PSU Banks, Metal Stocks Drag The Market Down; Sensex & Nifty In Red
Feb 19, 2018 | 18:05 PM IST
Feb 19, 2018 | 18:05 PM IST
Share Market News 19-February-2018
The market started off the week on a negative note on Monday as Sensex was down by 115 points and Nifty fell 45 points due to additional correction in PSU banks. Benchmark indices remained lower as Sensex fell 180 points while Nifty fell 60 points to trade below 10,400 levels. All sectoral indices traded in the red. Nifty midcap and smallcap also fell almost 1%.
In the afternoon session, bears took control of D-Street as Sensex was down over 400 points while Nifty lost almost 130 points to trade near 10,300 levels. All sectoral Indices traded in negative. PSU banks also extended losses as Nifty PSU bank index was down over 5%. Nifty midcap & smallcap also fell 1-2%.
In the last hour of trade, the market recovered from days low but still traded in red as Sensex was down by 270 points and Nifty fell 85 points. Market recovered from days low, while Nifty midcap & PSU bank Index was down by 1% and 2.5% respectively. Sensex closed 236.10 points down at 33,774.66, Nifty down by 73.90 points at 10,378.40.
Bharti Infratel by 1.31% to Rs.331.85, Yes Bank by 0.82% to Rs.314.35, Reliance by 0.76% to Rs.928.30, Coal India by 0.76% to Rs.305.80, Axis Bank by 0.73% to Rs.541.75.
Tata Steel by -5.91% to Rs.649, DR. Reddy by -2.65% to Rs.2,155, Bajaj Auto by -2.50 to Rs.3,026.30, L&T by -2.47% to Rs.1,295.55, HCL Tech by -2.47% to Rs914.
Analysis Of Top Gainer And Loser
Bharti Infratel is the top gainer in today's market as good buying was seen in the stock.
Tata Steel is the top loser in today's market as the company emerged as the highest bidder for the debt-laden company with a bid of Rs.35,000 crore.
Key Market News
The government is likely to impose an anti-dumping duty of up to USD 620 per tonne for five years on a chemical imported from China and used in pharma and fertiliser industries. The Directorate General of Anti-dumping and Allied Duties (DGAD), the investigation arm of the commerce ministry, in its probe has concluded that the chemical has been exported to India from certain Chinese firms below its normal value, which has resulted in dumping.
The market regulator SEBI has opened up the Indian capital markets to clients of global private banks, which can invest in stocks without having to go through registration or compliance requirements.
Hit hard by the country's biggest bank fraud at PNB, the government is looking at tightening the norms for appointment of statutory auditors at public sector banks (PSBs) to help detect any irregularities early and take corrective measures, according to a government official.
Central Vigilance Commissioner K V Chowdary today met senior PNB and Finance Ministry officials in connection with the Rs.11,400 crore fraud case, involving jewellery designer Nirav Modi and being probed by the CBI.
Stocks To Watch
Rain Industries Ltd. is on the upside while PC Jeweller Ltd.is on the downside.
Rain Industries is currently trading at Rs.396, up by Rs.31.30 or 8.58% from its previous closing of Rs.364.70 on the NSE. The scrip opened at Rs.367.70 and has touched a high and low of Rs.396.30 and Rs.354.50 respectively. So far 50,81,039 (NSE) shares were traded on the counter. The current market cap of the company is Rs.13,176.34 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.475 on 09-January-2018 and a 52 week low of Rs.76.20 on 16-February-2017.
PC Jeweller is currently trading at Rs.356.75, down by Rs.24.25 or 6.36% from its previous closing of Rs.381 on the NSE. The scrip opened at Rs.379.95 and has touched a high and low of Rs.387.50 and Rs.327.10 respectively. So far 1,64,30,379 (NSE) shares were traded on the counter. The current market cap of the company is Rs.13,977.92 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.600.65 on 16-January-2018 and a 52 week low of Rs.184.53 on 16-Feb.-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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