NEW DELHI: Gains in shares of select banking heavyweights, including Kotak Mahindra Bank, HDFC twins, and those of Tata Steel and TCS helped equity barometer Sensex close in the green on Wednesday, extending the gains into the second day in a row.
After opening in the green and jumping almost 390 points, Sensex gave up most gains in late trade, falling up to 165 points.
Eventually, the 30-pack index closed 66 points higher at 39,112, with 16 stocks ending in the red.
The market breadth remained negative as 1,858 stocks declined against 710 that logged gains. As many as 119 stocks remained unchanged.
We walk you through the key highlights of Wednesday’s session:
Yes Bank at fresh 52-week low
Falling for the second day in a row, shares of Yes Bank closed 5.54 per cent down at Rs 103.25, after hitting a fresh 52-week low of Rs 101.40. In two days, the stock has retreated over 11 per cent. The stock has been under pressure since global brokerage UBS downgraded it.
Tata Steel jumps 5%
Shares of Tata Steel settled 4.60 per cent higher at Rs 494.50, breaking their losing streak of the last four sessions. Global financial firm Goldman Sachs has maintained a ‘buy’ recommendation on the stock with a price target of Rs 570 as steel spreads are weakening on global growth concerns.
Jain Irrigation loses 49% in 4 days
Shares of Jain Irrigation Systems crumbled 28.10 per cent to Rs 19.70, extending their losses into fourth session. In last four sessions, the stock has eroded a whopping 49 per cent. The stock has been reeling under pressure on reports of defaults followed by rating downgrades.
Jet Airways at new life-time low
The misery of the airline stock remained unabated as it suffered a loss of 18.17 per cent to shut shop at Rs 33.10 after touching a fresh all-time low of Rs 29.05. Year to date, the stock is down 88 per cent.
500 stocks plumb 52-week lows
As many as 524 stocks hit 52-week lows. Among them were Yes Bank, DHFL, Vodafone Idea, Amara Raja Batteries, Escorts, Bayer Cropscience, Central Bank of India, CEAT, Glenmark Pharma, Indiabulls Housing Finance, Indiabulls Integrated Services and L&T Finance Holdings. The 32 stocks that hit 52-week highs included Chandra Prabhu International, East India Securities, Evans Electric, Innovative Ideals and Services (India) and PI Industries.
102 stocks all set to decline
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 102 counters on BSE, signalling an imminent fall. Among them were Power Finance Corporation, Manappuram Finance, Graphite India, Usha Martin and HDFC AMC. On the other hand, Tata Steel, Bharat Dynamics, Starteck Finance, Dhoot Industrial and Galaxy Surfactants were among the 36 stocks that showed bullish crossovers.
300 stocks hit lower circuit
Indiabulls Integrated Services, Manpasand Beverages, Jaiprakash Associates, Reliance Communications, Adlabs Entertainment and Electrotherm (India) were among 306 stocks that hit lower circuit limits on BSE.
131 stocks in oversold zone
Momentum oscillator Relative Strength Index, or RSI, showed 131 stocks, including Punj Lloyd, Gati, Kwality, HDIL, Jaiprakash Associates and Cox & Kings have entered the oversold zone on BSE. On the other hand, Panth Infinity, BCL Enterprises, Vapi Paper Mills and Chandra Prabhu International were among 23 stocks that entered overbought territory.
Stocks below 200 DMAs
ACC, BEML, Raymond, UCO Bank, GRUH Finance, Dhanlaxmi Bank, Mangalam Cement, Dwarikesh Sugar and Cochin Shipyard were among the stocks that witnessed negative breakouts and traded below their 200 DMAs.
Source: Economic Times