Banks And Metals Remained Bullish

Jan 11, 2017 | 05:59 PM IST

Market Walk 11th January, 2016:

Positive start kept momentum driven by banks and autos. The Sensex gained 240.85 points to 27140.41 Nifty gained 92.05 points to 8380.65 IndusInd Bank gained 6.4% to 1235.0

Among the top gainers were Hindalco by 6.17% to 174.55, Coal India by 5.69% to 317.7, Bank of Baroda by 4.25% to 159.45, Yes Bank by 3.55% to 1315.0.

Among the top losers were Bajaj Auto lost 1.11% to 2710.25. HCL Tech by 0.93% to 830.05, ITC by 0.78% to 247.0, Reliance Industries by 0.46% to 1084.80, Tata Power by 0.39% to 76.8.

Stable loan growth & earnings of IndusInd Bank and South Indian Bank despite currency demonetisation lifted Bank Nifty over 2 percent. Bank of Baroda, PNB, Kotak Mahindra Bank, ICICI Bank, HDFC Bank, SBI and Axis Bank gained 1-4 percent. IndusInd Bank rallied more than 6 percent as brokerage houses retained a buy call on the stock after stable earnings and asset quality in third quarter of FY17. With maintaining buy rating on the stock, CLSA raised target price to Rs 1,450 (from Rs 1,400 earlier) following increase in earnings estimates by 2-3 percent for FY17-19. Private sector lender South Indian Bank was up 2 percent after improvement in asset quality in Q3. Metals stocks remained strong today, with the Nifty Metal index rising more than 4 percent after China said it would be closing all of its medium frequency furnaces by June 2017. These furnaces contribute close to 9 percent to China's total steel capacity. Jindal Steel, NALCO, Hindalco, Coal India, JSW Steel and Tata Steel surged 4-9 percent.

Stocks to Watch: Lloyd Electric and Engineering is on up side while Reliance Industries is on down side.

Click Here for SHARE MARKET NEWS for 10th Jan'2017

 

ABOUT AUTHOR

Niveza Research Desk : We are a team of stock market nerds trying to stay ahead of the herd. We spend our grey cells everyday to a pave a smooth road for our clients in the shaky world of stock market. While...
FULL BIO

LEAVE A COMMENT

RECOMMENDED READING

Reliance Industries Driven D-Street

Market Walk 22nd February, 2017: Reliance Industries driven market ended on positive note. The Sensex gained 103.12 points to 28864.71 Nifty gained 19.05 points to 8926.09 Reliance gained 11.17% to
Read More>>

Deal With Failures Like A Boss

Inspiring stories are not only about success, but they are also about how successful people deal with failures. If any success story just paints the uni-dimensional image of a person's success, it is bound to mislead the readers. Success can only
Read More>>

Last Hour Buying Gained D-street

Market Walk 21st February, 2017: Volatile market ended on positive after last hour buying. Sensex gained 100.01 points to 28761.59 Nifty gained 28.65 points to 8907.85 Axis Bank gained 5.34% to
Read More>>

Domestic And Global Cues Charging Market

Market Walk 20th February, 2017: Expiry week started on a positive note focusing GST council's approval to law for compensation. The Sensex gained 192.83 points to 28661.58 Nifty lost 57.5 points to 8879.2 TCS gained 4.03% to
Read More>>

Fresh Buying Lift Sentiments

Market Walk 17th February, 2017: Private banking and financial as well as pharma stocks supported market with fresh buying. The Sensex gained 167.48 points to 28468.75 Nifty lost 43.7 points to 8821.7 HDFC gained 6.94% to
Read More>>