D-Street Buzz: Metal stocks gain led by JSPL; ICICI Bank up 2%, Bharti Infratel down 3%

The Indian benchmark indices have extended the morning gains with the Nifty50 up 41 points, trading at 10776 while the Sensex added 133 points and was trading at 35,889 mark.

Nifty Metal was up 1 percent led by APL Apollo which jumped 4 percent followed by JSPL, JSW Steel, SAIL, Tata Steel, Vedanta and Hindalco Industries.

PSU banks continued to trade higher after the government announced final recapitalisation tranche amount of Rs 48,239 crore for as many as 12 public sector banks, in a bid to take them out of Reserve Bank of India’s (RBI) prompt corrective action framework.

The top gainers were Central Bank of India, Punjab National Bank, Canara Bank, Bank of India, Union Bank, Syndicate Bank, Vijaya Bank and Oriental Bank of Commerce.

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From the BSE PSU basket, the top gainers were Corporation Bank which spiked 15 percent followed by UCO Bank, Indian Overseas Bank, Andhra Bank, Central Bank of India, Allahabad Bank and Maharashtra Bank.

From the media space, the top gainers were Dish TV, Sun TV, Network18, Zee Media and Zee Entertainment.

However, infra stocks were trading in the red dragged by Bharti Infratel, Container Corp, Interglobe Aviation, Adani Power and Bharti Airtel.

The top gainers from NSE included Indiabulls Housing Finance, Vedanta, Tata Motors, Grasim Industries and ICICI Bank while the top losers included Bharti Airtel, Bharti Infratel, YES Bank, Maruti Suzuki and NTPC.

The most active stocks were Tech Mahindra, Reliance Industries, TCS, ICICI Bank and YES Bank.

Tech Mahindra, Aavas Financiers and TCNS Clothing have hit new 52-week high in this afternoon session.

82 stocks have hit new 52-week low on the NSE including names like ABG Shipyard, Apollo Micro Systems, Firstsource Solutions, Gujarat State Petronet, Mercator, UFO Moviez and TVS Motor Company among others.

The breadth of the market favoured the advances with 1083 stocks advancing and 582 declining while 394 remained unchanged. On the BSE, 1344 stocks advanced, 962 declined and 139 remained unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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First Published on Feb 21, 2019 01:22 pm

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