NEW DELHI: Healthy gains led by banking, financial and auto heavyweights helped equity indices Sensex and Nifty end Wednesday’s session with gains ahead of Thursday’s election results.
The market endured bouts of volatility throughout the day but there was decent buying in the last two hours of trade.
Sensex settled 140 points, or 0.36 per cent, higher at 39,110, while Nifty closed the day at 11,737, up 29 points or 0.25 per cent.
Let’s take a look at the highlights of Wednesday’s session:
IndusInd jumps 5% despite poor Q4 nos
Even as the private lender posted lower-than-expected financial results for March quarter, the stock jumped 4.84 per cent to Rs 1,517. The company’s profit dropped, provisions jumped and asset quality deteriorated during Q4FY19. “The stock jumped as the lender cleared its IL&FS exposure, which was an overhang. Also, there was some short covering, given the recent drop in share prices from the highs,” said Sameer Kalra, Founder, Target Investing.
DHFL shares tank 9%
Shares of Dewan Housing Finance Corporation (DHFL) cracked 9.43 per cent to Rs 117.65 after the NBFC said it would neither accept new deposits nor allow premature withdrawals. Premature withdrawals would be allowed only in cases of medical or financial emergency, DHFL said.
Cipla slips despite good Q4 show
Extending losses into the second session in a row, shares of Cipla closed 0.84 per cent lower at Rs 554 as the company posted better-than-expected financial results for the quarter ended March 31. The pharma major posted 106 per cent year-on-year (YoY) rise in profit at Rs 367 crore in Q4FY19 against Rs 179 crore in the same period last year.
TechM in the red for 7th day
Tech Mahindra shares closed 3.03 per cent lower at Rs 750. Shares of the IT major have been falling for seven consecutive days now, coming off 8 per cent. On Tuesday, the company reported a 7.32 per cent YoY drop in consolidated profit for March quarter at Rs 1,132.50 crore.
Torrent Pharma slides 3%
Shares of Torrent Pharmaceuticals declined 3.11 per cent to Rs 1,551.25 amid reports that the company voluntarily recalled two lots of Losartan Potassium tablets due to detection of trace amounts of an unexpected impurity found in API classified as a probable human carcinogen.
Jet shares extend gains
Rising for the third successive session, shares of Jet Airways closed 5.17 per cent higher at Rs 158.55 after the diversified Hinduja Group said it was evaluating the opportunity to invest in the airline. In last three sessions, the stock has jumped 28 per cent.
JSPL shares fall 7% on Q4 loss
Shares of Jindal Steel and Power (JSPL) suffered a loss of 6.80 per cent to settle at Rs 152.05 after the company’s net loss widened to Rs 2,713.34 crore in March quarter against Rs 426.35 crore loss in the corresponding quarter last year.
Most traded stocks
With over 13.35 crore shares changing hands, Idea Cellular emerged as the most traded stock on NSE. It was followed by Reliance Power (number of shares traded: 12.49 crore), DHFL (5.99 crore), YES Bank (5.87 crore), Suzlon Energy (3.81 crore) and Jet Airways (3.69 crore). On the other hand, IndusInd Bank (Rs 2,739.21 crore) finished as the most active stock in terms of value on NSE, followed by Reliance Industries (Rs 1,518.36 crore), SBI (Rs 1,079.60 crore) and Indiabulls Housing Finance (Rs 1,008.85 crore), in that order.
212 stocks ready to rise
Momentum indicator moving average convergence divergence, or MACD, showed bullish crossovers on 212 counters on BSE, signalling that these stocks may witness gains in the coming sessions. Among those stocks were, IDBI Bank, BHEL, Reliance Industries, Jammu & Kashmir Bank, Hindalco, Graphite India and Bharat Financial Inclusion. On the other hand, ITC, PVR, Bosch and Lakshmi Machines were among the 30 stocks that showed bearish crossovers.
41 stocks in oversold zone
Momentum oscillator Relative Strength Index, or RSI, showed 41 stocks in the oversold zone on BSE. Among those stocks were Mercator, Mandhana Retail, Jubilant Life Sciences, Eveready Industries, Fortis Healthcare and Sadhana Nitro. On the other hand, Esaar (India), Parle Software, Alchemist Corporation and Hittco Tools were among the 18 stocks that appeared in the overbought zone.
Source: Economic Times