Wednesday 3 January 2018

Nifty Above 10,450 Mark; Dr. Reddy's Stock Down 3%

Posted by suhani varma on Wednesday, January 03, 2018 with No comments



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Equity benchmarks opened higher led by Reliance Industries, ICICI Bank and State Bank of India.Boosted by chart-topping gains in shares of index-heavyweight Reliance Industries and a firm trend in shares of metal and banking stocks, domestic share indices started today's session on a positive note, mirroring similar trend in most global equity markets.
the BSE Sensex was trading at 33,883, up 70 points, while the Nifty50 was ruling at 10,468, up 26 points.

Shares of Dr. Reddy's Laboratories, down 3%, were the worst hit on Nifty50 after details of its Duvvada unit inspection were released.

Shares of RIL rose 1.5% after the company said that it has commissioned a 1.5-mtpa refinery off-gas cracker unit at its Jamnagar complex.

Metal stocks continued to gain strength on the back of rising global commodity prices. The Nifty Metal index rose 0.8% in early trade, led by over 1% gains in shares of Vedanta and Tata Steel.

Shares of public sector banks recovered from recent weakness as the Nifty PSU Bank index climbed 0.7%, with State of Bank of India's stock rising nearly 1%. Gains in the broader market were, however, limited by a weakness in pharmaceutical stocks. Barring the Nifty Pharma index, down 0.4%, all other sectoral indices were 0.3-0.8% higher in early trade.

The BSE Mid-cap and BSE Small-cap indices were up 0.49% and 0.76%, respectively.

Volatility index India VIX slipped 0.94%.

ICICI Bank (+1.7%), Vedanta (+1.3%), Hindalco (+1.2%), HPCL (+1.08%) and Adani Ports (+1.02%) were the top gainers on Nifty50.

Dr. Reddy’s (-2.8%), ONGC (-0.99%), Tata Motors (-0.73%), Asian Paints (-0.44%) and Infosys (-0.42%) were the top losers in today’s trade.

Out of 1,989 stocks traded on the NSE, 1,187 advanced, 365 declined and 437 remained unchanged today.

A total of 62 stocks registered a fresh 52-week high in trade today, while two stocks touched a new 52-week low on the NSE.

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