Sensex Surged 470 Points; Nifty Above 10,100 On Banks’ Support
Mar 26, 2018 | 17:53 PM IST
Mar 26, 2018 | 17:53 PM IST
Share Market News 26-March-2018
The Benchmark indices opened flat as Sensex was down 12 points & Nifty started below 10,000, amid weak global cues on trade war fears. The equity market remained volatile as Sensex was down over 30 points while Nifty struggled below 10,100 level. Nifty Midcap fell half a percent. Nifty bank & financial services supported market while Nifty IT & OMC traded in the red.
In the afternoon session, the market turned positive & extended gain as Sensex rose over 200 points while Nifty traded above 10,050 level. Banking & financials sector is the star of the day, with the Nifty Bank, Financial Services indices rose 1% while PSU Bank index was up nearly 4%. IT and oil marketing companies shares remained under pressure was down up to 4%.
In last hour of trade, equity benchmark extended gains as Sensex surged over 400 points & Nifty traded above 10,100. The market closed sharply higher led by Nifty Bank, Financials, PSU Bank & Metal index which rallied 2-5% while Nifty IT index was down 0.63%. Nifty Midcap index was up 1.29%. Sensex closed 469.87 points up at 33,066.41, Nifty up by 132.60 points at 10,130.65.
Yes Bank by 6.35% to Rs.304.85, SBIN by 5.28% to Rs.247.20, ZEEL by 3.62% to Rs.590.00, Bajaj Finance by 3.51% to Rs.1,744.45, Tata Steel by 3.44% to Rs.586.00.
Wipro by -3.51% to Rs.274.65, GAIL by -3.43% to Rs.424.50, HindPetro by -1.37% to Rs.334.00, Infosys by -1.03% to Rs.1,155.60, Bosch Ltd. by -0.70% to Rs.17,241.00.
Analysis Of Top Gainer And Loser
Yes Bank is the top gainer in today's market as strong short covering was seen in the stock ahead of F&O expiry.
Wipro is the top loser in today's market as selling pressure was seen in the stock due to Rupee appreciation against Dollar.
Key Market News
India is on track to double the size of its economy to USD 5 trillion by 2025, the finance ministry said while asserting that the inflation target set by the Reserve Bank will not be breached. The country is well poised to click a growth rate of 7-8% and with focus on start-ups, MSMEs and infrastructure investment it can step on to higher growth pedestal, Economic Affairs Secretary Subhash Chandra Garg said. With regard to inflation, Garg said its trajectory is well within the RBI's target of 4%, +/- 2%.
India's oil import bill is likely to jump by a quarter to USD 87.7 billion in the current fiscal year which ends this weekend as international oil prices have surged. India had imported 213.93 million tonnes (MT) of crude oil 2016-17 for USD 70.196 billion or Rs.4.7 lakh crore. For 2017-18, the imports are pegged at 219.15 MT for USD 87.725 billion (Rs.5.65 lakh crore), according to the latest data available from oil ministry's Petroleum Planning and Analysis Cell (PPAC). India relies more than 80% on imports to meet its oil needs.
Stocks To Watch
Canara Bank is on the upside while Hindustan Construction Company Ltd. is on the downside.
Canara Bank is currently trading at Rs.270.55, up by Rs.25.80 or 10.54% from its previous closing of Rs.244.75 on the NSE. The scrip opened at Rs.245.40 & has touched a high & low of Rs.274.85 and Rs.242.20 respectively. So far 1,67,26,722 (NSE) shares were traded on the counter. The current market cap of the company is Rs.16,117.87 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.463.70 on 26-October-2017 & a 52 week low of Rs.225.20 on 12-March-2018.
HCC is currently trading at Rs.23.30, down by Rs.1.85 or 7.36% from its previous closing of Rs.25.15 on the NSE. The scrip opened at Rs.25.15 & has touched a high and low of Rs.25.20 & Rs.23.15 respectively. So far 2,62,17,633 (NSE) shares were traded on the counter. The current market cap of the company is Rs.2,386.34 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.48.10 on 25-April-2017 and a 52 week low of Rs.21.75 on 23-March-2018.
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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.
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