Sensex Zooms Past 36K, Nifty Ends 1% Higher; Bank & IT Stocks Rally

Sensex & Nifty At Record Close Despite Late Volatility; Midcaps Down

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.

Top Gainers

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.

Top Losers

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.



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.



Multibagger Penny Stocks: Risky Or Rewarding

The usual trap where every newbie investor gets trapped is multibagger penny stocks. These stocks trade at the most discounted prices. That's why investors initially fell in love with these stocks as prima facie these stocks seemed to be the hi
Read More>>

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>>

Share Market News: Today’s Nifty & Sensex Updates

Share Market News 21st-February-2019
Read More>>

Volatility Ahead, Stick To The Fundamentally Strong Stocks

Our Analysis This week even after the RBI's rate cut announcement the market changed its outlook from bullish to the corrective phase. The market corrected for the fifth consecutive day
Read More>>

What is Multibagger Stocks?

What is a multibagger stock? A stock which can give you manyfold returns. Yes, that's true. Multibagger stocks are defined in a similar manner. The legendary investor Peter Lynch has termed Multibagger stocks in his book One Up On Wall
Read More>>