D-Street Buzz: Auto stocks gain led by Tata Motors; IndusInd Bank most active


The Indian stock market is of the low point of the day but still trading in the red with Sensex down 142.59 points or 0.34 percent at 41810.04, and the Nifty shed 38.60 points at 12323.70.

Comments by a top US official that tariffs on China would remain in place for now turned investors cautious ahead of the signing of an initial trade deal, Reuters reported.

US Treasury Secretary Steven Mnuchin said on Tuesday Washington would keep tariffs on Chinese goods until the completion of a second phase trade agreement, denting hopes of an improvement in relations between the world’s top two economies.

Bank Nifty continues to dragged led by IndusInd Bank which shed over 4 percent after the lender reported sharp increase in gross slippages due to one travel account. The private sector lender registered a healthy 32 percent year-on-year growth in profit at Rs 1,300.2 crore in Q3 despite higher provisions.

The other losers included RBL Bank, State Bank of India, ICICI Bank, HDFC Bank, Federal Bank and Axis Bank.

Nifty Auto added a percent led by Tata Motors, Hero MotoCorp, TVS Motor, Mahindra & Mahindra, Maruti Suzuki, BharatForge, Ashok Leyland and Amara Raja Batteries.

India VIX is up 1.73 and is trading at 14.15 level.

The top gainers from the Nifty are YES Bank, Hero MotoCorp, Tata Motors, Titan Company and Maruti Suzuki.

The top losers include IndusInd Bank, Wipro, Dr Reddy’s Labs, BPCL and State Bank of India.

The most active stocks are IndusInd Bank, Tata Global Beverage, Reliance Industries, YES Bank and State Bank of India.

76 stocks have hit new 52-week high on NSE including Mahanagar Gas, Avanti Feeds, Larsen & Toubro Infotech Ltd., City Union Bank, Berger Paints, Ipca Labs, Balkrishna Industries and NIIT Tech among others.

About 1313 shares have advanced, 1027 shares declined, and 140 shares are unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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Credit: Moneycontrol