Pharma Index Tanked 4 % In The Profit Booking Market

Share Market News 09 Aug 2017

Todays market opened negative on yesterday's profit booking continuation. SEBI ruling on shell companies has cracked the market down as huge selling was seen in small and midcap sector stocks. Pharma sector is the biggest loser in today's market. Sensex lost 216.35 points to 31797.84; Nifty lost 70.50 points to 9908.05.

Top Gainers

Hindalco by 1.83% to 239.20, NTPC by 1.43% to 173.60, Asian Paints by 0.71% to 1155.55, Infy by 0.71% to 970.70 and ONGC By 0.70% to 165.15.

Top Losers

Aurobindo Pharma by 6.08% to 682.15, Sun Pharma by 5.57% to 472.50, Adani Ports by 4.53% to 396, Cipla by 3.56% to 558 And Tata Motors by 3.24% to 416.05.

Analysis of Top Gainer and Loser

Hindalco is the top gainer in today's market as the board of directors is going to consider raising up to Rs 4,400 crore debt in 11th August meeting via commercial papers and unsecured debentures for aluminium business. This move will boost the business of the company in long term.

Aurobindo Pharma is the top loser in today's market as due to profit booking as the price was trading in resistance level.

Key Market News-

There is positive news for automobile and auto ancillary sector companies as according to ICRA, domestic passenger vehicle sales will increase by 9-10% in current fiscal and expected to grow 9-11% at a compounded annual growth rate (CAGR) in next five years due to low penetration levels, increasing disposable income and the overall macro-economic indicators like favourable GDP growth, normal monsoon are expected to boost rural income. Additionally, the price-cut post falling interest rate and subdued fuel prices will provide impetus to the industry.

Tata Motors presented mixed numbers as the quarter result is good. 42% rise in quarterly profit to Rs. 3,182 crore compared with Rs. 2,236 crore a year earlier, but total income fell down by 10% to Rs. 59,972 crore compared to Rs. 66,339 crore last fiscal.

Stocks to Watch

Edelweiss Financial Services is on the upside while Aurobindo Pharma is on the downside.

Edelweiss Financial Services is currently trading at Rs.250.40, up by Rs.12.25 or 5.14% from its previous closing of Rs.238.15 on the NSE. The scrip opened at Rs.237.90 and has touched a high and low of Rs.254.40 and Rs.237.50. respectively. So far 6620120(NSE) shares were traded on the counter. The current market cap of the company is Rs.21297 Crore. The BSE/NSE group stock has touched a 52 week high of Rs. 254.40 on 09-August-2017 and a 52 week low of Rs.82 on 19-December-2016.

Aurobindo Pharma is currently trading at Rs.683.60, down by Rs.42.70 or 5.88% from its previous closing of Rs.726.30 on the NSE. The scrip opened at Rs 725 and has touched a high and low of Rs.725.40 and Rs.675.80 respectively. So far 5412591(NSE) shares were traded on the counter. The current market cap of the company is Rs.40083 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.895 On 06-October-2016 and a 52 week low of Rs. 503.05 on 29-May-2017.