Midcaps Gained Despite Profit Booking
Feb 28, 2017 | 19:11 PM IST
Feb 28, 2017 | 19:11 PM IST
Share Market News 28th February, 2017:
The stock market saw Midcaps flying high despite profit booking session.
The Sensex lost 69.56 points to 28743.32
Nifty lost 17.1 points to 88879.6
Bhel gained 6.09% to 162.1
Top Gainers: Bharti Airtel by 3.61% to 368.55, Asian Paints by 2.38% to 1025.38, Yes Bank by 2.12% to 1452.1, Hindalco by 1.96% to 184.3.
Top Losers: Grasim lost 3.36% to 984.1. BPCL by 2.72% to 669.45, Coal India by 2.47% to 321.8, Tech Mahindra by 1.74% to 491.1, Bajaj Auto by 1.57% to 2751.1.
Shares of oil marketing companies lost ground after industry sources revealed to CNBC-TV18 that ONGC might acquire HPCL in a deal valued at Rs.44,000 crores. HPCL lost 4% and BPCL fell 5% while ONGC was down 0.5%.
As per Morgan Stanley, if the Indian government transfers ownership of HPCL/BPCL to ONGC, HPCL would suffer limited impact. ONGC's leverage might rise in the near-term and HPCL/BPCL could lower ONGC's leverage only by FY20-21.
Idea Cellular shares rebounded in last hour of trade, up 0.74% at close against loss of 6% in early trade. P5 Asia Investments, the investment arm of private equity fund Providence, sold its entire 3.3% stake within the company through block deals ahead of the expected merger of the Aditya Birla Group company with Vodafone.
Share Market Investment Tips:
Stocks to watch - Reliance Industries is on up side while Infratelon down side.
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