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After Market: Airtel slides, HDFC AMC continues decline; 41 stocks flash ‘sell’ signals

Media stocks were buoyant, helping Nifty Media index to close nearly 3 per cent higher.

ETMarkets.com|
Dec 05, 2019, 05.54 PM IST
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All constituents of Nifty Bank index ended in the red after RBI decided to hold the repo rate at 5.15 per cent.
Share price of HDFC Asset Management slid for the second day on the trot on Thursday, as it adjusted to the floor price for the offer for sale by joint promoter Standard Life. The stock fell 4 per cent during the day.

Bharti Airtel skidded 3 per cent after unveiling a $3 billion fundraising plan on Wednesday. Bank stocks suffered after RBI kept key policy rate unchanged against market expectations of a 25 basis point rate cut.

Media stocks, meanwhile, were buoyant, helping Nifty Media index to close nearly 3 per cent higher thanks mainly to gains in Zee shares.

BSE benchmark Sensex settled 70.70 points down at 40,779, while Nifty shed 24.80 points to close at 12,018.

"A precautionary pause due to high food inflation and the tepid pace of transmission of previous rate cuts prompted RBI to turn more vigilant on the inflation trajectory. A steep cut in GDP growth forecast to 5 per cent for FY20 seems to be more realistic, and it raises prospects of more government intervention to revive consumption and investments activity,” said Vinod Nair, Head of Research at Geojit Financial Services.

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

HDFC AMC slips further
Shares of HDFC AMC spiralled down 3.85 per cent to Rs 3,200 as one of the promoters, Standard Life, completed its offer for sale (OFS). Standard Life, offloading a 3.1 per cent stake at a floor price of Rs 3,170.

Bharti Airtel drops 3%
Telecom giant Bharti Airtel ended 2.96 per cent lower at Rs 447.20 to emerge the biggest loser among Sensex stocks. The stock dropped following company’s plan to raise $3 billion via equity and debt.

Banks bleed as RBI holds rates
All constituents of Nifty Bank index ended in the red after RBI decided to hold the repo rate at 5.15 per cent against the Street expectation of a rate cut. The biggest loser was IDFC First Bank, which lost 2.73 per cent to Rs 44.55. RBL Bank, PNB and IndusInd Bank each closed with over 2 per cent cuts. Nifty Bank slipped 0.83 per cent to 31,712.

Media index surges
Nifty Media gained 2.95 per cent to 1,850 riding on a 6.18 per cent rally in Zee Entertainment. Hathway, up 4.90 per cent to Rs 21,.40 and Zee Media, up 3.40 per cent to Rs 7.60, were other top gainers among index stocks.

Key Sensex movers
Heavy selling in bank stocks after RBI policy meet outcome pulled the 30-share Sensex pack lower. HDFC Bank, Axis Bank, SBI, IndusInd Bank, Kotak Mahindra Bank and ICICI Bank together knocked off 106 points from Sensex. Gains in TCS and ITC provided some support.

Broader market mixed
Broader market indices closed mixed as Nifty Midcap index lost 0.18 per cent to 16,980 while Nifty Smallcap gained 0.14 per cent to 5,751. Nifty500 closed 0.25 per cent lower at 9,757.

Most active stocks
ICICI Bank was the most active stock in terms of turnover on NSE followed by Zee Entertainment, Reliance Industries, YES Bank and SBI. In terms of volume, Vodafone Idea, YES Bank, Dish TV, Zee Entertainment and ICICI Bank were the top five most active stocks.

41 stocks flash ‘sell’ signals
As many as 41 stocks crossed below the Signal line on the MACD indicator, flashing ‘sell’ signals. Among them were JSW Steel, Coal India, DHFL, IDBI Bank, Unitech, HEG, IIFL Finance and Rallis India, among others. When the MACD falls below the signal line, it is a considered a bearish signal, which indicates that it may be time to sell. Conversely, when the MACD rises above the signal line, the indicator gives a bullish signal.
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