Profit Booking & Negative Global Cues Dragged the Market Down

Profit Booking & Negative Global Cues Dragged the Market Down

Share Market News 16 June

Share Market News 12 June 2017

Todays market opened negative due some profit booking seen in infrastructure, banks and auto sector stocks ahead of inflation data due today and the US Federal Reserve policy meeting later this week. Negative news from tech sell off in US markets also dragged the markets. Sensex lost 166.36 points to 31095.70; Nifty lost 51.85 points to 9616.40.

Top Gainers

Tech Mahindra by 2.55% to 396.65, Infosys by 1.67% to 964.40, Tata Power by 1.41% to 78.90, Sun Pharma by 1.38% to 531.95 And Bosch by 0.89% to 24075.

Top Losers

Bank of Baroda by 2.85% to 168.80, Tata Motors DVR by 2.84% to 282.60, Tata Motors by 2.47% to 455.55, Wipro by 2.34% to 524.40 And L&T by 1.98% to 1743.

Analysis of Top Gainer and Loser

Tech Mahindra is the Top Gainer in today's market as there was huge buying seen in this stock which is in 52-week low level. It was slipped as much as 43 months low level in previous week post disappointing Q4 financial results.

Bank of Baroda is the top loser in today's market as Finance Minister Arun Jaitley met with heads of public sector banks on issues relating to rising non-performing assets (NPAs) in the sector. It was expected that the meet will look at the steps these banks are taking to expedite the recovery of bad loans. The meeting is significance as it will be the first meeting after last month's promulgation of the ordinance amending the Banking Regulation Act, 1949. The Ordinance empowered the Reserve Bank to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016.

Key Market News

According to Finance minister of Govt. Of India, The government is "actively working" towards consolidation of banks, as Public banks are sitting on a mountain of bad loans to the tune of over Rs 6 lakh crore at the end of 2016-17. It worked out four refined institutional ways in which banks can actually put their points across to the task force to the specific sector and telecommunication is one of them. In each of the sectors, there is no option but to resolve as you go along.
There is positive news for power and infrastructure sector as Power Minister of India emphasised today that ministry is doing its job to revive stalled and stressed thermal and hydro power projects. We are close to resolution of stressed thermal power projects soon where developers are not wilful defaulters.

Additionally, the government has decided to provide interest subvention of about 4% to developers to turn around hydro projects. The power ministry and the Niti Aayog, are jointly working on a policy for next 25 years to ensure energy security. He expects renewable energy capacity to surpass thermal power by 2022. India intends to create 175 GW of renewable energy capacity by 2022.

Stocks to Watch

GMR Infrastructure is on the upside while Natco Pharma is on the downside.

GMR Infrastructure is currently trading at Rs.17.75, up by Rs.0.75 or 4.41% from its previous closing of Rs 17 on the NSE. The scrip opened at Rs.16.95 and has touched a high and low of Rs 18.20 and Rs 16.75.respectively. So far 87581719(NSE) shares were traded on the counter. The current market cap of the Company is Rs.10713 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.19 on 02-June-2017 and a 52 week low of Rs.10.25 on 09-November-2016

Natco Pharma is currently trading at Rs.1021.85, down by Rs.55.60 or 5.16% from its previous closing of Rs.1077.45 on the NSE. The scrip opened at Rs 1078.80 and has touched a high and low of Rs.1079 and Rs.1010 respectively. So far 613229(NSE) shares were traded on the counter. The current market cap of the company is Rs.17791 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.1080 on 08-June-2017 and a 52 week low of Rs.494 on 20-June-2016.

 

ABOUT AUTHOR

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.

LEAVE A COMMENT

RECOMMENDED READING

2019 Elections And Indian Stock Market: History, Relation, And Impacts

General Election 2019 is the thing now every investor is waiting for. But why the elections are considered to be much more important for stock markets. Why every tom, dick and harry associated with the stock market is saying elections as a key
Read More>>

Markets Getting Ready For A Rally

Our Analysis This week market consolidated between 10,400 to 10,650 due to lack of domestic positive news & due to technical resistance. Though the fall of crude oil price below $65/ ba
Read More>>

Free Share Market Tips Today: Stop & Read Before You Invest In Stocks

Various popular stock market news portals and TV channels discuss trending stocks and provide free share market tips based on technical charts and often without in-depth research. Our research desk analyses these trending stock market tips and pro
Read More>>

Best Stocks To Buy For Long Term Investment

What is the best way to invest in equity? If you ask this question to any market expert you will get a single line answer - long-term investment. There is no doubt that long-term investment is the best route to exploit the maximum growth of a busi
Read More>>

5 Best Shares To Buy Today For Short Term

The general rule of thumb is that shares bought for less than one-year holding duration are considered as short-term shares. Here are the 5 best shares to buy today for short term duration of around six months. These top shares ca
Read More>>