0.06 percent but it was the Bank Nifty which slipped into the red, down 0.09 percent, led by Axis Bank, Kotak Mahindra Bank and Yes Bank which were all down over 1 percent each.

ICICI Bank was the top gainer from the banking index which added close to 2 percent while PSU majors State Bank of India was up 0.78 percent and PNB added 0.5 percent.

The top gainers in the Nifty were Bharti Airtel which jumped 4.44 percent followed by UltraTech Cement, Ambuja Cements and ICICI Bank which were up over 2 percent each. The most active stock was Bharti Airtel followed by Axis Bank, Reliance Industries, IEX and Idea Cellular.

On the BSE, the top gainers were Idea Cellular which jumped over 8 percent while Sobha was up 7.98 percent and Reliance Communications gained 6.99 percent. GMDC and Unitech were the other top gainers in the BSE which added over 6 percent each.

The stocks which hit 52-week high on the NSE included Repro India, IFB Agro, Saregama India, Sobha and Avanti Feeds while on the BSE, the stocks which hit 52-week highs included National Perox which spiked 11.69 percent followed by Whirlpool India, Sandur Manganese, Pondy Oxides, Mas Financial Services and Page Industries.

The market breadth turned negative in the afternoon trade with 21 advances as against 29 declines. On the BSE, the breadth was also negative with 1092 stocks advancing while 1396 declined.

Technical Analyst Ashwani Gujral of ashwanigujral.com has a buy on Sobha with a stop loss of Rs 505 and target of Rs 540.

CLSA has upgraded UltraTech Cement to ‘Buy’ from ‘Outperform’ and has hiked price target to Rs 4,900 from Rs 4,700 while Nomura has maintained ‘Buy’ with price target of Rs 5,150. Morgan Stanley has maintained an overweight on UltraTech with price target of Rs 4,892.