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After Market: Bajaj Fin bounces back; Titan plunges 12%; 271 stocks hit 52-week lows

As Budget blues take its toll on stocks, investors are hoping for some relief from Q1 earnings.

Jul 09, 2019, 05.04 PM IST
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NEW DELHI: Equity benchmarks Sensex and Nifty ended flat on Tuesday ahead of June quarter earnings of IT major Tata Consultancy Services (TCS).

As Budget blues take its toll on stocks, investors are hoping for some relief from June quarter earnings. The rupee's tepid rise against the US dollar also gave a leg up to market sentiment.

Global cues remained lacklustre as stronger jobs data in the US dented hopes of an aggressive rate cut by the US Fed.
Sensex ended 10 points higher at 38,730, while Nifty settled 3 points down at 11,555.

Here is breaking down key highlights of Tuesday's session:

Bajaj Finance jumps 5%
After seeing losses for two consecutive sessions, shares of Bajaj Finance ended 5.52 per cent higher at Rs 3,603 after the company said assets under management rose to Rs 1,29,000 crore as of June 30, 2019, compared with Rs 91,287 crore as of June 30, 2018. New loans booked during June quarter of FY20 increased to Rs 73 lakh against Rs 56 lakh in the same period of the previous financial year.

Titan plunges 12%
Falling for the fourth day in a row, shares of Titan ended 12.26 per cent down at Rs 1,099.10. The company in its quarterly update on Monday said it witnessed a tough macro-economic environment with consumption being hit during April-June quarter due to rising gold prices. In the last four sessions, the stock has come off 17 per cent.

DHFL shares fall 9%
Extending losses into the fourth session, shares of Dewan Housing Finance Corporation (DHFL) plunged 8.75 per cent to close at Rs 70.95 even as reports suggested that the lenders to the company will meet on July 10 to discuss resolution proposal submitted by it.

TCS falls ahead of Q1 numbers
Ending the day as the top loser in the Sensex index, shares of the IT heavyweight fell 2.05 per cent to Rs 2,131.45 ahead of its June quarter results. Brokerage Edelweiss Securities said Tata Consultancy Services (TCS) is likely to post a healthy 2.8-2.9 per cent quarter-on-quarter revenue growth in constant currency term for Q1 of FY20.

Glenmark gains on USFDA nod
Glenmark Pharmaceuticals Tuesday said it has received final nod from the US health regulator for its Ranolazine extended-release tablets used for the treatment of chronic angina. Shares closed 2.58 per cent higher at Rs 448.

271 stocks hit 52-week lows
As many as 271 stocks, including Maruti Suzuki India, Escorts, Cadila Healthcare, Bosch, Sundram Fasteners, Mindtree, Gail (India), Deepak Fertilisers and Glaxosmithkline Pharmaceuticals, hit their 52-week lows on BSE. On the other hand, Adani Power, Just Dial and Varun Beverages were among 28 stocks that hit 52-week highs.

193 stocks hit lower circuits
Manpasand Beverages, Cox & Kings, Swelect Energy Systems, SORIL Infra Resources, Electrotherm (India), Orient Green Power Company, Hindustan National Glass & Industries and Kwality were among the 193 stocks that hit lower circuits. On the other hand, Religare Enterprises, Aban Offshore and Supreme Infrastructure India were among the 132 stocks that hit upper circuits.

129 stocks show bearish trend
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 129 counters on BSE, signalling a potential fall for them in the coming sessions. Among those stocks were State Bank of India, Ashok Leyland, Canara Bank, JSW Steel, HDFC Life Insurance, Motherson Sumi Systems, Mahindra & Mahindra, PTC India and Bata India. On the other hand, Biocon, SJVN, Glenmark Pharma, LIC Housing Finance, ACC, Sobha and Majesco were among the 53 stocks that showed bullish crossovers.

Consumer durables index cracks 7%
The BSE Consumer Durables index suffered a strong loss of 6.76 per cent owing to heavy losses in the shares of Titan (down 12.26 per cent), Bajaj Electricals (down 4.37 per cent) and Blue Star (down 2.57 per cent). The consumption stocks have been under pressure post the Budget as there was no major immediate measure to boost disposable incomes.
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