Sensex Rallied But Bank Nifty Ruled The Market
May 04, 2017 | 18:39 PM IST
May 04, 2017 | 18:39 PM IST
Share Market News 04 May 2017
Todays market opened positive and Bank stocks ruled the market as Bank Nifty gained 412.80 points due to outstanding numbers presented by ICICI Bank yesterday and Ordinance passed by Govt. on NPA. Sensex gained 231.41 points to 30126.21; Nifty gained 47.95 points to 9359.90.
Top Gainers
ICICI Bank by 9.09% to 297.55, Grasim by 4.19% to 1207, SBIN by 3.45% to 299.80, Adani Ports by 3.42% to 338.65 And Axis Bank by 3.42% to 518.
Top Losers
Hindalco by 2.41% to 192.30, HCL Tech by 2.31% to 815.85, Tata Motors by 2.15% to 437, ZEEL by 1.37% to 520 And ONGC by 1.26% to 188.70.
Key Market Drivers
According to Finance Secretary of Govt.of India, Government has approved an ordinance to amend the Banking Regulation Act to tackle the issue of NPA (Non-performing assets). This ordinance will allow the Reserve Bank of India (RBI) to take tough action against loan defaulters. This is positive news for all Banks.
HDFC reported sluggish numbers as its standalone profit during January-March quarter dropped 21.6% to Rs 2,044.20 Crore compared with Rs 2,607.05 Crore in the same quarter last fiscal, but when we compare it to 3rd quarter it grew 20.16%. HDFC also said the board of directors recommended a final dividend of Rs 15 per share for the financial year 2016-17, if approved it will be paid on 27 July.
Share Market Tips - Stocks to Watch
ICICI Bank is on the upside while Religare Enterprise is on the downside.
ICICI Bank is currently trading at Rs.297.80, up by Rs.25.05 or 9.18% from its previous closing of Rs 272.75 on the NSE. The scrip opened at Rs.291.60 and has touched a high and low of Rs 299.90 and Rs 283.90 respectively. So far 111019044(NSE) shares were traded on the counter. The current market cap of the Company is Rs.158892 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.299.90 on 04-May-2017 and a 52 week low of Rs.213.20 on 06-May-2016.
Religare Enterprise is currently trading at Rs.190.25, down by Rs.10.05 or 5.02% from its previous closing of Rs.200.30 on the NSE The scrip opened at Rs.202 and has touched a high and low of Rs.202.65 and Rs.190.05 respectively. So far 93104(NSE) shares were traded on the counter. The current market cap of the company is Rs.3572 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.294 on 21-July-2016 and a 52 week low of Rs.190.05 on 04-May-2017.
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