Recovery Stocks a Mixed Bag as Nifty Trade Flat: Airlines Up, Hotels Down
By Aditya Raghunath
Investing.com -- Indian benchmarks, the BSE Sensex and Nifty traded flat on November 18 as market players booked gains after two weeks of an upsurge. Sensex was down 0.12% while Nifty dropped 0.16% at the time of this report.
Recovery stocks, those in the airlines and hotels space, had gained a lot on November 17. Some of them have built on their momentum while others saw profit booking. Interglobe Aviation Ltd (NS: INGL ) had gained 1.8% on Tuesday and is currently up 1.6%. SpiceJet is up 5.75% today building on its 6% gain on Tuesday.
Indian Hotels Co. Ltd (NS: IHTL ) is down almost 2% after rising 6.5% on November 17. Chalet Hotels Ltd (NS: CHAL ) gained 8.2% yesterday and has now dropped by 1.64%. EIH (NS: EIHO ) is down 2.26% after gaining 6.9% yesterday.
In the travel space, Thomas Cook (NS: THOM ) India has hit the upper circuit (19.99%) for the second day in a row today.
The Bank Nifty is continuing its meteoric rise on the back of a strong rally in public sector banks led by Bank of Baroda Ltd (NS: BOB ) (up 2.21%), Punjab National Bank (NS: PNBK ) (up 2.01%), and State Bank of India (NS: SBI ) (up 1.67%). Bank Nifty is trading up 0.56% as of this report.
Lakshmi Vilas Bank Ltd (NS: LVLS ) stock has hit its lower circuit (down 19.99%) after news emerged that the entire capital of the bank will be written off if its proposed merger with DBS Bank India goes through.
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