Pharma Index Down By 1.75%; Market Settles in Red

Jun 16, 2017 | 09:47 PM IST

Share Market News 16 June- 2017

Today’s market opened positive on global cues but high volatility was seen in the afternoon session as there were mix triggers in the market. There is a sectorial tussle seen in the market as banking stocks have seen a delivery based buying and there was huge selling seen in almost all pharma stocks. Sensex lost 19.33 points to 31056.40; Nifty gained 10 points to 9588.05.

Top Gainers
Tata Motors DVR by 3.20% to 281.85, Kotak Mahindra Bank by 2.27% to 984.45, ACC by 1.92% to 1643, UltraTech Cement by 1.65% to 4110.70 And Tata Motors by 1.57% to 455.35.

Top Losers
Lupin by 4.38% to 1130.60, Sun Pharma by 2.74% to 529.10, Cipla by 2.62% to 535.05, Wipro by 2.40% to 254.60 And Indiabulls Housing Finance by 1.74% to 1129.05.

Analysis of Top Gainer and Loser
Tata Motors DVR is the top gainer in today's market as the Bombay stock exchange is going to add private sector lender Kotak Mahindra Bank and Tata Motors Differential Voting Rights (DVR) as an additional stock in the benchmark Sensex from Monday, June 19. The Exchange will exclude GAIL from the index.

Lupin is the top loser as panic selling was seen in the market as the market is worried about price environment in the US market and continuing decline in the company’s two key products, Glumetza and Fortamet. It may lead to pressure on company’s EBITDA margins. But it seems more like profit booking for short term investors.

Key Market News
To resolve NPA issue RBI has identified 12 companies i.e. Essar Steel, Bhushan Steel, Bhushan Power, Alok Industries, Electrosteel Steels, JP Infra, Lanco Infratech, Monnet Ispat, Jyoti Structures, ABG Shipyard, Amtek Auto and Era Infra. The issues of the identified companies will be dealt through the Insolvency and Bankruptcy Code (IBC). This is the positive news for all banking stock as it increases the possibility of clearing their balance sheet.

Amending the Prevention of Money- Laundering (Maintenance of Records) Rules, 2005 Government has made quoting of biometric identity number Aadhaar mandatory for the opening of bank accounts as well as for any financial transaction of Rs. 50,000 by December 31, 2017. Failing which the account will cease to be operational.

Stocks to Watch
Rane Holdings is on the upside while Meenakshi Ent. is on the downside.

Rane Holdings is currently trading at Rs.1852.75, up by Rs.222.75 or 13.66% from its previous closing of Rs. 1630.05 on the NSE. The scrip opened at Rs.1650 and has touched a high and low of Rs. 1920 and Rs. 1635.90. respectively. So far 194107(NSE) shares were traded on the counter. The current market cap of the Company is Rs.2658 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.1920 on 16-June-2017 and a 52 week low of Rs.575 on 20-June-2016

Meenakshi Ent. is currently trading at Rs.285.80, down by Rs.71.45 or 20% from its previous closing of Rs.357.25 on the NSE. The scrip opened at Rs 357.80 and has touched a high and low of Rs.358.40 and Rs.285.80 respectively. So far 180070(BSE) shares were traded on the counter. The current market cap of the company is Rs.354 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.365 on 02-May-2017 and a 52 week low of Rs.280 on 10-Feb-2017.

 

ABOUT AUTHOR

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...
FULL BIO

LEAVE A COMMENT

RECOMMENDED READING

Sensex Loses Over 200 Points, Nifty Closes Below 10,250

Share Market News – 12 December 2017 The market opened on a negative note and continued to trade in negative due to selling pressure was seen on the upper level. During the afternoon session, selling pressure was seen. In
Read More>>

Market Bullish, Make Hay While The Sun Shines

Market This Week Market started on a negative note this week due to the panic caused by the Monetary policy. However, the RBI Governor kept rates unchanged and there weren’t
Read More>>

Free Research Report - Srikalahasthi Pipes Ltd

Srikalahasthi Pipes Ltd has a power generation capacity of 14.5MW, comprising of 12MW waste heat recovery of coke oven plant and 2.5MW captive power plant, which runs on blast gas furnace. Around 75% of the power requirement is internally met,
Read More>>

Earn Higher Profits With Intelligent Financial Planning

Money needs planning. If not planned well, money evaporates into the thin air without a trace. Have you ever wondered how rich people manage their high life and high expense? How do they afford to drive swanky cars, enjoy foreign vacations and yet
Read More>>

Stop! Read Before You Invest In These Trending Stock Market Tips

Various popular stock market news portals and TV channels discuss trending stocks and provide free tips but without in-depth research. We create well-researched equity analysis on these trending stock tips in a single place so you don't waste your
Read More>>