Sensex Edges Lower, Nifty Snaps 6 Days Rally; IT Stocks Rally

Sensex Edges Lower, Nifty Snaps 6 Days Rally; IT Stocks Rally

Sensex Loses Over 200 Points

Share Market News 10-January-2018

The market started on a flat note on Wednesday as Sensex gained 50 points to trade above 34,450 levels while Nifty traded above 10,650 level. The broader market also started on a positive note. The benchmark indices turned volatile after hitting the fresh record high on the Sensex. The market traded lower with Sensex down by 100 points and Nifty tested 10,600 amid volatility. Nifty midcap and smallcap also underperformed the benchmark indices.

In the afternoon session, benchmark indices continued to trade mildly lower with the Sensex down by 60 points while Nifty continued to hold the 10,600 level. In last hour of trade, the market continued to trade mildly lower with as Sensex was down by 40 points and Nifty continued to hold 10,600 level. Broader market continued to underperform indices. The market ended flat after volatility throughout the session. Sensex closed 10.12 points down at 34,433.07, Nifty closed 4.80 points down at 10,632.20.

Top Gainers

TCS by 3.47% to Rs.2,803, Wipro by 2.90% to Rs.326.40, HCL Tech by 2.47% to Rs.270.25, Tech Mahindra by 1.64% to Rs.542.60, Coal India by 1.48% to Rs.308.55.

Top Losers

UPL by 1.57% to Rs.778.15, Eicher Motors by -1.56% to Rs.28,150, NTPC by -1.39% to Rs.174.25, Dr. Reddy by -1.25% Rs.2,427.10, Asian Paints by -1.19% to Rs.1,178.90.

Analysis Of Top Gainer And Loser

TCS is the top gainer in today's market ahead of the Q3 earnings tomorrow. Also, Britains Marks & Spencer has appointed Tata Consultancy Services (TCS) as its technology partner and is targeting annual efficiency savings of about 30 million ($40.5 million) in the area by 2021-22.

UPL is the top loser in today's market as selling pressure was seen in the stock.

Key Market News

With an "ambitious government undertaking comprehensive reforms", India has "enormous growth potential" compared to other emerging economies, the World Bank said on Wednesday, as it projected country's growth rate to 7.3 percent in 2018 and 7.5 for the next two years.

In other news, the Cabinet approved amendments in FDI policy: 1. 100% FDI under automatic route for Single Brand Retail Trading 2. 100% FDI under automatic route in Construction Development 3. Foreign airlines allowed to invest up to 49% under approval route in Air India 4. FIIs/FPIs allowed investing in Power Exchanges through primary market 5. Definition of medical devices amended in the FDI Policy.

Stocks To Watch

Indo Count Industries Ltd. is on the upside while Shalby Limited on the downside.

Indo Count is currently trading at Rs.134.50, up by Rs.9.15 or 7.30% from its previous closing of Rs.125.35 on the NSE. The scrip opened at Rs.125.50 and has touched a high and low of Rs.135 and Rs.125.40 respectively. So far 1,02,46,671 (NSE) shares were traded on the counter. The current market cap of the company is Rs.2,650.09 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.210.05 on 03-May-2017 and a 52 week low of Rs.93.70 on 27-September-2017.

Shalby Limited is currently trading at Rs.250, down by Rs.16.25 or 6.10% from its previous closing of Rs.266.25 on the NSE. The scrip opened at Rs.261 and has touched a high and low of Rs.263.35 and Rs.250 respectively. So far 18,88,976 (NSE) shares were traded on the counter. The current market cap of the company is Rs.2,720.23 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.274.40 on 09-January-2018 and a 52 week low of Rs.209.90 on 28-December-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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