Market Update: Titan zooms 15%, hits 52-week high; Infratel, M&M top gainers; SBI most active
The top Nifty gainers were Bharti Infratel which was up 2.05 percent followed by Aurobindo Pharma and Mahindra & Mahindra which were up over 1.7 percent each
Moneycontrol News
The Indian benchmark indices, Nifty and the Sensex were trading in the red on Monday morning with the Nifty50 shedding 19 points 10433.50 while the Sensex was down 43.31 points at 33637.41.
The Nifty midcap index was the outperformer with the index adding 0.29 percent led by Union Bank of India which jumped over 4 percent while Voltas added 2.21 percent and Tata Chemicals was trading a shade below 2 percent.
Bank Nifty was trading in the negative territory, slipping 0.24 percent with Punjab National Bank down 1.28 percent while IndusInd Bank and Axis Bank were down close to 1 percent each. HDFC Bank was however trading in the green, up 0.35 percent.
The top Nifty gainers were Bharti Infratel which was up 2.05 percent followed by Aurobindo Pharma and Mahindra & Mahindra which were up over 1.7 percent each. Indiabulls Housing Finance and Adani Ports were the other top Nifty gainers. The top Nifty losers included HPCL and Hindalco Industries which slipped over 2 percent each while Bharti Airtel, BPCL and Vedanta also contributed to the Nifty fall.
The most active stocks in the Nifty were Titan Company which zoomed over 15 percent hitting fresh 52-week high in the morning trade followed by Rain Industries which jumped 5.95 percent. State Bank of India was one of the most actively traded Nifty stock.
Many stocks from the Nifty hit new 52-week high on Monday morning, the likes of Adani Ports, Cipla, DLF, GSFC, Hexaware Tech, Infibeam, United Spirits, Rain Industries, SAIL, Titan Company, TV18 Broadcast and United Breweries. The stocks which hit 52-week high on the BSE included Nestle India, Container Corporation, L&T Infotech, Godrej Properties, Intrasoft Tech and Thirumalai Chemicals.
From the Nifty, 786 stocks advanced while 789 declined. On the other hand, 1087 stocks advanced in the BSE and 961 declined.
Global research firm Morgan Stanley has an overweight call on Titan Company with a target of Rs 920 per share, a rise of 40 percent from current level. UBS has maintained a buy on the stock and has hiked price target to Rs 810 from Rs 750.
Technical Analyst Ashwani Gujral of ashwanigujral.com recommends buying SAIL with a stop loss of 84, target of Rs 96 and a buy on State Bank of India with a stop loss of Rs 320, target of Rs 335.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
