Market Flat Due To Profit Booking In Banks; Nifty Above 9900

Share Market News 17 August 2017

Today's market opened positive on yesterday's rally continuation but market closed flat as profit booking was seen in banks and auto sectors companies. Buying was also seen in IT and small sector companies post good result presented by some of the companies in this sectors. Sensex gained 24.57 points to 31795.46, Nifty gained 6.85 points to 9904.15.

Top Gainers

INFY by 4.70% to 1021.05, NTPC by 4.06% to 177, Coal India by 3.80% to 247, Vedanta Ltd. By 2.32% to 304.10 and BPCL by 2.12% to 494.20.

Top Losers

Cipla by 2.79% to 574, ACC by 2% to 1775, Maruti by 1.64% to 7575, Kotak Bank by 1.61% to 984.45 and Aurobindo Pharma by 1.46% to 703.50.

Analysis Of Top Gainer and Loser

INFY is the top gainer in today's market as the company is going to consider buyback of its equity shares at its meeting scheduled on August 19. As of all IT sector is under pressure, to utilise its cash reserves of USD 6 billion to improve business domestic as well global level through the share buyback or generous dividend.

Cipla is the top Loser in today's market because of profit booking as the price is at resistance level but this stock has the potential to give more returns in future.

Key Market News-

There is very important and positive news for chemical sector in India as according to Directorate General of Anti-dumping and Allied Duties (DGAD) Govt. is planning to impose anti-dumping duty up-to the USD 120.14 per tonne on the chemical used in dyes and pharmaceuticals imported from Canada, China and European Union (EU). This move is going to protect domestic players from cheap imports, especially sodium chlorate importing from Canada, China and the EU. Anti-dumping duty step ensures fair trade and provides a level-playing field to the domestic industry.

There is positive news for all businesses as most of the banks like Yes Bank, HDFC Bank, and SBI Bank are decreasing savings interest rate to 3 to 3.50% below 50 lakh deposits. It is going to benefit the business as this move will push common people to invest in business and equity market. Banks are reducing their savings rate due to RBI has slashed REPO rate to 6 years low level.

Stocks to Watch

Gravita India is on the upside while Apollo Hospitals Enterprises is on the downside.

Gravita India is currently trading at Rs.108.95, up by Rs.14.40 or 15.23% from its previous closing of Rs.94.55 on the NSE. The scrip opened at Rs.96.20 and has touched a high and low of Rs.112 and Rs.95.95. respectively. So far 2099990(NSE) shares were traded on the counter. The current market cap of the company is Rs.747 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.112 on 17-August-2017 and a 52 week low of Rs.26.25 on 23-August-2016.

Apollo Hospitals Enterprises is currently trading at Rs.1101.45,down by Rs.58 or 5% from its previous closing of Rs.1159.45 on the NSE. The scrip opened at Rs.1149.65 and has touched a high and low of Rs.1150.05 and Rs.1067 respectively. So far 1613884(NSE) shares were traded on the counter. The current market cap of the company is Rs.15307 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.1443 On 09-August-2016 and a 52 week low of Rs. 1067 on 17-August-2017.