Sensex Touched 31500 But Profit Booking Dragged It Down

Share Market News 22 June 2017

Todays market opened positive on positive global cues and soon Sensex hit its all-time high on huge buying and domestic liquidity, but later market slipped 250 points and closed in the red. Sensex gained 7.10 points to 31290.74; Nifty lost 3.60 points to 9630.

Top Gainers

Sun Pharma by 2% to 538.55, Aurobindo Pharma by 1.53% to 665.15, HDFC by 1.34% to 1650.10, Ambuja Cement by 1.31% to 243.50 And Zee Entertainment by 1.28% to 511.05.

Top Losers

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Indian Oil Corporation by 3.69% to 393.20, Lupin by 2.74% to 1065, Hindalco by 2.67% to 191.30, ONGC by 2.58% to 160.55 And GAIL by 2.06% to 360.65.

Analysis of Top Gainer and Loser

Ambuja Cement is the top gainer in today's market as bottom out was seen in this stock and price -volume action is strong. The stock is rallying in the upward direction from last 4 trading days.

IOC is the top loser in today's market as Odisha government has given show cause notice to the IOC's refinery at Paradip port over the opposition of the local people for using an approach road connecting NH-5 to IOCL plant site crossing Kujang road. To add to it, global oil prices hit seven-month lows and it will adversely affect profit margin of the company.

Key Market News-

According to Council on Energy, Environment and Water (CEEW), More than 300,000 new workers can be employed in solar and wind jobs. Also, more than one million total employment opportunities can be generated in reaching Indias ambitious clean energy goals to install 175 gigawatts (GW) of renewable power by 2022. This is positive news for energy and infrastructure sector.

There is positive news for dairy products makers as the Government of India today banned milk, milk products and confectionery from China for one year as a preventive measure due to containment the melamine, a toxic chemical used for making plastics and fertilisers.

Stocks to Watch

Tamilnadu Petroproducts is on the upside while IOC is on the downside.

Tamilnadu Petroproducts is currently trading at Rs.43.80, up by Rs.4.75 or 12.16% from its previous closing of Rs. 39.05 on the NSE. The scrip opened at Rs.39.45 and has touched a high and low of Rs. 45.40 and Rs.39.35. respectively. So far 1184932(NSE) shares were traded on the counter. The current market cap of the company is Rs.391 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.56.50 on 13-April-2017 and a 52 week low of Rs.18.75 on 24-June-2016

IOC is currently trading at Rs.393.50, down by Rs.14.75 or 3.61% from its previous closing of Rs.408.25 on the NSE. The scrip opened at Rs 406 and has touched a high and low of Rs.410.10 and Rs.204.50 respectively. So far 4289910(NSE) shares were traded on the counter. The current market cap of the company is Rs.191104 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.450.90 on 16-May-2017 and a 52 week low of Rs.204.50 on 24-June-2016.