Sensex At Record High, Nifty Above 10650; IT, Telecom Stocks Rally

Jan 11, 2018 | 06:17 PM IST

Nifty Midcaps Continue To Perform

Share Market News 11-January-2018

The market started on a flat note on Thursday as Sensex inched up by 15 points to trade above 34,450 levels while Nifty edged down by 3 points. The broader market also started on a positive note as Nifty midcap was up by .25%. The benchmark indices continued to be range-bound in morning but broader market outperformed.

In the afternoon session, the market extended gains after consolidation as Sensex was up by 120 points and Nifty hitting fresh record high of 10,660. Nifty midcap also traded up by half a percent. In the last hour of trade, the market gave up some gains as Sensex was up by 50 points and Nifty continued to trade above 10,600 level. Broader market continued to underperform indices. The market closed higher after consolidation. Sensex closed 70.42 points up at 34,503.49, Nifty closed 19 points up at 10,651.20.

Top Gainers

Infosys by 2.30% to Rs.1,076.50, Indiabulls Housing by 1.98% to Rs.1,228.05. Bharti Airtel by 1.88% to Rs.515.90, Kotak Mahindra by 1.55% to Rs.1,017.80, eicher Motors by 1.43% to Rs.28,500.

Top Losers

Wipro by 2.04% to Rs.320.05, IndusInd Bank by -1.93% to Rs.1,700.70, Ambuja Cement by -1.52% to Rs.271.90, Cipla by -1.24% Rs.612.05, Bajaj Finance by -1.18% to Rs.1,780.90.

Analysis Of Top Gainer And Loser

Infosys is the top gainer in today's market ahead of the Q3 earnings tomorrow. Also, the company has announced an Advanced Pricing Agreement (APA) with the US Internal Revenue Service (IRS), under which both companies have agreed on a methodology to allocate revenues and compute taxable income of the companys US operations. The agreement covers a 10 -year period from FY11 -21.

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

Key Market News

The Indian Auto industry is on the rise for the third consecutive quarter as overall the industry grown in double-digits backed by the strong sales of passenger vehicles. Overall in FY17-18, in the period April-December 2017, the sales of all vehicles (Cars, 2-Wheelers, 3-Wheelers and CVs) saw total sales of over 1.85 crore vehicles in the domestic market with a massive growth of 11.28%. The industry had sold 1.66 crore vehicles during the same period last financial year. The industry produced a total of 21,415,719 vehicles across all segments in the ongoing financial year with production to up by over 11%.

Israel will invest USD 68.6 million to boost cooperation with India in areas like tourism, technology, agriculture and innovation over a period of four years, a senior official here has said ahead of Prime Minister Benjamin Netanyahu's high-profile India visit next week.

Stocks To Watch

Eros International Media is on the upside while Fortis Healthcare on the downside.

Eros International Media is currently trading at Rs.254.00, up by Rs.16.55 or 6.97% from its previous closing of Rs.237.45 on the NSE. The scrip opened at Rs.237.75 and has touched a high and low of Rs.257.30 and Rs.230.50 respectively. So far 33,27,008 (NSE) shares were traded on the counter. The current market cap of the company is Rs.2,399.30 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.308.45 on 28-March-2017 and a 52 week low of Rs.164 on 01-February-2017.

Fortis Healthcare is currently trading at Rs.149, down by Rs.13.45 or 8.28% from its previous closing of Rs.162.45 on the NSE. The scrip opened at Rs.159.80 and has touched a high and low of Rs.161 and Rs.144.90 respectively. So far 2,55,00,697 (NSE) shares were traded on the counter. The current market cap of the company is Rs.7,727.40 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.123.40 on 22-November-2017.



Niveza Editorial Desk : We are a team of stock market nerds trying to stay ahead of the herd. We spend our grey cells everyday to pave a smooth road for our clients in the shaky world of stock market. While...



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