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After Market: Better liquidity & OMO lift realty, banks; 195 stocks hit upper circuit

There was sustained buying across sectors, barring IT stocks, despite mixed global cues.

, ETMarkets.com|
Updated: Dec 19, 2018, 10.30 PM IST
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After Market: Better liquidity & OMO lift realty, banks; 195 stocks hit upper circuit
Asian Paints, rising 3.39 per cent, claimed the top slot among Sensex gainers, followed by Axis Bank, State Bank of India, Maruti Suzuki and Bharti Airtel.
NEW DELHI: Continued rise in financial and bank stocks on signs of better liquidity and bottom fishing in recently battered blue chips like Maruti, ITC and Asian Paints helped domestic equity indices log gains for the seventh consecutive session on Wednesday.

There was sustained buying across sectors, barring IT stocks, despite mixed global cues and the overhang of the Fed rate review due later in the day.

The 30-share Sensex ended the day 137 points, or 0.38 per cent, higher at 36,484, with 29 stocks ending in the green and 11 in the red. Nifty rose 59 points, or 0.54 per cent, to 10,967. Indiabulls Housing Finance led the gainers rising over 7 per cent.

Here is a look at the stocks that create maximum buzz during the session:

Realty pack top sectoral gainer
The realty pack emerged as the top gainer among the sectoral indices on BSE on Wednesday, jumping 3.11 per cent amid signs of improvement in liquidity and RBI’s OMO announcement, which caused bonds to fall to six-month lows. Talk of possible GST cuts also lifted the mood on the counter. Of the 10 components in the realty index, eight gained, while two – Oberoi Realty (down 0.27 per cent) and Phoenix Mills (down 0.27 per cent) – closed with nominal losses. Indiabulls Real Estate rose 8.76 per cent, DLF 7.4 per cent, HDIL 2.75 per cent and Sunteck 2.5 per cent.

IT and Teck buck the trend
Defying the positive market sentiment, the BSE IT and Teck indices declined 1.06 per cent and 0.68 per cent, respectively, on losses in index players such as Infosys, TCS, HCL Tech, Mphasis and Hexaware Technologies. Most IT stocks fell after rupee strengthened against the dollar owing to a persistent fall in crude oil prices.

BoI, BoM, Corp Bank may exit PCA
Corporation Bank, Bank of Maharashtra (BoM), Bank of India (BoI) and Allahabad Bank may exit the prompt corrective action (PCA) framework of RBI soon, ET Now reported on Wednesday. Some 11 public sector banks, including the four aforementioned lenders and UCO Bank, United Bank of India, IDBI Bank, Dena Bank and Indian Overseas Bank are currently under the PCA framework. The news helped shares of Bank of Maharashtra (up 8.85 per cent), Bank of India (up 6.57 per cent), Corporation Bank (up 4.66 per cent) and Allahabad Bank (up 4.21 per cent) close the day with healthy gains.

More gains in sight for Asian Paints
Shares of Asian Paints closed 3.39 per cent higher at Rs 1,400. Technical charts suggested more upside for the scrip, as it has broken above a key resistance at Rs 1,362, the 38.2 per cent Fibonacci projection level of the uptrend from December 22, 2016 low to July 25, 2018 high. The breakout suggests the stock may rise to its next resistance at Rs 1,438.55, the 50 per cent projection level, in the near term.

RCom plunges 10%
Shares of Reliance Communications tanked 9.63 per cent to Rs 14.26 after the department of telecommunications refused approval to its planned deal between RCom and Reliance Jio Infocomm to trade airwaves, as the same does not conform to its guidelines. The development followed Jio’s letter to DoT, written on Friday, where it sought an assurance from the government that it won’t be held liable for RCom’s past dues related to airwaves.

195 stocks hit upper circuit
Kwality, IL&FS Transportation Networks, Oceanic Foods, JLA Infraville Shoppers and Jash Dealmark were among the 195 stocks that hit upper their upper circuit limits on BSE, while 171 others, including Punj Lloyd, GTN Textiles, Atlas Jewellery India and Hind Syntex, featured among stocks that hit lower circuits.

Stocks that saw spurt in OI
L&T Finance Holdings, with a change of 37.25 per cent, led the pack of stocks that witnessed the biggest spurt in open interest on NSE. It was followed by Cholamandalam Investment and Finance (24.75 per cent), KPIT Technologies (23.67 per cent), United Breweries (22.16 per cent), Chennai Petroleum (21.35 per cent) and DLF (18.29 per cent).

140 stocks ready to rise
Momentum indicator moving average convergence divergence, or MACD, showed bullish crossovers on 140 counters on BSE. Among them were SpiceJet, NCC, Axis Bank, PFC, Reliance Industries, ICICI Bank and HPCL. On the other hand, 23 stocks, including HUL, Cadila Healthcare, GE Power India and Ruchi Soya Industries, showed bearish crossovers.

ITC, Ambuja above their 200-DMAs
ITC, Bank of India, IDFC Bank, UCO Bank, Dena Bank, Voltas, Siemens, Ambuja Cements and AU Small Finance Bank were among the stocks that witnessed positive breakouts and traded above their 200-DMAs. On the other hand, Taj GVK Hotels, HCL Technologies, PI Industries and Zensar Technologies traded below their 200-DMAs.

Nifty forms a small bullish candle
The Nifty index formed a small bullish candle on the daily chart, which indicated the continuation of the upside momentum. “Though Nifty moved up consistently in last 6-7 sessions, there is still no indication of any exhaustion of the uptrend at the high point. The next overhead resistance to be watched is at 11,090 level,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Sensex movers & shakers
Asian Paints, rising 3.39 per cent, claimed the top slot among Sensex gainers, followed by Axis Bank, State Bank of India, Maruti Suzuki and Bharti Airtel, rising between 1.84 per cent to 3.18 per cent. On the flip side, Sun Pharma (down 2.10 per cent) finished as the top loser, followed by IndusInd Bank, Infosys, TCS and Vedanta. HDFC and ITC contributed the most to the rise in Sensex, whereas Infosys and HDFC Bank proved the top drag.

Rs 1.10 lakh crore added in one day
The cumulative wealth of BSE listed firms jumped by over Rs 1.10 lakh crore on Wednesday as the total market capitalisation of BSE-listed companies jumped to Rs 1,45,83,633 crore from Rs 1,44,72,895 crore on Tuesday. In the seven sessions of gains, equity investors on BSE have become richer by Rs 7.91 lakh crore.
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