Indian shares climbed, led by gains in metal stocks, even as traders remained cautious ahead of the Reserve Bank of India's monetary policy review. The S&P BSE Sensex rose 0.13 percent to 31,233, while the NSE Nifty gained 0.17 percent to 9,653.
#BQMarketsNow | Indian shares edge higher ahead of RBI Monetary Policy.https://t.co/Tbs24zhlo4 pic.twitter.com/9VayjdOnSG
Here Are The Stocks Moving The Market This Morning:
Banks In Focus
The Nifty Bank Index gained 0.4 percent close to its all-time high, as investors hope record low inflation and slowing growth may persuade the central bank to change its stance on interest rates.
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Some of the key movers
- ICICI Bank (+1.9% at Rs 324)
- Federal Bank Ltd. (+1.47% at Rs 114)
- State Bank of India (+0.44% at Rs 288)
- Punjab National Bank (+1% at Rs 151)
- Bank of Baroda (+1% at Rs 176)
- Axis Bank (+0.3% at Rs 511)
- Yes Bank (-0.81% at Rs 1,493)
Also Read: Five Questions That RBI Needs To Answer
Reliance Communication: More Downgrades
Shares of the Anil Ambani-led company fell for the second day by as much as 4.5 percent to Rs 19.25 after the telecom operator was downgraded by Moody's and Fitch.
The downgrades come just days after Chairman Anil Ambani held a media conference where he laid out the company's path to paring debt.
The stock returned a negative 42 percent so far this year and a loss of 59 percent. The Relative Strength Index (RSI) is 15, indicating that the stock may be oversold.
Adani Stocks: Extend Gains To Day 2
Shares of the Gautam Adani-led group companies gained anywhere between 5 percent and 1 percent in early trade.
Adani Enterprises jumped as much as 5 percent, after gaining nearly 9 percent in previous session, after it reduced stake in Adani Green Energy by 50 percent.
The Adani Group has made an application to help finance the development of the $16.5 billion Carmichael coal project, Bloomberg reported citing Minister for Resources and Northern Australia Matthew Canavan
On Tuesday, the board of Adani Power approves sale of its Mundra power business to its subsidiary Adani Power (Mundra). The stock gained nearly 1 percent to Rs 27.50 on the BSE.
Also Read: India's Adani Approves Controversial Australian Coal Project
Bank Of Maharashtra, Canara Bank: MCLR Revision
State-owned Bank of Maharashtra and Canara Bank revised their marginal cost of funds-based lending rate (MCLR), according to the lenders' exchange filing.
- Bank of Maharashtra (+1.16% at Rs 30.45)
- Canara Bank (+0.54% at Rs 360.4)
HDFC: Issues NCDs
Shares of the housing finance company fell 0.45 percent to Rs 1,598.6 after the lender said that it will issue non-convertible debentures (NCD) worth Rs 2,000 crore on private placement basis, according to its exchange filing.
Goldman Sachs analyst Rahul Jain upgraded the stock to neutral from sell earlier on Tuesday. The analyst currently has a price target of Rs 1,559, which is around 3 percent below market price.
Aegis Logistics: Stake Sale
Shares of the oil and gas logistics company fell 2 percent to Rs 206 after the company sold 19.7 percent stake in step-down subsidiary Hindustan Aegis LPG Ltd. to Itochu Petroleum Co. (Singapore) for an aggregate consideration of Rs 250 crore.
The stock returned 60 percent so far this year and a gain of 71 percent.
Sical Logistics: Wins Contract
Shares of the integrated logistics firm rose as much as 6 percent to Rs 265.2 after it won a contract worth Rs 289 crore from Mahanandi Coal Fields.
The company has been given the task of excavation of overburden at Bharatpur Mines in Odisha, according to its exchange filing. The stock was up 2.2 percent on high trading volume, eight times its 30 day average volume.
India Glycols: No Longer An EOU
Shares of the chemical manufacturing company rose 2.71 percent to Rs 199. The company announced on the exchanges that its Ennature Bio-pharma division at Dehradun unit ceased to be a 100 percent Export Oriented Undertaking (EOU).
The company indicated low dividend yield of 0.5 percent.
Oil India: Hydrocarbon Discovery
Shares of the oil explorer rose 2.51 percent to Rs 304 after making a hydrocarbon discovery at the Baghjan Petroleum Mining Lease (PML) in the Upper Assam Basin.
“The company has made 10 discoveries in its operational areas of Assam during 2016-2017,” according to exchange filing.
About 34 percent of analysts covering the company have changed their price targets (3 up, 7 down) over the past month. Batlivala & Karani Securities analyst Bhavin Gandhi upgraded the stock to buy on Monday.
The analyst currently has a price target of Rs 390 -- around 30 percent above market price.
The Oil Ministry recently formed a board to monitor ONGC and Oil India's performance.
Deepak Nitrite: Resumes Facility Operations
Shares of the organic and inorganic chemical maker rose 1.63 percent to Rs 152.35 after it resumed operations at its Roha manufacturing facility in Maharashtra.
About 25 percent of analysts covering the company have changed their price targets (1 up, 0 down and 3 unchanged) over the past month.
Vivimed Labs: U.S. FDA Inspection
Shares of the drugmaker rose as much as 8.53 percent intraday, the most since May 29, to Rs 114 after the U.S. FDA inspected its plant in Spain. However, there were no observations were issued post inspection.
Trading volume on the stock jumped 4 times its 30-day average at 10:00 a.m.
ITD Cementation: HDFC Sells Stakes
Shares of the construction company rose 2 percent to Rs 178.45 after HDFC Mutual Fund sold 1.8 percent shares of the company.
About 40 percent of analysts covering the company have revised their price targets higher over the past month.
MEP Infrastructure Developers: Investor Sells Stake
Shares of toll management company rose 2.8 percent to Rs 95 after an investor sold 0.7 percent stake in the company.
Wallfort Financial Services analyst Adit Gala initiated coverage with buy on Wednesday. The analyst currently has a price target of Rs 105, 13.3 percent above market price. The RSI index was 80, indicating that the stock may be overbought.
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