Market Down Due To Negative Global Cues; Nifty Holds 9900

Share Market News 04 September 2017

Today's market opened negative due to increasing tension over North Korea's Missile test as well as USA Trade sanctions. Metal sector showed it strength in profit booking market as it closed on the positive side. Sensex lost 189.98 points to 31702.25, Nifty lost 61.55 points to 9912.85.

Top Gainers

Coal India by 3.18% to 246.25, Sun Pharma by 2.89% to 500.25, Bosch Ltd by 1.41% to 22480, ONGC by 0.91% to 161.40 and Indiabulls Housing Finance by 0.65% to 1230.35.

Top Losers

IOC by 4.33% to 428.90, Adani Ports by 2.70% to 384.25, ACC by 2.51% to 1772.40, Tata Motors DVR by 2.25% to 219.50 and INFY by 2.17% to 899.95.

Analysis of Top Gainer and Loser

Coal India is the top gainer in today's market after increased August production by 2% and the appointment of new CMD.

IOC is the top loser in today's market due to profit booking was seen in stock as the price is at the resistance level.

Key Market News-

There is cautious news on GDP front as UBS downgraded India's GDP growth rate target to 6.6% comparing to 7.2% previously. It Also emphasizes that the growth would pick up in coming quarters as the economy will normalises GST effect but the structural growth story of the country is intact due to reform push by policymakers and consumption demand on the domestic level.

To attract FDI in India department of industrial policy and promotion (DIPP) is taking pro active role in setting up commercial courts at every district level to improve India's ranking on World Bank's ease of doing business index as this will push foreign investor to invest in India.

Stocks to Watch

Jindal Saw is on the upside while Pradeep Metals is on the downside.

Jindal Saw is currently trading at Rs.108.45, up by Rs.10.95 or 11.23% from its previous closing of Rs.97.50 on the NSE. The scrip opened at Rs.97.55 and has touched a high and low of Rs.110.80 and Rs.95.60. respectively. So far 5752912(NSE) shares were traded on the counter. The current market cap of the company is Rs.3466 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.110.80 on 04-September-2017 and a 52 week low of Rs.44.75 on 02-September-2017.

Pradeep Metals is currently trading at Rs.57.10, down by Rs.6 or 9.51% from its previous closing of Rs.63.10 on the NSE. The scrip opened at Rs.66 and has touched a high and low of Rs.66 and Rs.57 respectively. So far 13654(BSE) shares were traded on the counter. The current market cap of the company is Rs.98 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.84.95 On 11-April-2017 and a 52 week low of Rs.39 on 12-September-2016.