Stocks Radar: Axis Bank, Gulf Oil, Sun Pharma, Vakrangee
Indian equity benchmarks snapped their six-day rally, led by the declines in HDFC and Mahindra & Mahindra, following Asian stocks amid confusing signals over U.S.-China trade talks. The S&P BSE Sensex and the NSE Nifty 50 Index traded lower at 36,125.83 and 10,868.85, respectively, as of 10:05 a.m.
The market breadth, however, was tilted in favour of buyers. About 890 stocks advanced and 683 declined on the NSE. Yet, seven of the 11 sectoral gauges fell, led by a 0.64 percent fall in the NSE Nifty Financial Services Index. The NSE Nifty IT Index was the biggest gainer, up 1.12 percent.
Here Are The Stocks Moving The Market This Morning
Sun Pharma Rebounds After Promoter Denies Insider Trading Allegations
Shares of the country’s largest drugmaker rebounded from its worst fall in 18 months and rose as much as 2 percent to Rs 465 apiece.
Sun Pharma’s promoter Dilip Shanghvi denied allegations of insider trading and poor corporate governance after a report said that SEBI may reopen its probe against the company and some of its promoters for various lapses.
The stock traded at 28 times its estimated earnings per share for the coming year, Bloomberg data showed.
Yes Bank Top Performer On Nifty
Shares of Yes bank gained for the third session and rose as much as 2.5 percent to Rs 182.50 apiece.
The Mumbai-based lender appointed former chairman of the Insurance Regulatory and Development Authority of India TS Vijayan as an additional director with immediate effect, according to its stock exchange filing.
The stock gained 13 percent in three days. The scrip was the best performer on Nifty.
Gulf Oil Gains On New ‘Buy’ Rating
Shares of Gulf Oil Lubricants rose as much as 15.8 percent, the most in over two years, to Rs 882 apiece.
Research firm Emkay initiated coverage on the stock with a ‘Buy’ rating. It has a price target of Rs 1,150, implying a potential upside of over 50 percent from the last regular trade. The price target is the highest among the analysts tracked by Bloomberg.
The trading volume was 14 times its 20-day average, Bloomberg data showed. The stock declined 26 percent in the past 12 months.
Vakrangee Hits Upper Circuit For Eighth Straight Session
Shares of Vakrangee hit its upper circuit of 5 percent for the eighth session in a row. The stock was trading at Rs 35.45 apiece.
The Relative Strength Index was above 70, indicating the stock may be overbought. The scrip gained over 46 percent in eight days but declined 91 percent in the past 12 months, according to Bloomberg data.
Axis Bank Extends Decline For Third Session
Shares of Axis Bank declined for the third session to Rs 622 apiece.
The Income Tax Department is probing role of some Axis Bank employees for alleged facilitation of benami deals, according to a Business Standard report. The lender, however, clarified the news saying the matter was reported in the media in March and an internal inquiry had already been conducted by the bank.
The stock returned 10.5 percent so far this year compared to a 7.3 percent advance in the Sensex.