Sensex off highs, Nifty tests 7550; top fifteen stocks in focus

NEW DELHI: The S&P BSE Sensex is trading in green, around its psychological level of 25,300. The rally in the index is being led by gains in ICICI Bank, Hindalco, SBI and Axis Bank.

At 12:03 pm, the Sensex was at 25,277.69; up 49.04 points.

The Nifty was at 7,542.80; up 16.15 points.
The 50-share Nifty index was trading 0.34 per cent higher or 25 points at 7552. It hit a low of 7540.35 and a high of 7571.35 in trade today.

Technically, Nifty has bounced from its 50 DMA level and crossed previous day's high closing comfortably above the crucial 7500 level indicating the change in sentiment of market participants.

"The market breadth in Nifty has been healthy all throughout the day whereas midcap and small cap space witnessed considerable jump reflecting the silver lining for the benchmark," LKP said in a report.

"Nifty is likely to face resistance at 7600 and any close above this level will result in further upside," added the report.

Here is a list of fifteen stocks which are likely to be in focus today:

Novartis India Ltd: Swiss drugmaker Novartis has struck an agreement with Google to develop "smart" contact lenses that would help diabetics track their blood glucose levels or restore the eye's ability to focus.

At 10:20 a.m.; the stock was trading 1.2 per cent higher at Rs 635.

Maruti Suzuki Ltd: Maruti Suzuki India signed an MoU with Muthoot Vehicle and Asset Finance (MVFL) to enable customers avail 100 per cent finance for Maruti cars.

At 10:20 a.m.; the stock was trading 0.2 per cent higher at Rs 2527.

State Bank of India: State Bank of India sold non-performing assets worth Rs 3,590 crore to various asset reconstruction companies ( ARCs) during 2013-14, the Rajya Sabha was informed on Tuesday.

At 10:20 a.m.; the stock was trading 1.4 per cent higher at Rs 2554.

MTNL Ltd: State-run telecom firm MNTL has roped in SBI Capital Markets to evaluate feasibility of investments in its Nepal based joint venture telecom operator United Telecom Limited.

At 10:20 a.m.; the stock was trading 0.7 per cent higher at Rs 32.40.

SpiceJet Ltd: Domestic budget carriers SpiceJet, Indigo and GoAir today rolled out another sale offer with fares starting from Rs 1,699 for a limited period on domestic routes. At 10:20 a.m.; the stock was trading 0.8 per cent higher at Rs 18.10.

Bharti Airtel Ltd: Sunil Bharti Mittal-promoted Bharti Enterprises has sold a majority stake in group company Beetel Teletech to US-based mobile handset distributor Brightstar Corporation for an undisclosed amount.

At 10:20 a.m.; the stock was trading 0.3 per cent lower at Rs 334.

Yes Bank Ltd: The Supreme Court on Tuesday said it would hear an appeal by YES Bank against a decision of the Bombay High Court. Yes Bank petitioned the highest court after the Bombay High Court dismissed its plea that the court did not have the jurisdiction to hear the case.

At 10:20 a.m.; the stock was trading 0.3 per cent higher at Rs 533.70.

The case is regarding a dispute between Madhu Kapur and YES Bank regarding the appointment of directors to YES Bank.

IOC, BPCL, HPCL: State-run fuel retailers on Tuesday reduced the price of diesel sold in bulk to industrial consumers such as state transport companies and railways by Re 1 a litre, indicating the government's approach to let retail prices crawl up to market levels could soon be paying off.

At 10:20 a.m.; IOC was trading 1.4 per cent higher at Rs 336, HPCL was up 0.8 per cent to Rs 403 and BPCL was trading 1 per cent higher at Rs 587.95.

DLF Ltd: DLF is planning to raise up to R3,500 crore through the issue of securities backed by IT-SEZs to replace its costlier debt.

At 10:20 a.m.; the stock was trading 2 per cent higher at Rs 217.40.

Canara Bank: Canara Bank is exploring all options to recover its dues of R350 crore from Deccan Chronicle Holdings (DCHL), including a one-time settlement (OTS) with the promoters, said media reports.

At 10:20 a.m.; the stock was trading 0.6 per cent higher at Rs 410.

Banks with higher infrastructure loan share such as ICICI Bank, Axis Bank, IDFC are likely to remain in focus today: The Reserve Bank of India, in order to encourage infrastructure development and affordable housing, on Tuesday, exempted long-term bonds from the mandatory regulatory norms such as the Cash Reserve Ratio (CRR), the Statutory Liquidity Ratio (SLR) and Priority Sector Lending (PSL) if the money raised is used for funding of such projects.

At 10:20 a.m.; ICICI Bank was trading 2.9 per cent higher at Rs 1434, Axis Bank was up 1.4 per cent to Rs 1925 and IDFC was trading 4.7 per cent higher at Rs 157.10.