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Nifty Hold 9300 Despite Heavy Profit Booking

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sensex

Share Market News – 31 October 2017

The market opened flat and some profit booking was seen in the market into almost all sectors but rally continued in the smallcap, midcap and consumer durables sector. Sensex lost 53.03 points to 33213.13, Nifty lost 28.40 points to 10335.30.

Top Gainers

Axis Bank by 8.52% to 525.25, Infratel by 2.85% to 441.95, ONGC by 2.41% to 191, Hcl Tech by 2.27% to 855.30 and Bharti Airtel by 1.03 to 498.

Top Losers

UPL by 3.08% to 799, Vedanta Ltd by 2.63% to 332, GAIL By 2.24% to 465.05, M&M by 2.09% to 1346 and Tata Steel by 2.05% to 703.55.

Analysis of Top Gainer and Loser

Axis Bank is the top gainer in today's market as the bain capital wants to invest Rs 4,800-6,400 crore in the company.

UPL is the top loser in today's market as profit booking was seen in the stock as the price is at the resistance level but for long-term investors, it's a good stock as the company has presented very good numbers for the second quarter.

Key Market News-

Escorts Ltd has presented outstanding numbers for the second quarter as its profit has increased 148% for the second quarter to Rs.77.56 crore for the second quarter ended compare to Rs.31.29 crore in the same period last fiscal.

Dr. Reddy has presented a mixed numbers today as its consolidated profit for the second quarter at Rs.284.9 crore, lower by 3.4% to Rs.295 crore in the year-ago period but gross profit margin has increased in this quarter.

Stocks to Watch

Axis Bank is on the upside while Escorts Ltd is on the downside.

Axis Bank is currently trading at Rs.523, up by Rs.39.15 or 8.09% from its previous closing of Rs.484 on the BSE. The scrip opened at Rs.495 and has touched a high and low of Rs.529 and Rs.493.30. respectively. So far 39655956(NSE) shares were traded on the counter. The current market cap of the company is Rs. 125409 Crore. The BSE group stock has touched a 52 week high of Rs.638.30 on 25-July-2017 and a 52 week low of Rs. 424.40 on 23-October-2017.

Escorts Ltd is currently trading at Rs.760.15, down 12.35 by Rs. or 1.60% from its previous closing of Rs.772 on the NSE. The scrip opened at Rs.781 and has touched a high and low of Rs.787.75 and Rs.750.55 respectively. So far 2481849(NSE) shares were traded on the counter. The current market cap of the company is Rs. 9318 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.787.15 On 31-October-2017 and a 52 week low of Rs.270 on 22-November-2016.

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