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The broader markets are performing in-line with the benchmark indices in noon deals today. The BSE Mid-cap index has advanced 0.74% to 6,488 and the small-cap index is also up 0.74% at 6,337. Both the Sensex and the Nifty have gained 0.8% each in trade thus far.
Among the key mid-cap gainers, Anant Raj is the top gainer from the mid-cap pack. The stock has jumped over 8% to Rs 73. Amtek India, Amtek Auto, Rallis India, Hathway Cable & Datacom, Housing Development & Infrastructure, Gujarat Pipavav Port and Jindal Saw are also buzzing in trades, up 4-6% each.
Rashtriya Chemicals and Fertilizers (RCF) is trading higher by 4% after the government fixed floor price for the proposed offer for sale (OFS) at Rs 45 per share, translating into a premium of 2.5% as compared to its Thursday’s closing price of Rs 43.90 on the National Stock Exchange (NSE).
Adani Power is trading higher by nearly 4% at Rs 50.25 after the promoter of the company increased its stake in the company through open market transaction.
PSU OMCs have gained on the back of declining crude oil prices in the international markets. Crude oil prices on the NYMEX were down 17 cents at $91.39 a barrel in electronic trade on Friday.
Bharat Petroleum was up 4%, Hindustan Petroleum was up 2.5% and Indian Oil Corporation was up nearly 2%
Aviation shares like Kingfisher and Jet Airways have gained 3-5% as the government has decided to replace the present DGCA with more powerful Civil Aviation Authority.
On the losing side, Multi Commodity Exchange (MCX) has dipped over 5% to Rs 965, extending its previous day’s around 4% fall, on back of heavy volumes. The stock opened at Rs 1,020 and hit a low of Rs 962, its lowest values since June 2012 on BSE.
The overall breadth of the BSE mid-cap index is healthy as 165 stocks are advancing while 72 are declining.
Adds Ravi Shenoy, AVP (mid-cap research), Motilal Oswal Securities, "Cautious on mid-cap space as current market momentum is due to global rally. So if global markets continue to show strength then broader markets may perform well too else we may witness correction. However, from a 1-year perspective, the risk-reward ratio looks good as returns are expected to be high. So one can BUY into mid-caps from a long-term perspective".
Stock picks
Havells India as stock corrected sharply in past few sessions.
CESC- Bullish on power stocks as power tariffs are expected to be hiked soon
In Banks, Canara and OBC looks attractive.
Gaurav Dua, Head of Research, Sharekhan preferred bets are HCL Tech, Persistent Systems and CMC.
