Mid market commentary July 26
Indian stock markets witnessed range bound volatility ahead of July F&O expiry. Currently markets are trading flat with Nifty trailing near 8630 while Sensex is hovering around 28120. Smallcap and Midcap indices have outshined benchmark indices with 0.4 and 0.6 per cent upside. Market breadth was in favour of gainers with 1256 advances and 1148 declines.
Asian markets remained cautious with mostly Japan's shares trading lower ahead of policy meetings of Bank of Japan and Federal Reserve. Markets saw weakness after Yen surged with no expectations from Japan for monetary easing stimulus.
On sectoral front Metals stole the show with 1 per cent gains where Jindal Steel and Power gained nearly 13 per cent in the afternoon trade. Pharma tumbled half a per cent with Lupin falling 1.3 per cent. Auto is flat to negative with 0.18 per cent losses.
Nifty top gainers: Steel giant, Tata Steel is the top gainer with 2.7 per cent gains. Axis Bank, Yes Bank follow with 2.3 per cent and 1.7 per cent gains. ACC gained 1.3 per cent ahead of results to be released today. Reliance Industries too gained 1 per cent.
Nifty top losers: Apart from Lupin, Hero MotoCorp, Ultratech Cements, Coal India and Asian Paints follow with more than 1 per cent losses.
Nifty is trailing above its resistance of 8600-8620 levels. Now we hold 8655-8660 as the next upside target. On the downside, we hold 8585 followed by 8500 mark as the supports.
Stocks to watch:
Hindustan Construction Company (HCC): HCC has been awarded a Rs 1749.59 crores contract by IRCON International Ltd., to construct two tunnels and a bridge on Katra. The stock has gained 1.7 per cent and is likely to surge more.
Claris Lifesciences: Claris Lifesciences has received Abbreviated New Drug Application (ANDA) approval for Bupivacaine Hydrochloride injection in USA.
Adani Transmission: The company's shares surged 11 per cent on fund raising from Credit Suisse Singapore through rupee denominated masala bond of Rs 500 crores.
Sunil Hightech Engineers: The stock of Sunil Hightech Engineers surged 8 per cent after the company board said it would consider share split with face value of Rs 10 each into 10 equity shares of the face value of Re 1 each.
Bajaj Finance: Bajaj Finance surged 8 per cent plus after it announced stock split and bonus shares and also posted its Q1FY17 results. It adopted sub-division of equity shares of face value of Rs. 10 each into equity shares of face value of Rs. 2 each and bonus equity share of the face value Rs. 2 each for one equity share of the face value of Rs. 2 each.