Mid market commentary June 03
Bhagyashree Vivarekar / 03 Jun 2016
Indian stock markets opened on a positive note but witnessed a fallback in the morning tick itself on Friday. Since then markets have halved the gains and are trading on a flat to positive note. Broader markets outperform wherein midcap index surges 0.45 per cent. Hence market breadth remains positive with 1222 advances and 1117 declines in BSE stocks.
Indian stock markets opened on a positive note but witnessed a fallback in the morning tick itself on Friday. Since then markets have halved the gains and are trading on a flat to positive note. Broader markets outperform wherein midcap index surges 0.45 per cent. Hence market breadth remains positive with 1222 advances and 1117 declines in BSE stocks.
After manufacturing, now India posts its Services PMI. The Nikkei/ Markit services PMI cooled to 51.0 in May as against April’s 53.7. The dip in both Manufacturing and service was evident with the output growth falling for consecutive second month. The only relief is the PMI stands above the expansion limit of 50.
On the sectoral front barring Infra, PSU Bank and pharma all other sectors are trading in green. Private banks' index surged the most at 1.2 per cent. Axis Bank and Kotak Bank lead the private bank sector and surged 3.5 per cent and 2.2 per cent.
Top Nifty gainers: apart from Axis Bank, Tata Power and BPCL are the top gainers with 2.9 and 2.7 per cent. Tata Motors and Kotak Bank follow the move with 2.6 and 2.3 per cent.
Top Nifty losers: Idea remains the lead Nifty dragger and falls 10.8 per cent. Bharti Airtel, Lupin, BHEL and Hindalco are the next top losers in the list.
Nifty broke out of 5250 mark and is currently hovering around the same. Now we hold 8340 as the next target for Nifty. On the downside 8230 followed by 8150-8135 will act as the next supports for the Nifty.
Stocks to watch:
Idea: Telecom giant Idea’s shares tumbled more than 10 per cent amid a block deal. Nearly about 3.7 per cent of equity i.e. Rs 1400 crore worth shares changed hands in a block deal.
Suven Life Sciences: The company has been granted a patent by Israel and Mexico for drug used for neuro-degenerative diseases. The stock has surged 1 per cent to Rs 217.
Tata Motors: Tata Motors shares gained 2 per cent as brokerage houses Morgan and Macquarie have maintained overweight and outperform rating ahead of Jaguar Land Rover releasing some new models in the market.
NMDC: The stock of NMDC surged 4 per cent after the company’s board would consider a share buyback in its next meeting scheduled on 7th June.
MOIL: MOIL surged 6 per cent after the company board announced board meeting on June 7 which would consider a share buyback.
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