Market Range-Bound Despite Positive Global Cues
May 22, 2017 | 18:32 PM IST
May 22, 2017 | 18:32 PM IST
Share Market News 22 May 2017
Todays market opened positive but traded in very tight range despite positive global cues. Sensex gained 106.05 points to 30570.97; Nifty gained 10.35 points to 9438.25.
Top Gainers
ITC by 5.87% to 303, Infratel by 2.44% to 388.20, HCL Tech by 1.69% to 859, L&T by 1.65% to 1753 And Tata Motors by 1.32% to 449.20.
Top Losers
Lupin 4.42% to 1259.95, SBIN by 4.42% to 294.40, Aurobindo Pharma by 3.49% to 574.50, GAIL by 3.04% to 388.85 And Ambuja Cement by 3% to 243.70.
Key Market News
There is positive news for the banking sector, the Reserve Bank is going declare guidelines to operationalise Non-performing assets (NPA) (Around 8 lakh Crore) ordinance as to resolve the problem of bad loans. This will include the creation of a separate cell to identify problems pertaining to NPAs or bad loans and have a clause giving definitive time-frame for the resolution process. RBI is also considering setting up a special cell that will identify cases for revival or takeover by another company. It can suggest to a bank to refer a particular case for insolvency and bankruptcy.
There is a cautious news about IT sector companies is that according to one of the famous Job portal, IT firms are laying off professionals. The IT-software industry was hit the most with a 24% fall in hiring in April this year as compared to April 2016. The overall job market saw an 11% fall in new jobs, with IT-software industry hit the most.
Stocks to Watch
Future Retail is on the upside while Videocon Industries is on the downside. Future Retail is currently trading at Rs.311.90, up by Rs.26.65 or 9.34% from its previous closing of Rs 285.25 on the NSE. The scrip opened at Rs.288.90 and has touched a high and low of Rs 319.95 and Rs 291.35.respectively. So far 1088202(NSE) shares were traded on the counter. The current market cap of the Company is Rs.14725 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.399 on 11-May-2017 and a 52 week low of Rs.116.10 on 05-December-2016.
Videocon Industries is currently trading at Rs.81.95, down by Rs.18.65 or 18.54% from its previous closing of Rs.100.60 on the NSE The scrip opened at Rs.100.80 and has touched a high and low of Rs.100.60 and Rs.80.40 respectively. So far 533833(NSE) shares were traded on the counter. The current market cap of the company is Rs.2709 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.114.90 on 06-Octomber -2016 and a 52 week low of Rs.80.40 on 22-May-2017.
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