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

Market Accelerates But Pharma Woes Continue

Share Market News 29th May 2017 Today’s market opened negative due to profit booking, however it recovered later. Huge selling in Pharma and IT sector kept the market in range
Read More>>

Bulls Ruled the Market, Sensex Rested Above 31000!

Share Market News – 26 May 2017 Today's market opened positive due to huge buying in metal sector. Furthermore, the positive news from global markets, as well as domestic
Read More>>

GST Rolls Out The Red Carpet For Your Investment

Market This Week The week started on a positive note as the final GST announcement gave tax slabs from 5% to 28% for all the goods and services segments. However, India-Pak
Read More>>

5 Investment Trends You Must Avoid

Who is an intelligent investor? Is intelligent investor the one who never takes a bad decision? No, the intelligent investor is the one whose good decisions outnumber bad decisions. Hence, to become an intelligent investor all you need to do is to
Read More>>

Bulls Roared, 30750! Conquered

Share Market News – 25 May 2017 Today’s market opened positive due to huge buying in the banking stocks ahead of RBI regulations about NPA and positive news from the global
Read More>>