Market recovers after a Gap down opening of the week

by Ankit Jaiswal on Market Analysis
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Markets opened today with a Gap down of about 70 points in Nifty. Throughout the day, it gained 66 points to finally close at 7977(-0.06%). The market breadth was flat with 25 advances and 25 declines. The stocks which gained the highest today are HINDALCO(+3.16%), MARUTI(+2.43%), POWERGRID(+2.4%), AXISBANK(+2.39%) and GAIL(+1.83%). The biggest losing stocks today are RELIANCE(-1.97%), BOSCHLTD(-1.46%), DRREDDY(-1.27%), GRASIM(-1.23%) and ULTRACEMCO(-1.19%)

Sectoral Performance:  The sectors were also did not move much today. The sectors which gained are CNX PSU BANK(+1.7%), CNX MEDIA(+0.85%), BANK NIFTY(+0.77%). The sectors which fell are CNX FMCG(-0.74%), CNX ENERGY(-0.63%), CNX PHARMA(-0.35%)

Prabhat dairy gains 4%:  After an initial fall, the stock gained 4% to hit a high of 119.90 during the day. The shares of Prabhat Dairy gained strength after it opened below its issue price on Monday. Ahmednagar-based (Maharashtra) Prabhat Dairy is an integrated milk and dairy products company. The company raised around Rs 350 crore through public issue, which comprised of fresh issue of Rs 300 crore (2.6 crore shares) and an offer for sale of 49,15,925 shares. Fresh issue proceeds will be utilised for part prepayment of loans availed by company & its wholly owned subsidiary, SAIPL and capital expenditure. Meanwhile, rating agency India Ratings and Research has upgraded Prabhat Dairy long-term issuer rating to A from BBB+.

Motherson tanks 7%: Motherson’s domestic business Volkswagen suffered as their dominance with maruti is reducing as the four-wheeler manufacturing is decreasing its single vendor. Maruti is in process of enforcing its single vendor not having more than 70 percent share. Hence, Motherson which enjoys 85 percent share in Maruti component parts will suffer. Another factor to worry about is competitiveness from Japanese counterparts. Other Japanese wiring harness majors like Yazaki and Furukawa are starting to gain share.  Furukawa aims to capture 30 percent of Maruti’s wallet in two years from 10 percent at start of 2015.


  •  
  •  
  •  
  •  
  •  
  •  
  •  

Disclaimer

Elearnmarkets.com wants to remind you that all our content is created solely for the purpose of education. No strategy, stock, commodity, fund or any other security discussed here is any way a recommendation for trading or investing. Elearnmarkets.com will not be any way responsible for trading losses incurred by any individual or entity for trading with real money. Please take advise of certified financial advisers before trading or investing.

Speak Your Mind

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.