Sensex & Nifty End Range-Bound Session At New Closing High

Sensex & Nifty End Range-Bound Session At New Closing High

Midcaps Saved The Market With Last Hour Buying

Share Market News 09-January-2018

The market started on a positive note on Tuesday as Sensex gained 100 points to trade above 34,400 level while Nifty opened above 10,650 level for the first time to hit the all-time high. Broader market also started on a positive note but soon turned volatile with benchmark indices to trade lower. The benchmark indices trimmed some of the morning gains to trade almost flat while Nifty turned negative as Sensex was up by 30 points and Nifty was down by 10 points. Nifty midcap and smallcap also underperformed the benchmark indices.

In the afternoon session, benchmark indices continued to trade higher with the Sensex was up by 80 points while Nifty continued to trade above 10,600 mark. In last hour of trade, the market continued to trade higher as Sensex was up by 100 points and Nifty traded around 10,630 level. Sensex closed 90.40 points up at 34,443.19, Nifty closed 13.40 points up at 10,637.

Top Gainers

Coal India by 5.76% to Rs.304, Yes Bank by 2.37% to Rs.341.70, ITC by 1.75% to Rs.270.25, Wipro by 1.33% to Rs.315.30, Reliance by 1.23% to Rs.940.

Top Losers

ZEEL by 2.22% to Rs.580.70, Eicher Motors by -2.01% to Rs.28,611.80, Infratel by -1.59% to Rs.368.45, Hindalco by -1.47% Rs.272.10, Bajaj Finance by -1.46% to Rs.1,810.

Analysis Of Top Gainer And Loser

Coal India is the top gainer in today's market as the company has revised non-coking coal prices. Due to the revision, the company will earn an approximately incremental revenue of Rs.1,965 crore for the balance period of financial year 2017-18. The projected annual incremental revenue would be Rs.6,421 crore.

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

Key Market News

Direct tax collections soared 18.2 percent during the first nine months of current fiscal at Rs.6.56 lakh crore, the finance ministry said today. The ministry said advance tax collection was up 12.7 percent at Rs.3.18 lakh crore. While the growth in corporate income tax, advance tax is 10.9 percent, that in personal Income Tax advance tax is 21.6 percent.

The Donald Trump administration has dropped a controversial proposal that seeks to tighten norms relating to H-1B visa, and among other things, suggested deporting green card applicants whose visas had expired.

Stocks To Watch

JK Tyre and Industries Ltd. is on the upside while Phillips Carbonis on the downside.

JK Tyre is currently trading at Rs.168, up by Rs.9.85 or 6.23% from its previous closing of Rs.158.15 on the NSE. The scrip opened at Rs.159 and has touched a high and low of Rs.170.90 and Rs.158 respectively. So far 79,27,834(NSE) shares were traded on the counter. The current market cap of the company is Rs.3,813.87 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.186.30 on 09-June-2017 and a 52 week low of Rs.111.55 on 14-February-2017.

Phillips Carbon is currently trading at Rs.1,457.05, down by Rs.63.70 or 4.19% from its previous closing of Rs.1,520.75 on the NSE. The scrip opened at Rs.1,545 and has touched a high and low of Rs.1,594 and Rs.1,428 respectively. So far 43,56,222(NSE) shares were traded on the counter. The current market cap of the company is Rs.5,001.93 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.1,594 on 09-January-2018 and a 52 week low of Rs.227 on 09-January-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

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>>

Stock Advisory Service: Your Stock Investment Insurance

Stock investment is messy. Yes, there is a big growth potential but if you are doing it on your own and you don't have the experience of
Read More>>

Volatility Continues As Trade War Tensions Escalate Between US & China

Our Analysis The stock market traded in the range of 10,650 to 10,800 this week as well. Barring Wednesday, the market remained low due to weakness in global market amid US-China trade
Read More>>

Volatility Likely To Continue Due To Higher Inflation & OPEC Outcome

Our Analysis This week market remained range-bound due to higher domestic inflation & mixed global cues.Pharma sector stocks continued to outperform market led by Lupin, Dr. Reddy, Cipl
Read More>>

Free Research Report – KEI Industries Ltd

KEI Industries limited, established in 1968 as a Partnership Company and a player in the power cable segment and one among the largest cable manufacturing companies in India. The Company has three segments: cable, stainless steel and turnkey proj
Read More>>