Sensex & Nifty Closed Flat; Telecom, Metal Stocks fall
Jan 24, 2018 | 18:16 PM IST
Jan 24, 2018 | 18:16 PM IST
Share Market News 24-January-2018
The market opened on a flat note as Sensex gained over 50 points while Nifty rose 3 points to trade above 11,080 level. Benchmark indices traded higher as Sensex climbed over 100 points while Nifty hit 11,100 for the first time. Broader market underperformed equity benchmark as Nifty midcap traded mildly higher. Market remained volatile ahead of 1st expiry of F&O for January series of 2018.
In the afternoon session, the market traded mildly higher as Sensex was up by 10 points while Nifty was down by 5 points. Nifty midcap continued to underperformed indices was down by half a percent. IT stocks lead.
In last hour of trade, the market continued to remain volatile as Sensex traded higher by 12 points while Nifty remained above 11,080 level. Broader market underperformed equity benchmark. Benchmark indices ended the day on a flat note after trading range-bound throughout the day. Sensex closed 21.66 points up at 36,161.64, Nifty closed 2.30 points up at 11,086.
SBIN by 3.88% to Rs.330.45, GAIL by 2.89% to Rs.484.40, Tech Mahindra by 2.55% to Rs.603.25, Lupin by 2.52% to Rs.961, HCL Tech by 2.48% to Rs.1,020.
Bharti Airtel by -7.22% to Rs.456.55, Tata Motors by -3.36% to Rs.403.95, Hindalco by -2.60% to Rs.258.05, ICICI Bank by -2.51% to Rs.353.20, Eicher Motors by -2.48% to Rs.26,401.
Analysis Of Top Gainer And Loser
SBIN is the top gainer in today's market on the buzz of infusion of funds under recapitalisation plan. Later on, Government announced infusion of Rs.88,000 crore in 20 PSU banks as part of recapitalisation plan.
Bharti Airtel is the top loser in today's market as on Wednesday after Reliance Jio Infocomm Ltd cut tariffs to counter bigger rival Bharti Airtel Ltds revision in data plans. Bharti Airtel, Indias No.1 mobile carrier, revised its data plans earlier this week.
Key Market News
Govt to infuse over Rs.88,000 crore in 20 PSU banks as part of recapitalisation plan. Funds to be infused are as follows - Rs.8,800 crore in SBI, Rs.4,694 crore in IOB, Rs.3,571 crore in OBC, Rs.3045 crore in Dena Bank, Rs.3,173 cr in Bank Of Maharashtra, Rs.2,634 cr in United Bank, Rs.2,187 cr in Corporation Bank, Rs.4,865 cr in Canara Bank, Rs.4,524 cr in Union Bank Rs.2,839 cr in Syndicate Bank, Rs.1,890 cr in Andhra Bank, Rs.785 cr in Punjab & Sind Bank.
The Modi-government is set to step up the pedal on enforcing cleaner fuel norms with the Centre expected to finalise a policy related to phased-scrappage of old commercial vehicles (CVs) beginning with the vehicles that are Bharat-Stage non-compliant. Sources indicated that the government is expected to finalise the details of the voluntary vehicle modernisation programme (VVMP) or vehicle scrappage policy in two to three weeks time.
Stocks To Watch
Amara Raja Batteries Ltd. is on the upside while Bharti Airtel Ltd. on the downside.
Amara Raja Batteries is currently trading at Rs.874.50, up by Rs.54.85 or 6.69% from its previous closing of Rs.819.65 on the NSE. The scrip opened at Rs.819.70 and has touched a high and low of Rs.880 and Rs.815.10 respectively. So far 15,17,766 (NSE) shares were traded on the counter. The current market cap of the company is Rs.14,962.32 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.941 on 17-May-2017 and a 52 week low of Rs.664.65 on 07-November-2017.
Bharti Airtel is currently trading at Rs.456.55, down by Rs.35.55 or 7.22% from its previous closing of Rs.492.10 on the NSE. The scrip opened at Rs.486.90 and has touched a high and low of Rs.487 and Rs.455.15 respectively. So far 2,64,50,900 (NSE) shares were traded on the counter. The current market cap of the company is Rs.1,83,460.68 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.564.80 on 03-November-2017 and a 52 week low of Rs.305 on 25-January-2017.