Market Starts Week At Record Close, After Economic Survey 2018
Jan 29, 2018 | 18:55 PM IST
Jan 29, 2018 | 18:55 PM IST
Share Market News 29-January-2018
The market opened the budget week on record high ahead of the Economic Survey 2018 as Sensex climbed over 200 points while Nifty rose over 50 points to climbed above 11,100. Benchmark Indices extended rally as Sensex gained over 300 points while Nifty traded near 11,150 mark. Bulls remained strong as Sensex gained over 350 to climbed above 36,400 and Nifty crossed 11,150 level for the first time but the broader market underperformed .
In afternoon session market remained strong as Sensex was up by 320 points while Nifty continued to hold 11,150 mark. Broader market underperformed benchmark indices. Market extended rally in late afternoon as Sensex gained 360 points while Nifty gained 90 points.
In last hour of trade market continued to remain strong as Sensex traded higher by 260 points but Nifty slipped below 11,150 level. Broader market underperformed equity benchmark as Nifty midcap was almost down by 1%. Market ended the day on fresh record closing highs, though wiped out half of gains in last hour of trade . Sensex closed 232.81 points up at 36,283.25, Nifty closed 60.70 points up at 11,130.40.
Eicher Motors by 3.89% to Rs.27,550, Maruti Suzuki by 3.60% to Rs.9,612.45, HDFC by 3.31% to Rs.1,971.50, Bharti Infratel by 2.61% to Rs.352.40, UPL by 2.61% to Rs.789.
Dr. Reddy by -5.89% to Rs.2,360, Lupin by -4.21% to Rs.909.70, GAIL by -3.31% to Rs.477.40, Bharti Airtel by -2.67% to Rs.440.60, HindPetro by -2.37% to Rs.375.05.
Analysis Of Top Gainer And Loser
Eicher Motors is the top gainer in today's market as after a long consolidation phase, huge buying has been seen in stock.
Dr. Reddy is the top loser in today's market as on Thursday announced its financial results for the third quarter of FY18. The drug major suffered 29 per cent drop in consolidated net profit, which stood at Rs.334.40 crore as against the previous corresponding quarters Rs.470.1 crore. However, its total revenues rose marginally by three per cent to Rs.3,806 crore for the quarter under review from Rs.3,706.5cr.
Key Market News
Total GST collection for December rose to Rs.86,703 crore as of January 24, the finance ministry said in a post on microblogging site Twitter on Thursday. GST receipts had slipped to Rs.80,808 crore in November from more than Rs.83,000 crore in October and over Rs.92,000 crore in September.
Today Economic survey 2018 has been tabled in both the parliament by Finance Minister Arun Jaitley ahead of Union Budget. Government expects FY19 GDP growth at 7-7.5 percent against 6.75 percent in FY18. Industry growth is likely to be at 4.4 percent for the current fiscal year. FY18 gross value added is likely to grow at 6.1 percent in FY18 against 6.6 percent in FY17. Current high oil prices have become a major concern for the economy. Services growth for the current financial year is likely to be at 8.3 percent and agriculture growth at 2.1 percent. The Modi government expects current financial year 2017-18 GDP growth at 6.75 percent.
The Economic Survey today said the average retail inflation has declined to a six-year low of 3.3 percent in 2017-18, with the economy moving towards a more stable price regime.
The Goods and Services Tax (GST) implementation has increased indirect taxpayer base by more than 50 per cent with 34 lakh businesses coming into the tax net, the Economic Survey said today.
Stocks To Watch
MphasiS Ltd. is on the upside while Prakash Industries Ltd. on the downside.
MphasiS Ltd. is currently trading at Rs.880, up by Rs.56.20 or 6.82% from its previous closing of Rs.823.80 on the NSE. The scrip opened at Rs.830.60 and has touched a high and low of Rs.925 and Rs.830.50 respectively. So far 12,69,227 (NSE) shares were traded on the counter. The current market cap of the company is Rs.17,085.52 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.925 on 29-January-2018 and a 52 week low of Rs.521.55 on 26-April-2017.
Prakash Industries is currently trading at Rs.218.50, down by Rs.17.95 or 7.59% from its previous closing of Rs.236.45 on the NSE. The scrip opened at Rs.239.95 and has touched a high and low of Rs.241.85 and Rs.217.55 respectively. So far 33,84,096 (NSE) shares were traded on the counter. The current market cap of the company is Rs.3,351.40 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.276 on 16-January-2018 and a 52 week low of Rs.67.25 on 25-January-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 a pave a smooth road for our clients in the shaky world of stock market. While tracking the mood swings of the market we bring our clients the most rewarding deals.
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