Sensex Closes At Record High, Nifty At 10,623

Sensex Closes At Record High, Nifty At 10,623

Sensex Closes At Record High

Share Market News 08-January-2018

The market started on a positive note on Monday as Sensex gained over 190 points while Nifty opened above the 10,600 mark for the first time to hit all-time high levels backed by the positive lead from global peers. The broader market also started on a positive note as Nifty midcap was up by almost 1%. The benchmark indices continued to extend gains as Sensex crossed 200 points and Nifty was up by 60 points. Nifty midcap and smallcap continued to outperform the market.

In afternoon session, benchmark indices continued to trade higher with the Sensex raised 200 points while Nifty continued to trade above the 10,600 mark. In last hour of trade, market continued to trade higher with the Sensex was up by 220 points and Nifty traded around 10,600 mark. Nifty midcap and smallcap continued to outperform. The market ended again at fresh record closing high, Nifty midcap was up by more than 1%. Sensex closed 198.94 points up at 34,352.79, Nifty closed 64.75 points up at 10,623.60.

Top Gainers

Coal India by 3.16% to Rs.287.55, Lupin by 2.48% to Rs.922.50, Infosys by 2.29% to Rs.1,035.20, Sun Pharma by 2.20% to Rs.591.50, Indiabulls Housing Finance by 2.02% to Rs.1,223.15.

Top Losers

Bharti Airtel by 4.44% to Rs.516, ONGC by -0.71% to Rs.197.05, HCL Tech by -0.43% to Rs.896.15, Tata Steel by -0.32% Rs.768.25, Asian Paints by -0.27% to Rs.1,182.05.

Analysis Of Top Gainer And Losers

Coal India is the Top gainer in today's market as the company has been awarded for innovative use of its fully automated tendering process at a national workshop organised by the Ministry of Finance, Department of Expenditure, NIC, Ministry of Electronics and Information Technology.

Bharti Airtel is the top loser in today's market as share price reacted on Reliance Jios announcement to cut monthly tariffs by Rs.50 of all its monthly schemes and also enhance data limit to 1.5GB from the existing 1GB for the select plan.

Key Market News

The first advanced estimate suggested that the economy would grow at 6.5 percent in FY18. If that comes true, this would be the worst annual growth for India in four years. In FY17, India's GDP expanded 7.1 percent, emerging the fastest growing economy globally. The CSO estimate shows among various sub-heads, agriculture, forestry and fishing grew at 2.1 percent in FY18 compared with 4.9 percent expansion in FY17. At 4.6 percent, manufacturing growth would be much lower than 7.9 percent in FY17. Mining and quarrying are estimated to grow at 2.9 percent in FY18 from FY17's 1.8 percent. The construction sector is seen growing at 3.6 percent against FY17's 1.7 percent.

Income Tax department relaxed norms for levy of MAT on companies facing corporate Insolvency proceedings. As per Section 115JB of the Income Tax Act, MAT is levied on book profit after deducting the amount of loss brought forward or unabsorbed depreciation, whichever is less.

Stocks To Watch

Gujarat Ambuja Export Limited is on the upside while Idea Cellular is on the downside.

GAEL is currently trading at Rs.233.90, up by Rs.20.70 or 9.71% from its previous closing of Rs.213.20 on the NSE. The scrip opened at Rs.217 and has touched a high and low of Rs.237.60 and Rs.217 respectively. So far 7,32,135(NSE) shares were traded on the counter. The current market cap of the company is Rs.3,238.13 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.237.60 on 08-January-2018 and a 52 week low of Rs.88.30 on 23-January-2017.

Idea Cellular is currently trading at Rs.109.20, down by Rs.6.60 or 5.70% from its previous closing of Rs.115.80 on the NSE. The scrip opened at Rs.110.10 and has touched a high and low of Rs.113.75 and Rs.107.70 respectively. So far 3,72,44,129(NSE) shares were traded on the counter. The current market cap of the company is Rs.39,502.11 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.123.50 on 20-March-2017 and a 52 week low of Rs.66.30 on 13-January-2017.

 

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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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