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Sensex trim early gains; Muthoot Finance surges 25%

Share Source By

Dion Global

31 Dec 2018

Indian equities are trading in a narrow range with some positive bias led by a rise in metal stocks. Among sectoral indices, the shares of gold loan company Muthoot Finance hit a fresh 52-week high of Rs 512 apiece, up 1.4 per cent on Monday. The stock has surged 25% in the past two months, on improved assets quality and expectations of healthy growth going forward. The stock is 3 per cent away from its record high level of Rs 526 touched on September 13, 2017. NCC shares rallied 3.4 per cent in morning on Monday after global investment firm Phillip Capital has maintained buy call on the stock with a target price of Rs 145, implying nearly 68 percent potential upside.

At 11:17 hours, BSE SENSEX was trading at 36132.86 up by 56.14 points or by 0.16 per cent and then NSE Nifty was at 10885.05 up by 25.15 points or by 0.23 per cent. The BSE Sensex touched intraday high of 36285.46 and intraday low of 36110.55 The NSE Nifty touched intraday high of 10923.55 and intraday low of 10872.35.

Tata Steel Ltd. (Rs. 523.35,+1.88%), Tata Motors Ltd. (Rs. 173.00,+1.29%), Vedanta Ltd. (Rs. 201.80,+1.20%), Tata Motors Ltd. (Rs. 93.05,+1.20%), Sun Pharmaceutical Industries Ltd. (Rs. 429.20,+1.08%), were among the top gainers of the BSE Sensex. Kotak Mahindra Bank Ltd. (Rs. 1240.00,-0.37%), Reliance Industries Ltd. (Rs. 1122.00,-0.34%), Housing Development Finance Corporation Ltd. (Rs. 1973.80,-0.32%), Power Grid Corporation of India Ltd. (Rs. 197.15,-0.30%), Coal India Ltd. (Rs. 241.75,-0.25%), were the top losers of the BSE Sensex.

In BSE Metal index was at 11847.81 up by 175.18 points or by 1.5%. Steel Authority of India (SAIL) Ltd. (Rs. 56.35,+2.73%), Jindal Steel & Power Ltd. (Rs. 165.35,+2.70%), JSW Steel Ltd. (Rs. 304.95,+2.40%), National Aluminium Company Ltd. (Rs. 64.95,+2.20%), Tata Steel Ltd. (Rs. 523.55,+1.92%). On the other side, Oil&Gas index was at 13760 down by -21.13 points or by -0.15%. Indraprastha Gas Ltd. (Rs. 263.75,-0.66%), GAIL (India) Ltd. (Rs. 355.50,-0.57%), Petronet LNG Ltd. (Rs. 224.95,-0.42%), Reliance Industries Ltd. (Rs. 1122.00,-0.34%), Oil and Natural Gas Corporation Ltd. (Rs. 150.20,-0.17%).

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2333 , shares advanced were 1423 while 793 shares declined and 117 were unchanged.