Mid-market commentary July 22

Indian markets remained subdued where the benchmark indices, Nifty and Sensex traded absolutely flat. Broader markets outshined the benchmarks where both Midcap and Smallcap increased by 0.68 per cent and 0.72 per cent respectively.

Asian markets witnessed a sell off. Nikkei declined by 1.09 per cent while Hang Seng reduced by 0.22 per cent. Shanghai Composite also dropped by 0.7 per cent.

On the sectoral front, all sectoral indices are in green except Bankex, FMCG and IT. The Automobile and Capital Goods sectors increased by 0.55 per cent and 0.91 per cent respectively, on an intraday basis. Bank Nifty and other private banks remained flat in Friday’s trading session.

Nifty top gainers: Power Grid has grabbed top position in the Nifty 50 with 2.74 per cent gains. Bharti Infratel and Aurobindo Pharma followed with more than 2 per cent plus gains. Zee Entertainment Enterprises and Idea Cellular increased by 1.72 per cent and 1.71 per cent respectively.

Nifty top losers: Bajaj Auto tumbled 1.39 per cent. Bosch too tumbled 1.16 per cent. Hindustan Unilever, Infosys and ACC declined by 1.02 per cent, 0.92 per cent and 0.9 per cent respectively.

Stocks to watch:

Reliance Defence and Engineering: Reliance Defence and Engineering has signed a sub-concession agreement with Gujarat Maritime Board to carry out defence related or commercial shipyard activities.

Axis Bank: The bank will announce Q1FY17 results on July 22. The analysts  are expecting muted quarterly earnings for the bank. The share price of Axis Bank will be in focus for the rest of the trading session.

Biocon: Biocon has posted bumper Q1FY17 results and stock prices have hit a high of more than 10 per cent  on an intraday basis. The share price of the company will be in limelight in Friday’s trading session.

Hindustan Unilever: The sale of rice export business of Hindustan Unilever (HUL) was carried out primarily under the brands ‘Gold Seal Indus Valley’ and ‘Rozana’, to LT Foods Middle East DMMC, a group company of LT Foods India. The company has completed the transaction.

Emami: The Advertising Standards Council of India (ASCI) has dismissed a complaint against one of Emami’s hair oil brands. The share price of the company will be in focus for rest of the trading session.