Oil & Gas Outperform In The Range-Bound Market
Aug 22, 2017 | 18:18 PM IST
Aug 22, 2017 | 18:18 PM IST
Share Market News 22 August 2017
Today's market opened gap up due to the positive closing of global peers but traded in a very narrow range and profit booking was seen in most of the counter but oil and gas sector. Pharma and banks closed positive. Sensex gained 33 points to 31291.85, Nifty gained 11.20 points to 9765.55.
Top Gainers
BPCL by 2.79% to 511.65, IOC by 2.59% to 423.90, Sun Pharma by 2.49% to 472, Dr.Reddy by 2.47% to 1978.80 and Hindalco by 2.09% to 229.60.
Top Losers
NTPC by 2.76% to 167.25, Hero Motocorp by 1.97% to 3893.95, Bank Of Baroda by 1.76% to 139.60, Indiabulls Housing Finance Ltd by 1.73% to 1178 and Eicher Motors by 1.72% to 31090.
Analysis Of Top Gainer & Loser
BPCL is the top gainer in today's market because it's going to invest Rs. 18,000 crore to expand its refineries business over the next five years to increase the capacity by 19 million tonnes (mt). NTPC is the top Loser in today's market due to profit booking as the price is at resistance level but the stock is fundamentally strong and can give more returns in coming future.
Key Market News-
There is a positive news for the market on Foreign direct investment (FDI) front as according to Department of Industrial Policy and Promotion (DIPP) FDI increased by 37% to USD 10.4 billion in the first quarter compared to USD 7.59 billion in the first quarter of 2016-17. The Most FDI attractive sectors are telecom, trading, computer hardware & software and automobile from Singapore, Mauritius, the Netherlands and Japan.
Positive news for mobile manufacturing companies as the Indian government has imposed anti-dumping duty on tempered glass in of USD 52.85-136.21 per tonne importing from China. The glass is used for protecting mobile phone screens. The government has also imposed anti-dumping duty on 93 products importing from China including chemicals, petrochemicals, products of steel, fibres and yarn, machinery items, rubber or plastic products, electric and electronic items and consumer goods.
Stocks to Watch
Future Market Networks is on the upside while Religare Enterprises is on the downside.
Future Market Networks is currently trading at Rs.84.75, up by Rs.7.75 or 10.06% from its previous closing of Rs.77 on the NSE. The scrip opened at Rs.77 and has touched a high and low of Rs.87.50 and Rs.71.80. respectively. So far 353183(NSE) shares were traded on the counter. The current market cap of the company is Rs.486 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.93.50 on 15-March-2017 and a 52 week low of Rs.25.50 on 29-Sep-2016.
Religare Enterprises is currently trading at Rs.57.45, down by Rs.6.25 or 9.81% from its previous closing of Rs.63.70 on the NSE. The scrip opened at Rs.64 and has touched a high and low of Rs.64.40 and Rs.57.35 respectively. So far 1940531(NSE) shares were traded on the counter. The current market cap of the company is Rs.1021 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.293 On 08-Sep-2016 and a 52 week low of Rs.57.35 on 22-August-2017.
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