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Daily Market Commentary : 16th March. 2017

Share markets in India finished on a firm note as the Federal Reserve raised the benchmark interest rate by a quarter percentage point, but gave a more dovish outlook for future hikes.

NSE Nifty closed at it all time closing high of 9153 levels, up by 68 points or 0.7%, while BSE Sensex closed at 29586 levels, up by 187 points or 0.6%.

Asian stock markets finished broadly higher today with shares in Hong Kong leading the region. The Hang Seng is up 2.08% while China’s Shanghai Composite is up 0.84% and Japan’s Nikkei 225 is up 0.07%. European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.09% while London’s FTSE 100 is up 0.94% and France’s CAC 40 is up 0.81%.

Nifty, Nifty Bank and Nifty Midcap ended at record closing highs on Thursday. Whereas, Sensex closed 96 points away from its record closing high of 29682. All the sectoral indices closed in green, Nifty Metal being the top gainer.

Adani Ports was the top Nifty gainer whereas, Bharti Airtel was the top Nifty loser in Thursday’s trading session.

The BSE Mid-cap Index closed up 1.5% at 13912 whereas, BSE Small-cap Index closed up 1% at 14006.

APL Apollo Tubes soared over 5% as the company announced partnership with NEXTracker, hitting a 52-week high of Rs 1149.10.

Ashoka Buildcon soared over 7% hitting a 52-week high of Rs 199.65 per share. The stocks closed at Rs 196 up by Rs 10 per share or 5%.

Pennar Engineeered jumped over 11% as the company bagged order an order worth Rs 152 crore. The stock closed at Rs 130 up by Rs 10 per share or 8%.

HCL Tech rallied over 5% as the company is considering buyback of its shares on March 20. The stocks closed at Rs 53 up by Rs 1 or 2%.

Power Mech Projects closed at Rs 480 per share, up by Rs 80 per share or 20%.

Dredging Corporation closed at Rs 104 per share, up by Rs 104 per share or nearly 20%.

Jindal Poly closed at Rs 423 per share, up by Rs 69 per share or nearly 19.6%.

High Ground Enterprises closed at Rs 25 per share, up by Rs 3 per share or 15%.

While, on the NSE advance decline ratio was at 5:2. There were 1149 advances, 482 declines and 288 unchanged stocks on NSE, reflecting bullish undertone floating in the market.

The rupee was trading at 65.14 per US dollar.

Top 5 Nifty Gainers: Adani Ports & Sez Ltd. (4.82%), Tata Steel (4.52%), Hindalco Industries Ltd. (4.40%), Bajaj Auto (2.33%) and IndusInd Bank (2.27%).

Top 5 Nifty Losers: Bharti Airtel (-0.72%), Reliance Industries Ltd. (-0.62%), IDEA (-0.53%), ICICI Bank (-0.37%) and Yes Bank (-0.01%)

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Daily Market Commentary : 16th March. 2017

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