ETMarkets After Hours: PNB down, ICICI Bank on a high; CLSA cuts India weight

NEW DELHI: In the ongoing tug-of-war in the domestic equity market, the bulls came out with flying colours on Thursday amid heavy buying in industry heavyweights such as ICICI Bank, Infosys, HDFC and ITC.

The PNB mess was the talk of the town through the day. The market breadth was in favour of the bears as advance-decline ratio stood at 1:3.

The S&P BSE Sensex gained 141 points to settle at 34,297. The Nifty50 index of the National Stock Exchange (NSE) added 45 points to close at 10,545, with 30 constituents ending in the green and 19 in the red. One remained unchanged.

Here’s a look at the movers and shakers of Thursday’s session:

Down and out!
Shares of Punjab National Bank (PNB) crashed as much as 14 per cent in intraday trade, a day after the state-run lender reported fraudulent transactions worth Rs 11,300 crore at a Mumbai branch. In the afternoon, the management held a media briefing, where it gave the assurance that the bank would not allow any unethical practice and all the culprits would be brought to book. However, investors did not seem to buy than and the stock continued to bleed. At close, the stock stood at Rs 128 apiece, down 12 per cent, on BSE.

PNB-1

Chris Wood cuts India overweight
Christopher Wood, Managing Director and Equity Strategist at CLSA, on Wednesday said he had reduced overweight on India by a further three percentage points in the Asia Pacific ex-Japan relative-return portfolio. He said the move to introduce LTCG tax on equity was one of the reasons for reducing the overweight on India.

ICICI Bank on a high
Shares of private lender stood tall throughout the day to close over 3 per cent higher at Rs 328.60 on BSE. The Nifty Private Bank index rose 0.61 per cent to 14,302, with three constituents ending in the green and seven in the red. YES Bank (up 0.20 per cent) and Kotak Mahindra Bank (up 0.12 per cent) were the other two gainers from the pack.

ICICI-abnk

Aster DM Healthcare IPO fully subscribed
The initial public offering (IPO) of Aster DM Healthcare got fully subscribed on the final day of the bidding process. The issue got 4,82,82,468 bids, 1.29 times the total issue size, according to NSE data. The price band of the offer was at Rs 180-190 a share.

Aster-IPO
Spurt in open interest
Punjab National Bank (PNB) witnessed the biggest spike in open interest at 39.58 per cent, followed by Apollo Hospitals (18.47 per cent) and YES Bank (17.53 per cent).

OI

Broader markets underperform
The S&P BSE SmallCap index plunged over 1 per cent to 18,258 with Reliance Communications (down 5 per cent) the worst laggard. The S&P BSE MidCap index slumped 0.46 per cent to 16,803.24.

smallcap-index

TWEET OF THE DAY

Source: Economic Times