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Daily Market Commentary : 28th SEP 2016

Tags: market bank stock

Nifty closed with a gain of 39 points at 8,745, while BSE Sensex ended with a gain of 69 points at 28,293.

On the global front, Asian stocks closed on a mixed note. Hong Kong’s Hang Seng advanced 0.20%, China’s Shanghai Composite ended marginally lower, while Japan’s Nikkei slipped 1.3%.

European stocks rose with investor sentiment buoyed by a rally in the banking sector. The FTSE 100 is up 0.63% while the CAC 40 and DAX have gained 0.8% each.

Mangalore Chemicals & Fertilizers jumped 6.5% to Rs.47.50 on the BSE. The company said in a notice to BSE that its shareholders have rejected the proposal of transaction with Zuari Agro Chemicals Ltd.

Mphasis fell 3.3% to Rs.521. The company has announced a dividend of Rs.20 a share.

Nandan Denim climbed 12.6% on its plans to issue 50 lakh convertible warrants on preferential basis to foreign investors at Rs.200 each including premium of Rs.190.

Motherson Sumi Systems gained 1% after the Reserve Bank of India allowed foreign investors to hike their stake in the company to up to 30% from 24% earlier.

Dilip Buildcon gained 2.6%. The National Highways Authority of India (NHAI) has awarded four laning of 127 km of national highway stretch between Lucknow and Sultanpur to Dilip Buildcon. The project would be constructed at a cost of Rs.2,845 cr.

Mahindra and Mahindra inched up 0.60% after the company having announced the launch of the Intelli-Hybrid technology variant of its popular SUV Scorpio for the Delhi and NCR market at a starting price of Rs.9.35 lakh (ex-showroom).

Coal India slipped 1% to Rs.329. Its buyback offer will open next week on October 3, 2016 and would remain open till October 18. The company plans to buy back 1.7% (10.89 cr) fully paid up equity shares at Rs.335 per share totaling Rs.3,650 cr.

Karur Vysya Bank gained 1.4% to Rs.476. The bank seeks members’ approval for sub-division of shares in the ratio of 1:5.

Ahluwalia Contracts (India) advanced 1% after the company having received new order aggregating Rs.151.39 cr from Bharat Electronics .

Jindal Stainless zoomed 9% after the company received approval from Orissa Industrial and Infrastructure Development Corporation (IDCO) vide its letter dated 24 September 2016 conveying its no objection for effecting the transfer or right to use of the land on which the Hot Strip Mill and the Coke Plant of the company are located, to Jindal United Steel and Jindal Coke, respectively.

Balaji Telefilms jumped 8.8% after after the Board of Directors of the company at its meeting held on 27 September 2016 having considered and approved a composite scheme of arrangement between the company and its wholly owned subsidiaries viz. Balaji Motion Pictures and Bolt Media and their respective shareholders and creditors.

Vivimed Labs has soared 9.7% to Rs.112.65 after investor Ashish Kacholia acquired nearly two percentage point stake in the company through open market.

Federal Bank rallied 4.2% to Rs.75.50 after a huge block deal. Around 6.50mn shares of the bank changed hands in a single block deal.

The rupee was trading up by 2 paise at 66.46 per US dollar.

Out of 1,847 stocks traded on the NSE, 575 declined and 1,033 advanced today.

Top 5 Nifty Gainers: ONGC (2.13%), GAIL (1.65%), Reliance Ind. (1.48%), Hero Motocorp (1.24%) and Bajaj Auto (1.24%)

Top 5 Nifty Losers: Bharti Airtel (-0.82%), Hind. Unilever (-0.47%), Wipro (-0.46%), Dr. Reddys Lab (-0.34%) and ICICI Bank (-0.31%)

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Daily Market Commentary : 28th SEP 2016


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