Sensex & Nifty At Record Close Despite Late Volatility; Midcaps Down

Sensex & Nifty At Record Close Despite Late Volatility; Midcaps Down

Share Market News 18-January-2018

The market on Thursday opened at a new record high as Sensex climbs over 300 points and Nifty above 10,850 after the buzz of likely increase in FDI in the banking sector. The broader market also opened on the positive note as Nifty midcap was up by over half a percent. Benchmark indices remained strong as Sensex raised over 350 points while Nifty raised over 80 points to trade around record highs. The market turned volatile as Nifty midcap trimmed gains to trade mildly negative.

In the afternoon session, the market continued to trade fresh record high as Sensex traded above 400 points while Nifty traded near 10,900 driven by banks but the Nifty Midcap index underperformed, falling nearly a percent on profit booking. Sensex traded higher by 340 points while the Nifty 50 rose 70 points to trade above 10,850.

In last hour of trade, the market corrected more than 250 points from record high while Nifty traded just above 10,800 level. Benchmark indices ended at fresh record closing despite late volatility. Nifty midcap almost down by 2%. Sensex closed 178.87 points up at 35,260.29, Nifty closed 28.45 points up at 10,817.

Top Gainers

ITC by 2.99% to Rs.274, Indiabulls Housing by 2.64% to Rs.1,241.30, HDFC Bank by 2.25% to Rs.1,993.05, UPL by 2.21% to Rs.798, HDFC by 1.97% to Rs.1,895.

Top Losers

Bharti Infratel by 6% to Rs.344.15, Hindalco by -3.44% to Rs.253.70, Adani Ports by -3.37% to Rs.418.80, Tata Steel by -3.06% Rs.750.35, VEDL by -2.99% to Rs.324.90.

Analysis Of Top Gainer And Loser

ITC is the top gainer in today's market as good buying was seen ahead of Q3 results on Friday 19th Jan. 2018.

Bharti Infratel is the top loser in today's market as the company presented poor Q3 earnings. The profit stood at Rs.585 crore ($91.57 million) in the quarter ended 31 December compared with Rs.620 crore a year ago, declined by 5.6%.

Key Market News

India will set up a $350 million fund to finance solar projects, Power Minister R.K. Singh said, as the country steps up efforts to achieve its ambitious target of adding 175 gigawatts (GW) in renewable energy by 2022. India's Yes Bank Ltd has committed to financing solar projects worth $5 billion, while state-run NTPC Ltd will contribute $1 million to an ISA fund, the power ministry said in a statement.

Direct tax collections during the first nine-and-a-half months of the current fiscal have risen by 18.7 percent to Rs.6.89 lakh crore, the tax department said on Wednesday. The collections till January 15, 2018, represent over 70 percent of the Rs.9.8 lakh crore revenue target from direct taxes, the Central Board of Direct Taxes (CBDT) said in a statement.

India Ratings and Research today projected the country's economic growth to improve to 7.1 percent next fiscal from 6.5 percent this year, buoyed by robust consumer demand and low commodity prices.

Stocks To Watch

Mindtree Limited is on the upside while Just Dial Limited on the downside.

MindTree Ltd. is currently trading at Rs.681.15, up by Rs.56.30 or 9.01% from its previous closing of Rs.624.85 on the NSE. The scrip opened at Rs.665.20 and has touched a high and low of Rs.693 and Rs.663.20 respectively. So far 69,47,714 (NSE) shares were traded on the counter. The current market cap of the company is Rs.11,239.61 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.693.60 on 18-January-2018 and a 52 week low of Rs.433.35 on 01-February-2017.

Just Dial Ltd. is currently trading at Rs.566.75, down by Rs.68.70 or 10.81% from its previous closing of Rs.635.45 on the NSE. The scrip opened at Rs.638.10 and has touched a high and low of Rs.638.70 and Rs.544 respectively. So far 52,80,615 (NSE) shares were traded on the counter. The current market cap of the company is Rs.3,883.97 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.647 on 16-January-2018 and a 52 week low of Rs.327.55on 11-August-2017.

 

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

Multibagger Penny Stocks: Risky Or Rewarding

The usual trap where every newbie investor gets trapped is multibagger penny stocks. These stocks trade at the most discounted prices. That's why investors initially fell in love with these stocks as prima facie these stocks seemed to be the hi
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>>

Share Market News: Today’s Nifty & Sensex Updates

Share Market News 21st-February-2019
Read More>>

Volatility Ahead, Stick To The Fundamentally Strong Stocks

Our Analysis This week even after the RBI's rate cut announcement the market changed its outlook from bullish to the corrective phase. The market corrected for the fifth consecutive day
Read More>>

What is Multibagger Stocks?

What is a multibagger stock? A stock which can give you manyfold returns. Yes, that's true. Multibagger stocks are defined in a similar manner. The legendary investor Peter Lynch has termed Multibagger stocks in his book One Up On Wall
Read More>>