ETMarkets After Hours: TechM at 52-week high, media stocks rally

NEW DELHI: Headline indices Sensex and Nifty ended yet another session on a flat note with a negative bias amid subdued global and domestic cues.

Sensex shed 21 points to settle at 33,835, while the broader Nifty50 index lost 16 points to shut shop at 10,410.

Let’s have a look at the top newsmakers of Dalal Street:

Tech Mahindra hits 52-week high
Shares of IT company Tech Mahindra hit their fresh 52-week high of Rs 640 on BSE. Last month, the company had set up a lab in Bengaluru in association with US chipmaker Intel as part of its preparedness for 5G services expected to be rolled out by 2019. The stock on Wednesday closed 3.37 per cent higher at Rs 638.

Tech-Mahindra (1)
PSBs see a sharp recovery
After slipping in the first half of the session, shares of state-run banks made a smart comeback. The Nifty PSU Bank index gained 51 points or 1.75 per cent to settle the session at 2,961.75 with all 12 constituents ending in the green. IDBI Bank (up 14 per cent), Andhra Bank (up 6 per cent) and Oriental Bank of Commerce (up 6 per cent) were the top performers on the pack.

PSU-Bank (1)
Spurt in open interest
Shares of Indian Oil witnessed the biggest spurt in open interest at 23.24 per cent. Colgate- Palmolive (21.47 per cent) and KPIT Technologies (20.99 per cent) were at the second and third slot, respectively.

OI (14)
Relief to companies on LTCG tax front
The government on Wednesday announced capital gains on unlisted entities accrued till January 31 will be grandfathered and the methodology for valuation will be prescribed in the related amendment. In tax parlance, grandfathering means giving exemptions to certain sections from complying with the legislative mandate. READ MORE

Vakrangee up for eighth session
Taking its winning streak to the eight sessions in a row, shares of Mumbai-based e-governance service provider hit upper circuit limit of 5 per cent on Wednesday. The closed at Rs 226.35 apiece on BSE.

Bharat Dynamics IPO
The initial public offering (IPO) of Bharat Dynamics received 46 per cent subscription on the second day of the bidding process on Wednesday. Bharat Dynamics, a pure defence play, aims to raise Rs 960 crore from the offer. The price band of the issue has been fixed between Rs 413 and Rs 428.

Media stocks rally
Media companies took giant strides during the trade on Wednesday, taking Nifty Media index 1.50 per cent higher to 3,356.50. TV Today (up 18 per cent), Dish TV India (up 8 per cent) and TV18 Broadcast (up 6 per cent) were the top performers in the pack.

Sun TV
Shares of Sun TV climbed nearly 5 per cent after a CBI court discharged Maran brothers and all other accused from illegal telephone exchange case. Special judge Natarajan said he was discharging all the seven accused from the case since there was no prima facie evidence to prove the charges against them. The stock settled at Rs 942 on BSE, up 4.71 per cent.

Sun-TV (1)

Source: Economic Times