Market Turns Cautious On The Eve Of Union Budget

Market Turns Cautious On The Eve Of Union Budget

Market Turns Cautious On The Eve Of Union Budget

Share Market News 31-January-2018

The market on Wednesday opened lower as Sensex slipped below 36,000 level while Nifty traded below 11,050 on weak global cues. Cautiousness has crept into D-Street as it awaits cues from the big bang event - the Union Budget - tomorrow as Sensex fell 120 points and traded below 36K while Nifty traded near 11,000. The broader market continued to trade lower as Nifty midcap was down by half a percent.

In the afternoon session, the market extended selling pressure as Sensex was down by 170 points while Nifty was down by 56 points to trade below 11,000. Broader market underperformed benchmark indices as Nifty midcap was down by 1%.

In the last hour of trade, equity benchmark trimmed a little with help of banking stocks as Sensex was down by 70 points while Nifty down by 22 points. The market recovered some losses closed mildly lower while Nifty midcap slipped 1.50%. Sensex closed 68.71 points down at 35,965.02, Nifty closed 21.95 points down at 11,027.70.

Top Gainers

Bharti Infratel by 2.19% to Rs.352, KotakBank by 1.93% to Rs.1,109, TechM by 1.34% to Rs.611, RIL by 1.22% to Rs.962, Tata Motors by 1.05% to Rs.400.

Top Losers

Dr. Reddy by -3.56% to Rs.2,224, Tata Steel by -3.36% to Rs.706.60, UPL by -2.51% to Rs.751.40, HUL by -2.50% to Rs.1,365.30, Cipla by -2.34% to Rs.591.80.

Analysis Of Top Gainer And Loser

Bharti Infratel is the top gainer in today's market as some buying has seen in the stock.

Dr. Reddy is the top loser in today's market as companys share falls for the fourth straight day on poor Q3 results.

Key Market News

Growth in China's manufacturing sector slowed more than expected in January to an 8-month low in the face of a cooling property market and tighter pollution rules that have curtailed factory output. The data, which provides global investors with their first look at business conditions in China at the start of 2018, reinforced the view that the economy is beginning to gradually lose steam after growing by a better-than-expected 6.9 percent last year.

India has been ranked sixth in the list of wealthiest countries with the total wealth of USD 8,230 billion, while the United States topped the chart, says a report. The report further noted that India was the best-performing wealth market globally in 2017 as its total wealth swelled from USD 6,584 billion in 2016 to USD 8,230 billion in 2017, registering a 25 percent growth.

Stocks To Watch

GAEL is on the upside while Vakrangee Ltd. on the downside.

GAEL is currently trading at Rs.243, up by Rs.18.45 or 8.22% from its previous closing of Rs.224.55 on the NSE. The scrip opened at Rs.221.35 and has touched a high and low of Rs.245 and Rs.220.10 respectively. So far 4,34,224 (NSE) shares were traded on the counter. The current market cap of the company is Rs.3,339.81 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.280 on 11-January-2018 and a 52 week low of Rs.92.70 on 01-February-2017.

Vakrangee Ltd. is currently trading at Rs.364.75, down by Rs.91.15 or 19.99% from its previous closing of Rs.455.90 on the NSE. The scrip opened at Rs.441.05 and has touched a high and low of Rs.447.95 and Rs.364.75 respectively. So far 2,34,53,688 (NSE) shares were traded on the counter. The current market cap of the company is Rs.38,683.37 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.515 on 24-January-2018 and a 52 week low of Rs.148.98 on 09-February-2017.

 

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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 a pave a smooth road for our clients in the shaky world of stock market. While tracking the mood swings of the market we bring our clients the most rewarding deals.

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