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Nifty still under pressure. Banking stocks rise.

Markets are witnessing trades under pressure, vowing to the bleak cues from weak global markets. However sector specific and stock specific movements are seen across the counters.

The NSE Nifty has marginally raised by 7 points at 6740. The BSE Sensex has moved up by 10 points at 22495.

Banking stocks have obtained the demand again. Bank of Baroda has seen a surge of 2.83%, while the Punjab National Bank (PNB) has moved up by 2.2% in today’s trade. Indus Ind Bank is up by 1.9%. Both ICICI Bank and Axis Bank have moved up by 1% each.

Stocks from the metal sector are also on the rise. Hindalco has seen a gain of 2.3% at 137. Jindal Steel has moved up by 1.2% at 272. Tata Steel has surged 1% at 413.55.

Other stocks in focus include Maruti, Grasim and Bharti Airtel – which have all gained more than a percent each.

IT stocks have however seen declines, despite yesterday’s good set of numbers from Infy. The stock of Infy has corrected further 2.3% in today’s trade. TCS is down by 2.2%. Wipro has corrected 0.7%.

Some of the pharma stocks have seen declines. Dr. Reddy’s and CIPLA are trading with 1% cuts.

BPCL has lost 2%. L&T, BHEL and HDFC are also among the losers on the Nifty index.

The CNX Nifty Junior index is up by 112 points. Adani Enterprises, which had corrected after witnessing a sudden spike in the previous week, has regained its momentum. Today the stock has moved up by 10% and is trading at 462.


 

 

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