Sensex, Nifty rally; Railway stocks gain

The Indian stock market declined for a second time in as many sessions as investors sold shares of automakers, lenders and technology companies. The NIFTY came under pressure as it approached its crucial resistance level of 8,200, weighed down by losses in IT, banks, and auto stocks. 

At 12:18 PM, the S&P BSE SENSEX is trading at 26,620 up 25 points, while NSE Nifty is trading at 8,208 up 29 points.

The BSE Mid-cap Index is trading up 0.51% at 12,193, whereas BSE Small-cap Index is trading up 0.79% at 12,287.

Power Grid, Tata Motors, Hindalco, Tata Motor DVR and Tata Power are among the gainers, whereas Bank of Baroda, Hero MotoCorp, Infosys, Wipro and SBI are losing sheen on NSE.

A total of 27 stocks registered a fresh 52-week high in trade today, while six stocks touched a new 52-week low on the NSE.

Out of 1,892 stocks traded on the NSE, 368 declined, 1,200 advanced and 324 remained unchanged today.

Some buying is observed in banking, metal, media and financial services sectors while IT and auto stocks are showing weakness on NSE.

The INDIA VIX is up 0.63% at 15.93.

Hero MotoCorp fell 1% after the company reported 34% decline in its December sales to 3.30 lakh units against 4.99 lakh units a year ago.

MEP Infrastructure Developers Limited has received Letter of Approval (LoA) from National Highways Authority of India (NHAI) for the collection of user fee for ‘BRIJGHAT FEE PLAZA’ at 88.5 for the section from 58 km to 93 km (Hapur-Garhmuketeshwar Section) of National Highway No. 24 in the state of Uttar Pradesh. The stock is trading 4% higher on the BSE.

Sugar stocks are trading higher for the third straight trading session. ICRA believes that domestic sugar consumption is likely to outpace domestic production for the second successive year in FY2017, given the lower sugar production in the major states of Maharashtra and Karnataka.

Dwarikesh Sugar Industries Ltd is currently trading at Rs 354.85, up by Rs 6.35 or 1.82% from its previous closing of Rs 348.5 on the BSE. The scrip opened at Rs 351.9 and has touched a high and low of Rs 364.5 and Rs 349.15 respectively. So far 1092942(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 656.23 crore.

Dalmia Bharat Sugar & Industries Ltd is currently trading at Rs 145, down by Rs 2.25 or 1.53% from its previous closing of Rs 147.25 on the BSE. The scrip opened at Rs 149.4 and has touched a high and low of Rs 151.8 and Rs 143.55 respectively. So far 312451 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1191.99 crore.

Bajaj Hindusthan Sugar Ltd is currently trading at Rs 15.24, up by Rs 0.46 or 3.11% from its previous closing of Rs 14.78 on the BSE. The scrip opened at Rs 15 and has touched a high and low of Rs 15.39 and Rs 15 respectively. So far 2781618 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1675.4 crore.

Banks stocks are expected to be under pressure in 2017 for several reasons beyond NPAs. The fact that they are over owned is one the reasons the Banking stocks may face some pressure.

However the Banking stocks across the board are gaining in Tuesday’s session.

Yes bank, Axis Bank, Canara Bank, PNB, Indusind Bank and ICICI Bank are all up in the first half of the trading session.

Banking stocks are the flag  bearers of  the recovery in the markets, which are struggling to inch up in the green and stay there.

The Bank Nifty is trading above crucial 18000 levels and is trading in green, up by about 0.51%.

HDFC Bank is the only bank in the Bank Nifty basket that is trading in red, down by almost 0.27%.

Yes Bank is the best gainer in the lot, trading up by more than 2 per cent on an intraday basis.

Gokaldas Exports Ltd is currently trading at Rs 68.45, up by Rs 3.7 or 5.71% from its previous closing of Rs 64.75 on the BSE. The stock rallied for sixth straight day and jumped over 15% in the last 5 tradings sessions.

Panacea Biotec, one of India’s leading research based Biotechnology company, has ensured increased availability of the life saving drug, Cilamin 250 (D-Penicillamine IP 250 mg) capsules for the treatment of Wilson’s disease in India. The stock rallied 7%.