Sensex, Nifty Closed Flat; Nifty Midcap Underperformed

Nifty Midcaps Continue To Perform

Share Market News 02-January-2018

The market started on a positive note on Tuesday as Sensex gained over 100 points and Nifty gained above 50 points. Nifty Midcap index gained 120 points on strong market breadth. Market erased opening gains as to trade flat with the Nifty traded below 10,450 level. Midcap and smallcap also wiped out gains to trade in a mildly negative range.

In the afternoon session, the market continued to trade moderately lower but the broader markets extended losses. In last hour of trade, the market continued to trade lower as Sensex was down by 60 points and Nifty traded below 10,420. While Nifty midcap was down by 1%. The market ended on a flat note but broader market corrected for the second consecutive session. Sensex closed 0.49 points down at 33,812.26, Nifty closed 6.65 points up at 10,442.20.

Top Gainers

Tata Motors by 3.24% to Rs.438.20, UPL by 2.41% to Rs.774, Bharti Infratel by 2.35% to Rs. 378.65, ONGC by 2.11% to Rs.196.40, Tech Mahindra by 2.09% to Rs.513.60.

Top Losers

Eicher Motors by 3.91% to Rs.28,725, Indiabulls Housing by -2.56% to Rs.1,187, Bharti Airtel by -2.12% to Rs.516.70, BPCL by -1.77% Rs.499.60, AuroPharma by -1.67% to Rs.672.50.

Analysis Of Top Gainer And Loser

Tata Motors is the top gainer in today's market as company announced the commercial and passenger vehicles domestic sales in December 2017 was at 54,627 units as against 35,825 units in December 2016, a growth of 52 percent. Commercial vehicles domestic sales during the month increased 62 percent to 40,447 units YoY.

Eicher Motors is the top loser in today's market as selling pressure was seen in stock despite presenting better monthly sales number for December 2017.

Key Market News

The Indian manufacturing sector ended the year on a strong note, with operating conditions in December improving at the strongest rate in five years driven by significant increase in new orders, a monthly survey said. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) rose to 54.7 in December, from 52.6 in November as the increase was recorded across all three monitored categories - consumer, intermediate and investment.

Despite the demonetisation hangover and GST rollout, car and SUV sales in calendar 2017 grew at the fastest pace since 2013 and surpassed the 3 million mark for the first time. Sales of passenger vehicle grew 9.2 percent to nearly 3.2 million from 2.9 million units in 2016. These are initial estimates and the final figures could be even higher.

The Finance Ministry today said RBI Bonds Scheme has not been closed but the interest rate on such papers is lowered to 7.75 percent.

Stocks To Watch

Eros International is on the upside while Balkrishna Paper Mills is on the downside.

Eros International is currently trading at Rs.224.80, up by Rs.21.50 or 10.58% from its previous closing of Rs.203.30 on the NSE. The scrip opened at Rs.204.40 and has touched a high and low of Rs.225.75 and Rs.198.55 respectively. So far 54,31,836(NSE) shares were traded on the counter. The current market cap of the company is Rs.2,111.63 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.308.45 on 28-March-2017 and a 52 week low of Rs.161.75 on 02-January-2017.

Balkrishna Paper Mills is currently trading at Rs.101.35, down by Rs.8.35 or 7.61% from its previous closing of Rs.109.70 on the NSE. The scrip opened at Rs.109 and has touched a high and low of Rs.109 and Rs.101 respectively. So far 3,13,220(NSE) shares were traded on the counter. The current market cap of the company is Rs.109.98 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.124.65 on 29-December-2017 and a 52 week low of Rs.65 on 15-March-2017.