GDP Down To 5.7%, Market Still To React

Aug 31, 2017 | 06:39 PM IST

Share Market News – 31 August 2017

Today's market opened positive as continuation of yesterday's buying was seen in metals and oil sector stocks as well as auto sector companies ended in the positive shade too. GDP numbers came after the market hours but effect will be seen tomorrow. Sensex gained 84.03 points to 31730.49, Nifty gained 33.50 points to 9917.90.

Top Gainers

Wipro by 2.28% to 297.58, Maruti by 2.15% to 7720, Tata Power by 2.06% to 79.25, Reliance by 2% to 1595.40 and Bajaj Auto by 1.76% to 2799.05.

Top Losers

Bosch Ltd by 2.45% to 21913.80, Infratel by 2.21% to 376.25, Coal India by 1.55% to 238.05, INFY by 1.26% to 915 and Aurobindo Pharma by 1.22% to 726.25.

Analysis of Top Gainer & Loser

Wipro is the top gainer in today's market as company shareholders approved Rs. 11,000 crore buyback proposal. Last month firm had said it will purchase up to 34.37 crore shares at Rs. 320 per scrip. The total size of the offer will be up to Rs. 11,000 crore.

Bosch Ltd is the top loser in today's market because the price is consolidating at strong support level but this stock has potential to give more returns in future.

Key Market News

There is positive news for all industries and businesses as government is taking a pro active role in revising its industrial and manufacturing policies (i.e. the manufacturing policy of 2009 and industrial policy of 2011) to check India's ability to handle new challenges of Industrial Revolution 4.0. Review takes place considering Make In India and the improvement taking place in the industries in the world. This improvement is helpful for India to be a manufacturing hub and increasing share of manufacturing in GDP to 25%.

GDP Numbers are below the expectation of Dalai Street as it has recorded 5.7% growth in first quarter of FY17-18 comparing to 7.9% last year and 6.1% in the preceding quarter. The numbers are down mainly because of GST implementation and de-growth of Industrial production, but the growth will accelerate in coming quarters as various measures have been taken by the government to create a favourable business environment.

Stocks to Watch

Vadilal Industries is on the upside while Religare Enterprises is on the downside.

Vadilal Industries is currently trading at Rs.1080.65, up by Rs.173.80 or 19.17% from its previous closing of Rs.906.85 on the NSE. The scrip opened at Rs.914.80 and has touched a high and low of Rs.1088.20 and Rs.906.50. respectively. So far 435822(NSE) shares were traded on the counter. The current market cap of the company is Rs.783 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.1088.20 on 31-August-2017 and a 52 week low of Rs.440.50 on 09-November-2016.

Religare Enterprises is currently trading at Rs.49.75,down by Rs.3.90 or 7.27% from its previous closing of Rs.53.65 on the NSE. The scrip opened at Rs.54 and has touched a high and low of Rs.54.10 and Rs.48.90 respectively. So far 1542509(NSE) shares were traded on the counter. The current market cap of the company is Rs.889 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.293.80 On 08-September-2016 and a 52 week low of Rs.48.90 on 31-August-2017.



Niveza Editorial Desk : We are a team of stock market nerds trying to stay ahead of the herd. We spend our grey cells everyday to pave a smooth road for our clients in the shaky world of stock market. While...



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