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Sensex Continues Momentum; Banking Sector Witnesses Buying
Fri, 17 Feb 11:30 am

After opening the day on a positive note, the Indian share markets have continued their momentum and are presently trading in the green. Sectoral indices are trading on a mixed note with stocks in the banking sector and healthcare sector witnessing maximum buying interest. IT stocks are trading in the red.

The BSE Sensex is trading up 212 points (up 0.8%) and the NSE Nifty is trading up 50 points (up 0.6%). The BSE Mid Cap index is trading up by 0.5%, while the BSE Small Cap index is trading up by 0.6%. The rupee is trading at 67.03 to the US$.

HDFC Bank share price surged 8% in opening trade after it was reported that Reserve Bank of India removed restrictions on foreign institutional investors for the purchase of shares of the lender with immediate effect.

In the news from global financial markets, Japan's economy expanded at a steadily slowing pace during the last three months of 2016. Data released showed Japan's GDP grew at an annualised 1% in October-December. The preliminary reading for fourth-quarter GDP figure translated into 0.2% growth on a quarter-on-quarter basis.

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As per the data, a weaker yen supported exports of the country. However, tepid private consumption and the risks of rising US protectionism continued to weigh on a sustainable recovery.

External demand contributed 0.2% point to GDP, with exports rising 2.6%. This was the fastest growth in two years and was largely driven by shipments of cars to China and the US, and those of electronics parts to Asia.

Private consumption, which accounts for roughly 60% of GDP, showed no growth. The data suggested that rising food prices dented households' purchasing power.

The Bank of Japan (BoJ) now sees real GDP growth of 1.5% in the 2017 fiscal year. This is up from its previous forecast of 1.3% offered in November last year.

We believe there's a big crisis brewing within Japan. In fact, if there's one place on this planet that epitomizes all the wrong kinds of growth, it's Japan. Too much money printing...too much debt...too much government intervention...too much stock market manipulation. Sooner than later, these easy money measures by central bank are going to end. And as per Asad, the end of easy money policies will create some big trends that traders can profit from.

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In the news from domestic markets, Reserve Bank of India (RBI) Governor Urjit Patel has stated that India's growth will bounce back after a sharp slowdown triggered by government's notebandi.

The governor said that the benefits of the notebandi drive will take time to fully play out and need more work to ensure they're lasting. As per him, remonetisation has happened at a fast pace and that was part of the plan.

Notebandi: Expected Currency Replacement by Feb 2017

However, if one has to look at the data, re-monetisation is where things really fell apart.

According to an article in the Mint, as of January 2017, the total currency in circulation is 57% of what it was before notebandi. In fact, as per RBI data, the cash with public is 40% less than what it was one year ago.

So going by the ground realities, the economy is still facing troubles for the notebandi drive initiated by the government. The government will continue with its lies to tell us that all is well on the notebandi front, but that doesn't make the situation any better for the common man.

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Stock Market Updates

LA OPALA RG plunges by 5%; BSE 500 Index Down 0.9% (Today's Market)

Jun 19, 2018 03:24 PM

LA OPALA RG share price has plunged by 5% and its Current Market Price is Rs 257. The BSE 500 is down by 0.88%. The top gainers in the BSE 500 Index are MAHINDRA LIFESPACE (up 11.47%) and JAIPRAKASH ASSO. (up 9.74%). The top losers are LA OPALA RG (down 5.02%) and AVANTI FEEDS (down 6.09%).

UCO BANK surges by 6%; BSE BANKEX Index Down 0.7% (Today's Market)

Jun 19, 2018 03:22 PM

UCO BANK share price has surged by 6% and its Current Market Price is Rs 20. The BSE BANKEX is down by 0.66%. The top gainers in the BSE BANKEX Index is UCO BANK (up 5.77%). The top losers are ICICI BANK (down 0.10%) and YES BANK (down 0.18%).

The BSE METAL Index Down 2% ; JSW STEEL Among Top Losers (Today's Market)

Jun 19, 2018 02:34 PM

The BSE METAL Index Down at 13,209 (down 2.0%). Among the top losers in the BSE METAL Index today are JSW STEEL, COAL INDIA and HINDUSTAN ZINC. Meanwhile, the BSE Sensex has plunged 0.72% to 35,552.

Sensex Drops 230 Points as Trade War Fears Resurface (Today's Market)

Jun 19, 2018 12:30 pm

The BSE Sensex is trading down by 227 points, while the NSE Nifty is trading down by 77 points.

SHREE RENUKA SUGARS plunges by 6%; BSE 500 Index Down 0.7% (Today's Market)

Jun 19, 2018 11:29 AM

SHREE RENUKA SUGARS share price has plunged by 6% and its Current Market Price is Rs 15. The BSE 500 is down by 0.67%. The top gainers in the BSE 500 Index are GATEWAY DISTRIPARKS (up 6.30%) and MARKSANS PHARMA. (up 4.45%). The top losers are SHREE RENUKA SUGARS (down 5.83%) and CG POWER & INDUSTRIAL SOLUTIONS LTD (down 7.10%).

JAIPRAKASH ASSO. plunges by 5%; BSE REALTY Index Down 1.1% (Today's Market)

Jun 19, 2018 11:17 AM

JAIPRAKASH ASSO. share price has plunged by 5% and its Current Market Price is Rs 15. The BSE REALTY is down by 1.10%. The top gainers in the BSE REALTY Index is SOBHA LIMITED (up 1.24%). The top losers is JAIPRAKASH ASSO. (down 5.19%).

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