Profit Booking dragged the market down; Nifty Below 10,000

Profit Booking dragged the market down; Nifty Below 10,000

Nifty Below 10,000

Share Market News 08 August 2017

Todays market opened negative after profit booking that was seen in banks, oil and gas sector stocks. SEBI initiated action in 331 stocks as these companies were used for laundering illegal funds after demonetisation and trading in these stocks has been stopped from today. Sensex lost 259.48 points to 32014.19; Nifty lost 78.95 points to 9978.55.

Top Gainers

Hindalco By 3.40% to 235.40, Vedanta 3.27% to 297.10, Cipla by 2.35% to 579.80, Tata Steel by 2.32% to 614 And GAIL By 1.11% to 385.85.

Top Losers

Dr.Reddy by 5.34% to 2089, BPCL by 4.40% to 504.50, Infratel by 3.91% to 416.10, IOC by 3.50% to 416.10 And Coal India by 2.82% to 244.40.

Analysis of Top Gainer and Loser

Hindalco is the top gainer in today's as the board of directors is going to consider raising up to Rs. 4,400 crore debt in the 11th august meeting via commercial papers and unsecured debentures for aluminium business. This move will boost the business of the company in long term.

Dr.Reddy is the top loser in today's market as the stock has been correcting from last few days after sluggish number presented by the company and the momentum continues on the downside.

Key Market News-

The bad news for 331 shell companies in the market as SEBI has initiated an enquiry in these stocks for money laundering involvement post demonetisation due to that trading has been stopped in these stocks from today. The 8 companies have been transferred to Graded Surveillance Measure (GSM) framework i.e. trading in these GSM securities will be permitted for trading only once a month on first Monday of month under the trade-to-trade category. However any upward price movement in this stock is not permitted beyond the last traded price and additional surveillance deposit of 200% of trade value is going to be collected from the buyers and the same shall be retained with the exchanges for five months.

Natco Pharma presented outstanding numbers today as net profit has doubled to Rs. 93.7 crore in the first quarter for FY17-18 compared to Rs. 47.5 crore in the previous year same period on increase in revenue.

Stocks to Watch

Jamna Auto is on the upside while IOC is on the downside.

Jamna Auto is currently trading at Rs.284.05, up by Rs.18.40 or 6.93% from its previous closing of Rs.265.65 on the NSE. The scrip opened at Rs.266 and has touched a high and low of Rs.292.40 and Rs.265.05. respectively. So far 863140(NSE) shares were traded on the counter. The current market cap of the company is Rs.2274 Crore. The BSE/NSE group stock has touched a 52 week high of Rs. 292.40 on 08-August-2017 and a 52 week low of Rs.150.70 on 22-December-2016.

IOC is currently trading at Rs.413.25, down by Rs.17.95 or 4.16% from its previous closing of Rs.431.20 on the NSE. The scrip opened at Rs 431 and has touched a high and low of Rs.431 and Rs.408.40 respectively. So far 5164968(NSE) shares were traded on the counter. The current market cap of the company is Rs.200136 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 265.68 on 11-August-2016.

 

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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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