Market Snapped 3 Day Losing Streak, IT Stocks Lead
Feb 21, 2018 | 18:59 PM IST
Feb 21, 2018 | 18:59 PM IST
Share Market News 21-February-2018
The equity market opened on positive note on Wednesday as Sensex gained over 150 points while Nifty was up by 45 points to trade above 10,400 levels. Benchmark Indices traded mildly higher with Sensex was up by 50 points and Nifty below 10,400 levels. Broader market underperformed equity market as Nifty midcap traded in red. Selling pressure was visible among all sectoral indices, barring IT index which was up around 2 percent as tech stocks rose due to weak rupee.
In the afternoon session, the market continued to trade mildly higher as Sensex was up only by 45 points while Nifty traded below 10,400. Broader market continued to underperform equity market Nifty midcap was down by almost half a percent. IT and Tech index rose more than 1%.
In last hour of trade, the market continued to traded higher with Sensex rose 100 points while Nifty rose 27 points. Market ended the session on a positive note but Nifty ended tad below 10,400, led by IT, PSU bank and Tech stocks. Nifty midcap and smallcap was closed in red. Sensex closed 141.27 points up at 33,844.86, Nifty up by 37.05 points at 10,397.45.
HCL Tech by 4.14% to Rs.945, Tech Mahindra by 3.54% to Rs.594.50, TCS by 3.31% to Rs.3,042.35, ITC by 1.82% to Rs.268.05, Eicher Motors by 1.80% to Rs.27,400.
Sun Pharma by -6.36% to Rs.523.90, Hindalco by -3.11% to Rs.241.05, Bajaj Finance by -2.36 to Rs.1,600, IndusInd Bank by -1.58% to Rs.1,597, Tata Motors by -1.42% to Rs.364.05.
Analysis Of Top Gainer And Loser
HCL Tech is the top gainer in today's market as rupee weakening boosted shares of IT companies, which draw bulk of their revenues from overseas markets. Also IT body NASSCOM gave a positive outlook for IT companies for FY19 and guided growth in high single digit.
Sun Pharma is the top loser in today's market as company receives USFDA inspection of its Halol plant in Gujarat. Halol is Sun Pharma's one of the biggest units and is barred from new drug filings in the American market.
Key Market News
GST e-way bill system, which promises to enable faster movement of goods through a seamless portal-driven payment system, may see the light of the day from March 7, after technical glitches aborted its mandatory full-fledged launch on February 1.
Britain's unemployment rate rose unexpectedly for the first time in almost two years in the three months to December as unemployment rate rose to 4.4 percent from 4.3 percent, the first increase since the three months to February 2016 as the number of jobless rose for a third monthly report in a row, official data showed on Wednesday.
In a bold move which will end Coal India's monopoly. The cabinet has approved opening up coal mining to the private sector for commercial mining. Coal minister Piyush Goyal announced that allocation will be done through auctions and that there would be no restrictions on end use or on prices. Kumar said that next month we are likely to announce the timeline as well as name and number of coal mines which are going to be offered.
Stocks To Watch
Gruh Finance Ltd. is on the upside while Sun Pharmaceutical Industries Ltd. is on the downside.
Gruh Finance Ltd.is currently trading at Rs.556.10, up by Rs.49.25 or 9.72% from its previous closing of Rs.506.85 on the NSE. The scrip opened at Rs.509.60 and has touched a high and low of Rs.559.80 and Rs.500.45 respectively. So far 14,01,361 (NSE) shares were traded on the counter. The current market cap of the company is Rs.19,933.86 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.717.70 on 19-January-2018 and a 52 week low of Rs.362.20 on 29-March-2017.
Sun Pharma is currently trading at Rs.523.90, down by Rs.35.60 or 6.36% from its previous closing of Rs.559.50 on the NSE. The scrip opened at Rs.560.05 and has touched a high and low of Rs.563 and Rs.511.30 respectively. So far 2,18,98,950 (NSE) shares were traded on the counter. The current market cap of the company is Rs.1,25,900.62 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.729.05 on 14-March-2017 and a 52 week low of Rs.432.70 on 14-August-2017.