Indian market witnessed profit booking in Nifty and Sensex ahead of GDP data today

 

It was a negative start for the Indian stock market today. The benchmark indices opened in negative and extended its early losses today. As indicated in Yesterday’s report, today’s Indian market witnessed profit booking in the market due to the worry of the GDP data. Which was expected later in the evening.

Market ahead of GDP data today

In the end, Nifty hold 12050 levels, it came was down 95.10 points and closed at 12056.05. Whereas Sensex declined 336.36 points and closed at 40,793.81. The  NSE banking index fell 176.85 points today and closed at 31,946.10.

The top five gainers in the Nifty50 stocks are Bharti Infratel, Adani Ports, Bharti Airtel, HDFC Bank, and NTPC. The losers in the Nifty50 stocks are Zee Ent, Yes Bank, HUL, SBI, and Dr. Reddy’s Lab.

The Nifty midcap and smallcap 100 index are the gainers today ahead of GDP data. The Nifty midcap gained 10.40 points and closed at 17222.15 and the Nifty smallcap was up 54 points or 0.94% and closed at 5814.85.

The gainers in the Nifty midcap space are Future Consumer, NBCC ( India) and the losers are Dish TV, Reliance Infra. In the smallcap space the gainers are Karur Vysya, Reliance Communication and the losers are India Bulls Real Estate, Godfrey Phillip.

The Sectors which end in green today ahead of GDP data are Telecom, Real Estate, Manufacturing, Logistics, Hospitality, and Agri. The sector which closed in red are Oil & Gas, FMCG, Media, IT & Software, Metals, Auto and Banks. FIIs were net buyers yesterday and DIIs were the net seller in the cash segment.

The Q2 GDP data

The GDP data has come after market hours today. Then Indian Q2 GDP has come down to 4.5% against 5% on QoQ basis and 7% on YoY basis. The GDA number announced at 4.3%. The street was expecting around 4% Q2GDP and the number has come almost in line with the expectation today. The first six months’ GDP number was announced at 4.8%.

The fall in GDP numbers are because of negative manufacturing sectors, the real estate and private consumption has shown some recovery.

 

Stocks in the news today

 

Ashoka Buldicon has received a letter of award from the UP Expressways Industrial Development Authority (UPEIDA). The share price of Ashoka Buildicon gained 1.63% and closed at Rs 96.55 per share.

Aurobindo Pharma’s subsidiary company entered in agreement with Profectus Biosciences to buy certain business assets. The share price of Aurobindo Pharma closed flat at Rs 449.90 per share.

As per the report, Bharti Airtel has submitted a conditional bid of Rs 9500 crore for reliance Communication’s telecom assets including spectrum, mobile towers, and optical fiber. The share price of Bharti Airtel gained 1.33% and closed at Rs 442.45 per share.

Dilip Buildcon has received a letter of acceptance from the UP Expressways Industrial Development Corporation (UPEIDA) for the EPC project in Uttar Pradesh. The share price of Dilip Buildicon gained 3.30% and closed at Rs 409.05 per share.

Lemon Tree Hotels has launched a hotel under Red Fox brand in Andhra Pradesh. The share price of Lemon Tree Hotels gained 2.94%  and closed at Rs 63.05 per share

The OnMobile Systems Inc, promoter and Jump Networks have manually agreed to extend the time period till Dec 20th, 2019, to conduct the sale of shares. The share price of On Mobile Global has gained 1.02% and closed at Rs 34.65 per share.

Granules India has received EIR for Granules Pharma Inc facility a wholly-owned subsidiary located at Virginia USA. The share price of Granules India fell 1.24% despite the news and closed at Rs 127.75 per share.

 

Banking & Financial stocks in news today

Yes Bank’s board meeting is scheduled on 29th Nov, today to consider fundraising. The share price of Yes Bank fell  2.50% ahead of the meeting and closed at Rs 68.30 per share.

Aditya Birla Finance is the first company to list commercial papers on both NSE and BSE. The share price of Aditya Birla Finance (ABFL) fell 0.64% and closed at Rs 109.45   per share.

ICICI Securities settled a case with the market regulators SEBI today. The share price of ICICI Securities gained 5.32% and closed at Rs 347.45 per share.

 

Crude and Rupee update:

The Brent crude oil future is trading lower today. At 4.30 pm in the evening. The Brent crude is trading at $ 62.91, down 0.57% from the previous close. The Indian Rupee is trading at Rs 71.71 against the US dollar.

 

Conclusions

Indian stock market has witnessed a profit booking session today. Throughout the day the market has traded in the negative territory and this is due to the worry of GDP numbers. The GDP number has slipped but the market has already factored that number. We may not see any further fall or profit booking because of GDP data.

Indian market is still looking positive and can touch new record high in the coming days. Traders can follow our Nifty and Bank Nifty technical levels for Monday on our website tomorrow.

 

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Nifty50 Stocks list | Index | Share price  

 

Happy Investing!!

Editor’s Desk