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

 

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