An investor watches a stock index monitor in a small Shanghai trading floor. ( Photographer: Kevin Lee/Bloomberg News)

Stocks Radar: Future Retail, Public Sector Banks, Sadbhav Engineering

Indian equity benchmarks rose for the second consecutive session today, led by gains in Tata Steel, ICICI Bank and Axis Bank.

While the S&P BSE Sensex Index rose as much as 0.83 percent to 35,469.2, the NSE Nifty 50 Index rose as much as 0.8 percent to 10,769.8.

All of 11 sector gauges compiled by NSE rose, led by the Nifty realty Index's 1.9 percent gains.

Here Are The Stocks Moving The Market This Morning:

Public Sector Banks Swing After MPC Decision

Sectoral index NSE Nifty PSU Banks swung between gains and losses after the Monetary Policy Committee hiked the repo rate in yesterday’s meet.

It rose as much as 0.8 percent to 2,976 and also lost as much as 0.5 percent during early trade.

IDBI Bank ltd. was the top gainer on the index, rising as much as 2 percent.

India’s monetary policy committee voted unanimously to increase the benchmark repo rate for the first time in more than four years, as it tries to fend off rising inflation pressures. The repo rate was raised by 25 basis points to 6.25 percent. The last time this benchmark rate was raised was in January 2014.

Phillips Carbon: Rises Above 12%

Shares of the carbon-black manufacturer rose as much as 12.9 percent, most in five months, to Rs 246.

Trading volume was 11.1 times the 20-day average. Phillips Carbon Black Ltd. has returned 22 percent so far this year as compared to Sensex’s gains of 3.9 percent during the same time period.

All of the eight analysts who have a coverage on this stock have a ‘Buy’ recommendation with a Bloomberg consensus one-year target price of Rs 353.4. The stock is trading around 31 percent below the consensus target price.

Sadbhav Infrastructure: Up On Fund Raising Buzz

Shares of the Gujarat-based infrastructure construction firm rose as much as 7.6 percent, most in 10 days,to Rs 328.4. It extended it’s gaining streak to the second consecutive trading session.

The board of Sadbhav Infrastructure Ltd. approved raising of fund up to Rs 3,000 crore via issue of securities.Trading volume of the stock was 3.3 times the 20-day average.

The stock has lost around 17.7 percent so far this year. The stock is 26 percent below its Bloomberg consensus one-year target price of Rs 163.

JSW Steel: At Record High

Shares of the Mumbai-based steel producer rose as much as 2 percent to a lifetime high of Rs 344.8, rising for the second straight consecutive session. The stock closed 3 percent higher in yesterday’s trading session.

Trading volume of JSW Steel Ltd. was 64 percent of the 20-day average. The stock has returned positively, 27 percent, so far this year. NSE Nifty Metal index lost around 7.6 percent during the same period.

Around 70 percent of the analysts covering this stock have a ‘Buy’ rating on the stock and eight percent recommend ‘Sell’.

Stocks Reacting To Block Deals

Future Retail:

  • Around 2.98 crore shares (5.9 percent of equity) changed hands in five block deals.
  • Shares of Future Retail Ltd. fell as much as 2.7 percent to Rs 556.1.

Kwality:

  • 25.6 lakh shares changed hands in two block deals
  • Shares of Kwality Ltd. fell as much as 5.1 percent to Rs 31.6.
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