PSU Banks Tanked 2.1%; Profit Booking Dragged The Market Down

Share Market News 23 June 2017

Todays market opened positive on positive global cues but profit booking pulled the market down ahead of GST rollout on 1st July and falling oil prices to its 9 months low level. PSU Banks down due to profit booking. Sensex 152.53 points to 31138.21; Nifty lost 55.05 points to 9574.95.

Top Gainers

Power Grid Corporation by 1.83% to 206, Vedanta by 1.30% to 237.30, Sun Pharma by 1.09% to 544.55, Aurobindo Pharma by 1.04% to 672.90 and Wipro by 0.96% to 257.50.

Top Losers

Bank of Baroda by 2.66% to 160.75, Indian Oil Corporation by 2.35% to 384.25, Eicher Motors by 2.16% to 27083, Hero MotoCorp by 2.15% to 3650.55 And Bosch by 2% to 23800.

Analysis of Top Gainer and Loser

Powergrid is the top gainer in today's market as the US will provide $7.5 million to help advance India's power grid as part of their commitments to ensure access to affordable and reliable energy in both countries. As this grid innovation will promote economic growth and energy security in the United States and India.

Bank of Baroda is the top loser in today's market as Stock is downtrend from last one and half month and trading at strong support levels so panic seeling seen in this stock.

Key Market News-

There is positive news for power and infrastructure companies as World Bank and Asian Infrastructure Investment Bank (AIIB) 60:40 ratio respectively agreed to extend $380 million of a loan to Andhra Pradesh towards helping the southern state build a reliable, quality and affordable power supply to citizens. Under the project, Andhra Pradesh will build new transmission and distribution infrastructure, as well as put in place systems to improve the technical efficiency and commercial performance of its power sector utilities.

According to report oil could slump 10 to 15% and stabilise around 40$ per barrel after the first half of 2018. Due to oil production will be more explosive than people expect, at 1.8 million barrels per day growth in the U.S, almost twice what the International Energy Agency's expectation is. This is positive news for all Aviation, FMCG, Chemical sector companies.

Stocks to Watch

Indiabulls Real Estate is on the upside while Fortis Health is on the downside.

Indiabulls Real Estate is currently trading at Rs.204.45, up by Rs.12.45 or 6.48% from its previous closing of Rs.192 on the NSE. The scrip opened at Rs.191.30 and has touched a high and low of Rs. 207.30 and Rs.190.70. respectively. So far 55180083(NSE) shares were traded on the counter. The current market cap of the company is Rs.9704 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.217.80 on 21-June-2017 and a 52 week low of Rs.57 on 22-November-2016

Fortis Health is currently trading at Rs.172.50, down by Rs.25.40 or 12.83% from its previous closing of Rs.197.90 on the NSE. The scrip opened at Rs 186 and has touched a high and low of Rs.187.50 and Rs.168.25 respectively. So far 29553240(NSE) shares were traded on the counter. The current market cap of the company is Rs.8920 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.228.95 on 03-May-2017 and a 52 week low of Rs.142.25 on 09-November-2016.