Shares of Dishman Carbogen Amcis paused a six-day losing streak to jump 10 per cent on Thursday, after it said the income-tax department has completed searches at its offices. Eveready Industries jumped following a favourable order from the Delhi High Court.
YES Bank shares fell 5 per cent after Citi cut its target price for the stock. PSU bank shares were also among the major losers.
BSE benchmark Sensex tanked 297 points to close at 41,163 while its NSE counterpart Nifty lost 88 points to 12,126.
“The market started the holiday-shortened week on a flat note. However, the consolidation extended on account of F&O expiry-led volatility and concerns over the government’s fiscal math due to a possible delay in the divestment planned for this financial year. Global markets seemed to be in comfort zone, fuelled by hopes of easing trade tension, while the domestic market is expected to wait for cues from the Budget,” said Vinod Nair, Head of Research, Geojit Financial Services.
Here is a lowdown of the movers and shakers of Thursday’s session:
Dishman Carbogen jumps
Shares of Dishman Carbogen Amcis hit 10 per cent upper circuit to Rs 79.30 after the company said the income-tax department concluded searched at its offices on December 25. The stock had plunged 20 per cent in the last session.
YES Bank falls 5%
Shares of YES Bank fell 4.88 per cent to Rs 48.70 after global brokerage Citi cut its target price on the stock to Rs 46 from Rs 50 earlier. On Tuesday, Brickwork Ratings downgraded the ratings of YES Bank’s bonds.
Eveready Industry surges
Delhi High Court (HC) has allowed Eveready Industry to go ahead with the sale of its property at Hyderabad. Following the news, the share price increased 6.30 per cent on BSE to Rs 57.35.
Broader markets outperform
Broader market indices outperformed their headline peers. Nifty Midcap closed 0.07 per cent higher at 16,863 while Nifty Smallcap index edged 0.08 per cent higher to 5,684. Nifty500 slid 0.52 per cent at 9,817.
India VIX plunges further
India VIX, the measure of volatility in the market, fell further 6.15 per cent to 10.91. This means market participants are expecting less volatile swings in the indices going ahead.
Metals shares gain
The metals index was among the two sectoral gainers on NSE. Nifty Metal index added 0.58 per cent to 2,739. SAIL logged a 3.17 per cent jump to emerge the biggest gainer. It was followed by Jindal Steel, which was up 2.28 per cent and APL Apollo Tubes, which rose 2.01 per cent.
PSU Banks take a dive
Most PSU Banks ended with losses. Nifty PSU Bank drifted 1.46 per cent lower, thanks to massive losses in some of its components. Syndicate Bank plunged 10.26 per cent to Rs 26.25, Union Bank of India fell 6.94 per cent to Rs 54.30 and Allahabad Bank dropped 6.42 per cent to 17.50.
Most active stock
Reliance Industries was the most active stock on NSE in terms of transaction value. It was followed by Indiabulls Housing Finance, YES Bank, HDFC Bank and Tata Steel. In terms of trading volume, YES Bank topped the chart. Vodafone Idea, Dish TV, Indiabulls Housing Finance and SAIL were other shares that saw large volumes change hands.
RIL, HDFC Bank drag Sensex
Reliance Industries and HDFC Bank were among the biggest culprits in Sensex’ nearly 300-point dive. RIL dropped 90 points from the index while HDFC Bank bled 42 points. Other big negative contributors included L&T, Kotak Mahindra Bank and Bharti Airtel.
22 stocks ‘overbought’
As many as 22 stocks turned ‘overbought’ as they crossed above the 70 level on the Relative Strength Index (RSI) chart. They included Infibeam Avenues, Dwarikesh Sugar, Indiabulls Ventures, Muthoot Finance, Kalyani Steel, Ramco Systems, APL Apollo Tubes and Mas Financial Services, among others. RSI is a popular technical indicator that traders use to find trade setups. Stocks with RSI value above 70 are considered overbought.
Source: Economic Times