Stock Market News Today: Market recovered in the last hour

 

Stock Market News Today: Indian equity market made a gap down opening in the morning and was trading volatile throughout the day. In the last hour, the market recovered from the lower level and closed at the marginally down.

The market was down mainly on the concerns of the economic growth and tracking sell-off in Asian peers amid a jump in crude oil prices. And secondly, the traders are concerned about the advance estimates of 5% GDP data for FY19-20 which was released yesterday by Central Statistics Ministry. 

The year-ago, the GDP was 6.8% and now in FY19-20, it is estimated 5% GDP. The decline in GDP is mainly on account of slow manufacturing sector growth.

On the global front, the Asian markets closed in red due to the escalating tension in the Middle East after Iran fired missiles at Iraq airbase hosting US troops. The attack is in retaliation for the US airstrike last week and killed top Iran military commander.

 

Stock Market News today

In the end, Nifty fell 27.60 points and at 12025.35 while Sensex was down 51.73 points and at 40817.74. The Bank Nifty closed almost flat today, it was down by 25.75 points and at 31373.65.

The top five gainers in the Nifty50 stocks Bharti Airtel, TCS, Yes Bank, Ultratech Cement, and Bajaj Finance. The top losers in Nifty50 stocks are Eicher Motors, Coal India, Larsen, IOC, and ONGC.

The Nifty midcap 100 index gained 52.75 points or 0.31% 17034.30. Whereas the Nifty smallcap 100 index was down today, it fell 18.15 points or 0.31% and closed at 5882.50.

The gainers in the Nifty midcap space are AU small Finance, Jindal Steel and the losers are Reliance Infra, Reliance power. In the Nifty smallcap space the gainers are MMTC Ltd, Jet Airways and the losers are  Suzlon Energy, Jain Irrigation.

Among the sectors, Construction Materials, Telecom, IT & Software, Electricals, and Chemicals were the gainers. The sectors which closed in red are Infrastructure, Metal, Banking & Finance, Hospitality, and Oil & Gas.

The last three consecutive days FIIs are the seller in the cash segment. Today FIIs sold Rs 515.85 crore and DIIs bought Rs 748.4 crore in the cash segment today.

 

The market today: Stocks in the news 

Goa carbon reported better production in the month of December 2019, the share price of Goa carbon locked at 5% upper circuit today and closed at Rs 230.60 per share 

The Yes Bank reported it board meeting for fundraising is scheduled on January 10th. The share price jumped 4% in the morning and closed at Rs 46.05  per share.

NCL Industries reported poor production numbers in the month of December 2019. The share price of NCL Industries fell 3.05% and closed at Rs 95.40 per share

Suzlon Energy has defaulted on loan repayment of the amounts 7256.38 crores. The share price of Suzlon Energy declined 10% and closed at Rs  3.15 per share 

Ramco System has bagged a multi-million dollar deal from a leading Australian University. The share price of Ramco System gained 4.36% and closed at Rs 172.20 per share.

Capital raising committee of Bank of Baroda has approved to issue of Bonds. The bond will issue of Basel III Complaint Tire II Bonds for aggregate total issue size not exceeding Rs 2000 crore in single or multiple tranches. The share price of Bank Of Baroda fell 0.88% and closed at Rs 95.30 per share.

 

Crude and Rupee Update:

Brent crude oil future is trading lower today. It is current at 8 pm IST trading at $ 67.80 per barrel. Brent crude oil future is trading 0.70% lower compared to yesterday’s closing price. 

Indian rupee got appreciated by 0.19% from yesterday’s closing. It has closed at Rs 71.69 against the US dollar today.

 

Conclusions:

The Stock market-related news today is analyzed above.  Indian stock market closed marginally lower after the last hour recovery. Today morning the market was volatile especially the Bank Nifty and later it recovered from the lower level. The market may remain volatile until the Middle East tension gets at ease. 

As the Q3 earnings season has started, investors may see stock-specific action in the coming days. Traders should follow the global market development for market cues. Traders can also follow Nifty and Bank Nifty technical views for tomorrow here.

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Editor’s desk