Mid market commentary July 11

Indian stock markets witnessed a bullish trend in the start of the week. Both Nifty and Sensex are firmly up by 1.61 per cent and 1.74 per cent respectively. All sectoral indices are in green. Meanwhile, Auto, Bankex and Capital Goods are up by 2.08 per cent, 1.89 per cent and 1.54 per cent respectively.

Asian markets also opened higher after strong US jobs data. Nikkei 225 has increased by 3.98 per cent and Hang Seng remains up by 1.5 per cent. Europe too opened on a positive note. CAC 40 increased by 1.49 per cent and DAX also rose by 1.66 per cent. The FTSE increased by 0.37 per cent.

Market bias too turned positive with 1716 advances and 784 declines. SmallCap increased 0.94 per cent in line with the benchmark indices. Midcap too rose by 1.61 per cent. Midcap stock Bajaj Finance up by 5.81 per cent on bourses as company is meeting on July 26 to consider bonus issue or stock split.

Nifty top gainers: Adani Ports, Tata Motors, ICICI Bank and Coal India increased by 4.03 per cent, 3.97 per cent 3.22 per cent and 3 per cent respectively.

Nifty top losers: As Indian markets firmly up, only Zee Entertainment Enterprises and HCL Technologies declined by 0.53 per cent and 0.28 per cent respectively.

Stocks to watch:

GAIL: PNGRB hikes tariff for the company’s Kochi-Mangalore pipeline project by 48 per cent. The stock will be watched out on intraday basis.

IndusInd Bank: IndusInd bank will declare its Q1FY17 on Monday. The share price of bank will be in focused on rest of the trading session.

Ramco Systems: Ramco Systems positioned as ‘Achiever’ in Everest Group’s multi-country Payroll Platform Assessment. The stock will be watched out on Monday.

Inox Wind: Inox Wind bagged about 50 MW order from Atria Power. The share price of the company increased by 1.03 per cent on bourses in early trades and is trading at Rs 241 on intraday basis.

Larsen & Toubro: Larsen & Toubro’s (L&T) information technology arm L&T Infotech IPO kick started from July 11. The share price of the company rose by 1.76 per cent on bourses in early trades.