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Equity Tips

Sensex lower on profit booking, Nifty volatile ahead of F&O expiry

Equity benchmarks erased opening gains in early trade due to profit booking amid volatility.

The 30-share BSE Sensex was down 43.45 points at 31,603.01 and the 50-share NSE Nifty fell 5.95 points to 9,878.45.

Bharti Infratel, NTPC, Bosch, Coal India, HUL, Kotak Mahindra Bank, Sun Pharma, Vedanta and Asian Paints were under pressure while Wipro, Reliance Industries, ONGC, Adani Ports, Cipla and Hindalco gained.

Nifty Midcap was up 10 points as about 700 shares advanced against 465 declining shares.

Majestic Auto surged 20 percent as the board will consider sales of assets and Schaeffler India gained 8 percent on merger.

Adani Enterprises, Ujjivan Financial, Grasim, Aditya Birla Money, Ajanta Pharma, BEML, Concor, Surya Roshni and Aksh Optifibre rallied up to 7 percent while DCB Bank, Biocon and HPCL lost up to 6 percent.

Shares of Majestic Auto has locked at 20 percent upper circuit as the company is going to divest its assets not exceeding Rs 300 crore.

There were pending buy orders of 132,524 shares, with no sellers available.

The company at its meeting held on August 30 .08.2017, has considered the sale of assets more than the net worth at such time in such form for an amount not exceeding Rs 300 crore.

The demerged company from Grasim which holds controlling stake in financial services businesses of the group, would be listed on Friday.

The demerger and listing of financial services business under one umbrella was  part of the group restructuring exercise and was aimed at unlocking value for shareholders.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647

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