Jan 19

Daily Market Commentary : 19th Jan. 2017

Equity benchmarks as well as broader markets closed rangebound session higher for second consecutive session as investors preferred to stay on sidelines ahead of corporate earnings and Union Budget.

NSE Nifty gained 18.10 points at 8435.10, while BSE Sensex was up 50.96 points at 27308.60.

GAIL surged 5.3 percent as a meeting of the board of directors is scheduled on January 25 to consider issuance of bonus shares and fund raising by issuance of bonds on private placement basis.

Other PSU oil & gas stocks were also higher. ONGC was up 1.6 percent while oil retailers BPCL, HPCL and IOC gained 1.5-3 percent.

Yes Bank ended flat despite strong set of earnings in December quarter. Profit jumped 30.6 percent year-on-year to Rs 882.6 crore and net interest income grew by 30.2 percent to Rs 1,507 crore, with loan growth of 38.7 percent at Rs 1.17 lakh crore at the end of December 2016.

Axis Bank fell 1 percent and Mindtree dropped 2 percent ahead of quarterly earnings later today.

Shares of ITC, Tata Motors and Adani Ports gained more than a percent while HDFC Bank, HDFC, Lupin, Sun Pharma and Wipro fell 0.7-1.3 percent.

Among midcap and smallcap stocks, Monnet Ispat surged 13 percent after the company said lenders were exploring option of handing over control and management of company to outside investors.

Orient Green Power gained 11.5 percent as a media report indicated that Infrastructure Leasing and Financial Services (IL&FS) is in advanced talks to merge its wind energy assets with Chennai-based company.

Uttam Galva was up 8.6 percent after a media report indicated likely restructuring package by Aion Capital Partners.

European markets moderately lower as investors waited to hear from President Mario Draghi of the European Central Bank. Asia ended mixed with the Japan’s Nikkei rising 1 percent.

Globally investors also awaited Friday’s inauguration of Donald Trump as US President. Trump will be speaking at a pre-inauguration event later Thursday.

The rupee was trading at 68.12 per US dollar.

BSE advances and declines came in at 1427 and 1298 respectively where broader markets maintained outperformance.

Top 5 Nifty Gainers: GAIL (5.61%), ONGC (1.59%), Tata Motors (1.30%), ITC Ltd. (1.24%), and Bharti Airtel (0.96%).

Top 5 Nifty Losers: Lupin Ltd. (-1.52%), Axis Bank (-1.51%), Sun Pharma (-1.36%), Wipro (-0.82%) and HDFC (-0.71%)

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