Market Update: PSU bank index trades weak as PNB tanks 7%; RIL, GAIL up 1-2%, Ambuja Cements top loser

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The market breadth was in favor of the declines with 696 stocks advancing while 847 declined and 463 remained unchanged. On the other hand, in the BSE, 949 stocks advanced and 868 declined and 87 remained unchanged.

The Indian benchmark indices were trading on a positive note on Friday morning with the Nifty gaining 16 points at 10,598 while the Sensex gained 84 points or 0.25 percent.

The nifty energy was the outperforming sector with the Index jumping 1 percent led by stocks including GAIL India, IOC, ONGC and Reliance Industries among others.


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The PSU banking index was down 1.6 percent as stocks like Punjab National Bank tanked over 7 percent after the Bank has revealed that the quantum of the fraud it reported a couple of weeks ago could increase to Rs 12,700 crore, up from Rs 11,400 crore.

The other top losers included Bank of Baroda, Bank of India, Syndicate Bank and OBC. State Bank of India was down 0.77 percent while Allahabad Bank shed 1.6 percent.

The top Nifty gainers included GAIL India which jumped 2 percent, Yes Bank was up 1.6 percent followed by GAIL India, Reliance Industries, and ONGC.

The most active stock was PNB which plunged 7 percent, followed by RIL, Yes Bank, Maruti, and HEG.

The top Nifty losers included Ambuja Cements which fell over 4 percent followed by Kotak Mahindra Bank, Axis Bank, ICICI Bank and Adani Ports.

The top Sensex gainers were Indraprastha Gas which was up 3.58 percent while Praj Industries, century Ply, and Mahanagar Gas were the other gainers.

Interglobe Aviation and Cholamandalam Investment were some of the few stocks that hit new 52-week high on NSE while Gitanjali Gems Limited, Oriental Bank of Commerce and Punjab National Bank were the stocks that hit fresh 52-week low.

The market breadth was in favor of the declines with 696 stocks advancing while 847 declined and 463 remained unchanged. On the other hand, in the BSE, 949 stocks advanced and 868 declined and 87 remained unchanged.

Research and broking firm Motilal Oswal has maintained a buy on Reliance Industries with a target of Rs 1,111 per share. It is of the view that poor utilization in Latin America and Africa would keep gross refining margins (GRMs) strong and expects strong GRMs over next 2-3 years which is positive for the company. The house feels that RIL should clock GRMs of USD 11-12/bbl in FY19-20.

Macquarie has a neutral view on State Bank of India with a target of Rs 300 and sees near-term slippages high. It expects margins to improve going forward.

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Disclaimer: The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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