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After Market: Weak debut for Prince Pipes, telcos rally, 79 stocks flash buy signals

Mumbai: Shares of telecom major Vodafone Idea rallied 5.49 per cent in Monday’s trade on hopes that the telco will follow suit after rival Bharti Airtel increased its minimum recharge validity plan by 95 per cent from Rs 23 to Rs 45. The latter saw its stock rise 1.14 per cent.

BSE’s 30-share Sensex flip-flopped and closed 0.04 per cent, or 17.14 points, lower at 41,558, while NSE’s 50-share Nifty rose 0.12 per cent, or 14.80 points, higher at 12,260.

The market is likely to continue to trade in a narrow range going ahead. “We expect the market to remain rangebound this week due to lack of any major domestic or global triggers. Market participants would keep a close watch on auto sales data. Recently, Auto stocks have seen a decent runup in anticipation of a revival in volume growth,” said Ajit Mishra, VP for Research at Religare Broking.

Here is a lowdown on the movers and shakers of Monday’s session on Dalal Street:

Disappointing debut for Prince Pipes

Shares of Prince Pipes and Fittings made a tepid debut, closing first day’s trade at Rs 166.60 on BSE, a 6.40 per cent discount to the issue price of Rs 178. It had opened at Rs. 160, and touched a high and low of Rs 177.95 and Rs 152.60 respectively.

Who moved my Sensex

Private lender ICICI Bank contributed the most at 33.28 points to Sensex’s fall. IT services major TCS and rival Infosys followed next, as they dragged the benchmark down by 15.25 points and 14.23 points respectively. Lender HDFC Bank limited the losses for Sensex, by adding 35.72 points.

PSU banks trend lower

State-run banks edged lower. State Bank of India dropped 0.89 per cent to Rs 334.25. Peer Bank of Baroda dropped 1.20 per cent to close at Rs. 102.95. Union Bank of India shed 0.81 per cent to close at Rs 55.05. Bank of India tumbled 2.92 per cent and closed at Rs 69.70.

Most active stocks on NSE

RIL was the most active stock in terms of transaction value on NSE, followed by State Bank of India, Axis Bank and Tata Motors. In terms of volume, Vodafone India topped the charts, followed by YES Bank and Tata Motors.

42 stocks hit 52-week highs on NSE

They included Bajaj Finserv, Bajaj Finance, DLF, ICICI Bank, Infibeam Avenues, Muthoot Finance, , and ICICI Securities.

45 stocks hit 52-week lows on NSE

These included Ashapura Intimates, Apar Industries, Cox & Kings, GTL Infra, Stampede Capital, Suzlon Energy and TCNS Clothing.

Volatility index rises

India VIX, the index that measures market volatility, rose 3.49 per cent to 10.8925, indicating that there could be choppy times ahead.

Broader market performs better

The broader market outperformed benchmark Sensex. BSE500 index rose 0.14 per cent, while BSE Midcap index and BSE Smallcap index gained 0.29 per cent and 0.75 per cent, respectively.

Auto stocks race ahead

BSE Auto index was the top sectoral gainer, ahead of crucial auto sales numbers. It closed 1.36 per cent higher on Monday. Tata Motors was the top gainer in the pack. It advanced 4.26 per cent to Rs 183.60.

79 stocks flash buy signals

As many as 579 stocks gave ‘buy’ signals as they crossed above the signal line on the MACD indicator. They included Ashok Leyland, BPCL, IRCTC, Apollo Tyres, Welspun India, Future Enterprises, Satin Creditcare. MACD is a momentum indicator used in technical analysis. It is usually applied in conjunction with other technical indicators.

Source: Economic Times