Sensex Zooms Past 36K, Nifty Ends 1% Higher; Bank & IT Stocks Rally
Jan 23, 2018 | 17:36 PM IST
Jan 23, 2018 | 17:36 PM IST
Share Market News 23-January-2018
The market opened on a positive note with the Nifty hitting a fresh milestone of 11,000 in the first few minutes of trade. Sensex gained over 200 points to hit 36K for the first time. Benchmark indices remained strong after hitting fresh milestones in the opening minutes as Sensex raised over 250 points while Nifty raised over 75 points to comfortably trade over the 11K level. The broader market also traded on the similar line as Nifty midcap was up by .70%.
In afternoon session, bulls took charge in D-street as Sensex gained 350 points to trade above 36,100 while Nifty gained over 120 points to trade near 11,100. All sectoral indices are trading higher, led by metals, PSU banks, pharmaceuticals and IT. Midcaps, too, are outperforming was up by 1%.
In last hour of trade, the market continued a strong rally as Sensex traded above 300 points while Nifty traded near 11,100. Benchmark indices closed at fresh high after clocking fresh milestone while Nifty end above the 11K level for the first time. Sensex closed 341.97 points up at 36,139.98, Nifty closed 117.50 points up at 11,083.70.
VEDL by 5.21% to Rs.344, GAIL by 4.50% to Rs.478, SBIN by 3.93% to Rs.318.55, Hindalco by 3.88% to Rs.265, Tata Steel by 3.73% to Rs.780.25.
Eicher Motors by 2.26% to Rs.27,025.05, Ambuja Cement by -2.18% to Rs.262.60, ZEEL by -1.93% to Rs.597.10, Wipro by -1.60% Rs.316.40, Bharti Infratel by -1.37% to Rs.338.80.
Analysis Of Top Gainer And Loser
VEDL is the top gainer in today's market as the company will present Q3 numbers on 31st January 2018. Also in the hope of Govt. push for Infrastructure development as steel demand will be on the higher side.
Eicher Motors is the top loser in today's market as selling pressure was seen in the stock. The stock is down 16% from its 8 September record of Rs.33,483.95 even as the broad market posted a fresh record.
Key Market News
India is expected to grow 7.4 percent in FY19 against 6.7 percent this year, gaining pace to 7.8 percent in FY20, the IMF said in its January update of the World Economic Outlook: Brighter Prospects, Optimistic Markets, Challenges Ahead that was released simultaneously in Davos and Washington.
The International Monetary Fund revised up its economic forecast for developing Asia to 6.6% for 2019 from 6.5% previously, largely due to expected strength in India.
Stocks To Watch
Jindal Steel & Power Ltd. is on the upside while Rallis India on the downside.
JSPL is currently trading at Rs.291.90, up by Rs.28.15 or 10.67% from its previous closing of Rs.263.75 on the NSE. The scrip opened at Rs.264 and has touched a high and low of Rs.294.30 and Rs.263.80 respectively. So far 3,62,50,757 (NSE) shares were traded on the counter. The current market cap of the company is Rs.26,645.62 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.294.30 on 23-January-2018 and a 52 week low of Rs.75.40 on 27-January-2017.
Rallis India is currently trading at Rs.251.90, down by Rs.19.05 or 7.03% from its previous closing of Rs.270.95 on the NSE. The scrip opened at Rs.255 and has touched a high and low of Rs.260.40. and Rs.249.70 respectively. So far 17,57,712 (NSE) shares were traded on the counter. The current market cap of the company is Rs.4,898.67 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.290 on 27-December-2017 and a 52 week low of Rs.205 on 29-September-2017.