Market Update: PSU banks gallop ahead led by PNB; Bharti Airtel hits new 52-week high

Moneycontrol News

It was the day that belonged to the bulls with the Nifty50 soaring close to 100 points or 0.95 percent while the Sensex jumped 468 points at 33075 in the afternoon trade. Bank Nifty charged ahead and was the distinct outperformer with the index jumping 3.64 percent after the government on Tuesday approved recapitalization plans of Rs 2 lakh, 11 thousand crore for the ailing PSU banks.

State Bank of India was the other top gainer which added 27.08 percent in the afternoon trade. However, HDFC Bank and IndusInd Bank were down over 4 percent each.

The stocks which gained the most in the NSE included SBI, ICICI Bank and Larsen & Toubro followed by Axis Bank and UltraTech Cement. The most active stocks apart from SBI and ICICI Bank were Punjab National Bank, Bank of Baroda and Axis Bank.

On the BSE, the top gainers were all the banking stocks including Punjab National Bank, Canara Bank, Bank of India, Union Bank of India and Bank of Baroda.

The stocks which hit new 52-week high on the NSE included HIL, Dilip Buildcon, Canara Bank, State Bank of India and Dhampur Sugar. On the other hand, Bharti Airtel, Keltech Energies, Jindal Worldwide, Dilip Buildcon, KRBL and Saregama were some of the few stocks that hit new 52-week high on the BSE.

The market breadth was strong on the NSE with 33 stocks advancing as against 17 declines while on the BSE, 1124 advanced and 1473 declined.

Global research firm Morgan Stanley has doubled upgraded SBI, ICICI Bank, and Punjab National Bank to Overweight. It also raised Axis Bank to overweight from equal-weight and Bank of Baroda to Equal-Weight from Under-Weight.

Ashwani Gujral of ashwanigujral.com has a buy on VIP Industries with a stop loss of Rs 278 and target of Rs 292.