Post Budget Blues Continue; Sensex 310 Points Down, Nifty Below 10,700

Share Market News 05-February-2018

The market opened the week sharply lower on Monday with Sensex declined over 500 points below 34,600 level while Nifty fell over 160 points below 10,600 tracked weakness across the globe. The market continued to trade lower but was off days low as fell around 300 points while Nifty continued to hold 10,650 levels. All sectoral indices were in red but were off day's lows. Nifty midcap was down by more than 1.5%.

In the afternoon session, benchmark indices continued to trade lower as Sensex fell 350 points while Nifty dropped over 100 points but hold 10,650 levels. The market extended losses as Senses fell over 420 points and Nifty dipped over 130 points. Though broader market showed sign of recovery Nifty Midcap was down by almost 1%.

In last hour of trade, equity benchmark continued to trade lower with Sensex 320 points down while Nifty declined 96 points. The market closed sharply lower dragged by private banking and financials but Nifty midcap outperformed the market as almost wiped out all losses. Sensex closed 309.59 points down at 34,757.16, Nifty closed 94.05 points down at 10,666.55.

Top Gainers

Bharti Airtel by 4.98% to Rs.443.40, Tata Motors by 3.71% to Rs.398, Bosch Ltd. by 2.70% to Rs.20,000, HindPetro by 2.44% to Rs.383.65, Coal India by 1.91% to Rs.295.90.

Top Losers

HDFC by -4.14% to Rs.1,824.95, L&T by -3.40% to Rs.1,367.30, IndusInd Bank by -2.63% to Rs.1,715, Adani Ports by -2.39% to Rs.407.95, Indiabulls Housing Finance by -2.17% to Rs.1,291.

Analysis Of Top Gainer And Loser

Bharti Airtel is the top gainer in today's market as the company said Singtel would invest Rs.2,649 crore in promoter company, Bharti Telecom via preferential issue. Funds raised will be used towards debt reduction, it added. Singtel stake in Bharti Telecom will increase to 48.9 percent from 47.2 percent.

HDFC Ltd. is the top loser in today's market as selling pressure was seen in the stock.

Key Market News

The Indian service sector remained in expansion mode in January, registering the fastest rise in activity in three months driven by a renewed increase in new business orders, says a monthly survey. The seasonally adjusted Nikkei Services Business Activity Index improved to 51.7 in January, up from 50.9 in December, signalling a faster expansion. The index remained above the neutral mark of 50 in January, that separates growth from contraction for the second consecutive month. In November, the index stood at 48.5.

Finance Minister Arun Jaitley on Saturday said the government was not considering the abolition of the security transaction tax (STT) following the re-introduction of long-term capital gains tax (LTCG) on equities and equity-linked mutual funds. In an exclusive interview with ETNow, he said STT was already being levied on equity with along with short-term capital gains (STCG) tax, but the government found that a large number of wealthy investors from India and abroad were making huge capital gains.

Stocks To Watch

Jamna Auto Industries Ltd. is on the upside while Sterlite Technologies Ltd.on the downside.

Jamna Auto is currently trading at Rs.75.55, up by Rs.6.70 or 9.73% from its previous closing of Rs.68.85 on the NSE. The scrip opened at Rs.65.55 and has touched a high and low of Rs.76.40 and Rs.65 respectively. So far 39,73,138(NSE) shares were traded on the counter. The current market cap of the company is Rs.2,980.51 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.91.40 on 12-January-2018 and a 52 week low of Rs.37.40 on 02-February-2017.

Sterlite Technologies is currently trading at Rs.324.90, down by Rs.24.55 or 7.03% from its previous closing of Rs.349.45 on the NSE. The scrip opened at Rs.336.35 and has touched a high and low of Rs.338.90 and Rs.300.50 respectively. So far 58,30,273 (NSE) shares were traded on the counter. The current market cap of the company is Rs.12,962.52 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.415 on 24-January-2018 and a 52 week low of Rs.120.45 on 22-March-2017.