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 Down As Trump Takes Charge

Market Walk 20th January, 2016: The Sensex lost 274.1 points to 27034.50 Nifty lost 85.75 points to 8349.35 Top Gainers: Idea Cellular Ltd gained 2.96% to 71.4, Bharti Airtel by 1.14% to 320.7, Yes Bank by 1.00% to
Read More>>

Market Plays Hide And Seek As Union Budget Approaches

Market This Week Stock market looked cautious owing to quarterly earnings declared by few Banks and IT companies. The numbers posted by Yes Bank were better than expected numbers while Axis Bank failed to deliver
Read More>>

Free Research Report - Take Solutions

TAKE Solutions Limited is a domain-focused technology services provider. The Company provides a range of information technology and consultancy services specifically in two of its business verticals namely Life Sciences (LS) and
Read More>>

Rangebound Session Ended Higher

Market Walk 19th January, 2016: Market maintained opening bell positives at the time of closing as well.. The Sensex gained 50.96 points to 27308.60 Nifty gained 18.1 points to 8435.10 Gail gained 5.79% to 464.95 Among the top
Read More>>

A 'To-Do List' For The Perfect Investment

The usual question which stares at people when they browse through all their investment options is - what to choose to meet my financial goals? Today there are various investments options but it's quite a tedious job to navigate through all the
Read More>>