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CNX IT up close to 2% led by HCL Tech

  • The bulls were charging ahead in the Indian markets on Monday morning as the Nifty jumped 98 points at 10,325  while the Sensex was up 300 points.

    The Nifty IT index jumped close to 2 percent led by HCL Tech which was up 3 percent while Tech Mahindra, Infosys, Tata Consulltancy Services and Wipro were the other top IT gainers

    The Nifty PSU banking index was however down over 1 percent dragged by Andhra Bank which plunged over 10 percent after the Enforcement Directorate filed a charge sheet against a former bank director in an alleged Rs 5,000-crore bank fraud case involving a Gujarat-based pharma firm.

    The other top losers included IDBI Bank, Canara Bank and Oriental Bank of Commerce.

    From the Nifty the stocks which gained the most were HCL Tech which jumped 3 percent while ITC, Tech Mahindra and Tata Steel added over 2 percent each. Vedanta was up 1.8 percent in the morning trade.

    The most active Nifty stocks included Tata Steel and ITC which were up 2 percent followed by Bharti Infratel which gained 0.5 percent.. HDFC and State Bank of India were the other active stocks.

    The top losers included Coal India, State Bank of India, Asian Paints, Bosch and Hindustan Unilever.

    The top Sensex gainers were Network18 which jumped over 5 percent while Vakrangee was up 5 percent. Videocon, MMTC and Mphasis were the other top Sensex gainers.

    Ashok Leyland, Mastek and Tech Mahindra were three of the few stocks that hit new 52-week high.

    77 stocks hit new 52-week low including Andhra Bank, Bank of India, Canara Bank, UCO Bank, Union Bank of India and Zee Learn among others.

    The market breadth was in favour of the advances with 1169 stocks advancing while 468 declined and 384 remained unchanged. On the other hand, in the BSE, 1388 stocks advanced and 674 declined and 94 remained unchanged.

    Morgan Stanley has maintained an underweight stance on Coal India with target at Rs 221 per share. It is of the view that dividend is marginally higher than estimate of Rs 14 per share.

    Goldman Sachs has maintained a sell call on Coal India with target at Rs 270 per share. The house believes that its payout can sustain over the next three years

    while high dividend payout is likely to limit capex growth.

    Research and broking firm Stewart & Mackertich has recommended a positional buy on HCL Technologies Futures (CMP-Rs 971) on dips around Rs 967 for target of Rs 997 with stop loss below Rs 952.

    DisclaimerReliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd

    Emma Wise
      March 11, 2018 10:03 PM PDT