Market news today: Sensex hit 42K, Nifty closed above 12350

 

Market news today: It was a positive start for the Indian stock market today. Asian markets were trading mixed after phase one of the US-China trade deal was signed. 

It was the first time Sensex hit the 42000 marks while Nifty has touched a new high. The Nifty and midcap and smallcap are continued to their northward journey today. 

 

Market news today:

At close, Nifty gained 12.20 points and at 12355.50 while Sensex gained 29 points and at 31853.90. The Bank Nifty was slightly volatile due to weekly options expiry. It gained 29 points on spot and closed at 31853.90.

The Nifty midcap 100 gained 149 points or 0.84% and closed at 17985.10. Whereas the Nifty smallcap 100 index gained 41.60 points and closed at 6270.90.

The top five gainers in the Nifty 50 stocks are Eicher Motor, Nestle, Zee Ent, Kotak Mahindra Bank, and HUL. The losers in the Nifty50 stocks are GAIL, NTPC, Hindalco, JSW Steel, and Hero Motor Corp.

The gainers in the Nifty midcap space are Varroc Engineer, PNB Housing Fin and the losers are Edelweiss, Reliance Capital. In the smallcap space, the gainers are MMTC Ltd, Avanti Feeds and the losers are Jet Airways, CG Power.

Among the sectors Media, Paper, Textile, Healthcare, FMCG and Consumer durable are major gainers. Whereas the Infrastructure, Metal & Minings, Construction materials, and Industrial gasses were the losers.

Both FIIs and DIIs are the net seller in the cash segment today. FIIs sold Rs 395.24 crores and DIIs sold Rs184.65 crores in the cash segment today.

 

The market today: Stocks in news

The global research house initiated with an outperform rating on MGL with a target price of Rs 1280 per share. The share price of MGL gained 2.24% and closed at Rs 1125.65 per share.

GMR Infra has decided to divest more stake in its airport subsidiary. The share price of GMR Infra fell by 0.21% and closed at Rs 23.90 per share.

Den Networks reported Rs 12.3 crore net profit in Q3 FY20 as against a loss of Rs 31.2 crore in the same period last year. The share price of Den Networks gained 1.08% and closed at Rs 56 per share.

L&T Infotech reported its consolidated net profit for Q3FY20 at  Rs 376.7 crore against the net profit of Rs 375.5 crore in the same month last year. The share price declined 1.65% due to a nominal increment in net profit and closed at Rs 1901.60 per share.

Alphageo India received notification of order (NOA) of contract from ONGC for the acquisition of 3D seismic data through outsourcing. The share price of Alphageo gained 10% and closed at Rs 199.90 per share.

Camlin Fine Sciences received closure order from the Regional Officer, Maharastra Pollution Control Board (MPCB) for the closure of its Tarapur, Plaghar unit. The share price of Camlin Fine Sciences fell 5% and closed at Rs79.05 per share.

Gail India to borrow Rs 1500 crore Debt funds including Greenshoe option through secured/unsecured, redeemable, taxable nontaxable bonds in one or more tranches. The share price of Gail India decline 2.01%  and closed at Rs 129 per share.

 

Pharma stocks in news today

The Stride Pharma Science’s step down wholly owned subsidiary of Strides Pharma Global Pte, Singapore has received approval for a new drug from USFDA. The Stride Pharma declined 0.58% and closed at Rs 387.40 per share

Indian drug regulator, DCGI has approved Wokhardt’s 2 new antibiotics for acute bacterial skin and skin structure infections including diabetic foot infections and concurrent bacteremia. The share price of Wockhardt has closed at Rs 255.65 per share

Nomura maintains buy on Dr. Reddy’s Lab and raised the target price to Rs 3437 from Rs 3200 per share. The share price of Dr. Reddy’s lab gained 0.64% and closed at Rs  2937.45 per share.

 

Banking & Finance stocks in news today

The Yes Bank rose 3% in the morning, the second straight day because the bank has assured its customers on its liquidity and stability. The share price of Yes Bank gained 0.50% and closed at Rs 39.95 per share.

Even after healthy growth of profit in Q3 FY20, IndusInd bank is falling on the third consecutive day. The share price of IndusInd bank is declining due to the sharp increase in slippages due to one travel account. The share price of IndusInd Bank declined 1% today and closed at Rs 1386.45 per share.

 

Crude and Rupee updates today

Brent crude oil future is trading higher today, it is trading at $64.52 per barrel. Brent crude is trading 0.83% higher than yesterday’s close. Indian rupee closed at Rs 70.92 against the US dollar.

 

Conclusions:

We have analyzed the market news today, the Indian stock market closed flat on account of selling heavyweights stocks. The midcap and smallcap stocks continued to perform and extended its rally today. 

The market sentiment remained dampened after the former finance secretary Subash Garg’s statement that India’s real fiscal deficit in FY20 is likely to be higher around 4.5-5% of GDP due to an expected shortfall in revenue and higher spending.

On the global front, Asian markets were trading in mixed after phase one trade deal sign up was done.  

Traders are advised to follow global market cues and can follow our Nifty and Bank Nifty trading views for tomorrow.

 

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Happy Investing!!

 

Editor’s Desk