Market Updates: Nifty and Sensex bounced back today

 

Nifty and Sensex: As indicated by the SGX Nifty it was a strong start for the Nifty and Sensex today. Nifty opened above 12100 levels in the morning and was trading higher in the afternoon.  Later in the last hour, some profit booking was seen in the market.

 

Nifty & Sensex today

In the end, Nifty gained 76.40 points and at 12107.90 while Sensex was up by 236.52 points and at 41216.14. 

Bank Nifty got some positive momentum after Finance Minister Nirmala Sitharaman’s statement that the bad loans of public sector banks (PSBs) came down to Rs 7.27 lakh crore at the end of September 2019 from Rs 8.96 lakh crore at the end of March 2018. The Bank Nifty gained 241.45 points and closed at 31300.60.

The Nifty midcap 100 index gained 15 points or 0.08% and closed at 18206.20 whereas the smallcap 100 index was up 12.90 points or 0.21% and closed at 6190.80.

The top five gainers in the Sensex stock today are NTPC, Maruti Suzuki, SBI, Power Grip Corp, and Bajaj Auto. The losers in the Sensex stocks today are Bharti Airtel, M&M, Nestle, TCS, and Sun pharma.

In the Nifty midcap space, the gainers for the day are Godrej Agrovet, Rajesh exports and the losers are REC, HEG. In smallcap space, the gainers are Wockhardt, Suzlon Energy and the losers are Kalpataru Power and India Tourism D.

Among the sectors today, the gainers are Media, Powers, Banking & Finance, Metal, Consumer Durables, and Industrial Gass. The losers are Insurance, Retail, FMCG, Aviation, and Alcohol.

Yesterday both FIIs and DIIs were the sellers in the cash segment. For today FIIs position you can check the link after 6 pm 

 

Stocks in the news 

Stocks reacted positively after Q3 earnings

The GAIL Indian reported better than expected Q3 earnings, its net profit rose by 17.5% at Rs 1250.6 crore against Rs 1064.2 crore in the September ended quarter. CLSA has maintained a buy rating on the stock with a target price of Rs 140 per share while Credit Suisse has an outperform rating with the target price of Rs 171 per share. The share price of GAIL has gained 6.03% and closed at Rs 129.15 per share.

Dredging Corporation of India’s net profit rose 219% at Rs 31.3 crore against Rs 9.8 crore in Q3. The company’s revenue was up 22.8% at Rs 202.6 crore against Rs 165 crore on YoY. The share price of Dredging Corporation Indian gained 2.57% and closed at Rs 329 per share.

The Q3 consolidated net profit of BEML is down 90.8% at Rs 4.2 crore against Rs 46.2 crore YoY. The consolidated revenue went down 24.8% at Rs 693 crore against Rs 920.8 crore YoY. The share price of BEML has gained 1.15% and closed at Rs 968.35 per share.

 

Stocks reacted negatively after Q3 earnings

Petronet LNG has reported weak Q3 numbers, the company reported Rs 679.22 crore consolidated net profit as against Rs 583.76 crore in the last year the same period. The revenue got declined by 11.70% compared to last year same period. The share price of Petronet LNG declined by 2.64% and closed at Rs 263.50 per share.

National Aluminium Company (NALCO) has reported a consolidated loss of Rs 33.90 crore for the Q3 earnings against a profit of Rs 302.35 crore in the same period last year. The share price of NALCO declined 5.32% and closed at Rs 40.95 per share.

Markson’s Pharma has received an EIR from USFDA for its manufacturing facility located at Farmingdale, New York, USA. 

The consolidated net profit of Markson Pharma increased by 17.6% at Rs 29.6 crore against Rs 25.1 crore YoY. The consolidated revenue grew 15.8% at Rs 287.6 crore against Rs 248.4 crore YoY. The share price of Markson Pharma declined 4.52% and closed at Rs 21.10 per share.

Others stocks in the news today

ITC hikes prices of Cigarettes by 10-12%. The share price of ITC has gained 0.97% and closed at Rs 212.60 per share

JB Chemicals has received an Establishment Inspection Report (EIR) from the USFDA for its Panoli unit. The share price of JB chemicals closed flat at Rs 577.20 per share.

Credit Suisse has given outperform call on M&M stock with a target price of Rs 740 per share. The share price of M&M declined 0.82% and closed at Rs 524.05 per share.

Qatar Investment Authority has completed the acquisition of 25.10% stake in Adani Electricity Mumbai. The share price of Adani Transmission gained 1.63% and closed at Rs 337.35per share.

 

Crude and rupee updates

Brent crude oil future is trading almost 2% higher today. It is current at 5 pm IST taring at $ 54.34 per barrel. The Indian rupee is closed at Rs71.28 against the US dollar today.

Conclusions:

The benchmark indices Nifty and Sensex closed in the positive zone today. The global cues helped the domestic market to trade higher for the day.  The next trigger for the Indian market is macro data IIP, CPI, and WPI data. Investors should also track global cues because the concern on Coronavirus is still there in the market.

Traders can follow our daily Nifty and Bank Nifty technical levels for tomorrow and Weekly views on the market.

 

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Happy Investing!!

 

Editor’s desk