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After Market: Infosys, Quess Corp rally; 84 stocks show potential for rise

Sensex and Nifty extended their weekly loss into the second week, falling 1.97% and 2.18%, respectively.

, ETMarkets.com|
Last Updated: Jul 12, 2019, 05.19 PM IST
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NEW DELHI: Dragged down by losses in bank, NBFC and energy stocks, equity benchmarks Sensex and Nifty ended in the negative territory on Friday ahead of the release of key macroeconomic data.

Sensex swung between gains and losses throughout the session as subdued quarterly numbers and concerns over the economy weighed on the risk appetite of investors.

"Volatility continued in the market given subdued expectation from quarterly results, which is increasing risk of a downgrade in future earnings. Investor’s remain focused on today’s CPI inflation data to get cues on interest rate trajectory. Lack of stimulus to the economy and premium valuation is influencing investors to have a cautious approach on the market," said Vinod Nair, Head of Research, Geojit Financial Services.

Sensex closed the day with a loss of 86.88 points, or 0.22 per cent, at 38,736.23, with 13 stocks in the green and 17 in the red.

The Nifty index closed 30.40 points, or 0.26 per cent, down at 11,552.50. Overall, 22 stocks advanced and 28 declined in the Nifty pack.

With this, both Sensex and Nifty extended their weekly loss into the second week, falling 1.97 per cent and 2.18 per cent, respectively.

Let's take a look at the highlights of Friday's session:

Infosys rises ahead of Q1 numbers
Shares of Infosys closed 0.87 per cent up at Rs 727.10 ahead of June quarter numbers. Post-market hours, the IT heavyweight reported a 5.3 per cent year-on-year rise in profit at Rs 3,802 crore for the June quarter. Sequentially, profit fell 6.8 per cent.

IndusInd Bank falls 2%
IndusInd Bank said June quarter profit rose 38.30 per cent year-on-year to Rs 1,432.50 crore compared with a profit of Rs 1,035.72 crore net in the year-ago period. Analysts were largely projecting numbers in Rs 1,000-1,250 crore range, with ET NOW poll estimate at Rs 1,181 crore. However, the numbers failed to cheer the market as the stock fell 1.98 per cent to close at Rs 1,510.35.

Laurus Labs extends gains
Rising for a second consecutive session, shares of Laurus Labs closed the day 2.34 per cent higher at Rs 354.05 after it said the audit of its unit 4 at Visakhapatnam in Andhra Pradesh by the USFDA has been completed without any observations. In two sessions, the stock has gained 4.32 per cent.

Quess Corp jumps 9%
Shares of Quess Corp closed 9.27 per cent up at Rs 480.95 after the company's board approved the preferential issuance worth Rs 51 crore at Rs 676 per share to Amazon.

Cox & Kings at a fresh all-time low
Shares of Cox & Kings fell for the 13th straight session to hit an all-time low of Rs 22.05 after rating agency Care downgraded the tour operator’s rating to ‘default’ grade. In the 13 sessions, the stock has eroded 56 per cent in market valuation. The company’s market value now stands less than Rs 400 crore.

230 stocks hit 52-week lows
As many as 230 stocks, including Blue Dart Express, Care Ratings, Century Plyboards, CG Power and Industrial Solutions, Force Motors, Glaxosmithkline Pharmaceuticals, Schaeffler India, HEG, Graphite India and Indiabulls Integrated Services, hit 52-week lows on BSE. On the other hand, SBI Life Insurance Company, Intellect Design Arena and East India Securities were among the 34 stocks that hit 52-week highs.

Nearly 200 stocks hit lower circuits
Cox & Kings, Manpasand Beverages, Ballarpur Industries, Technofab Engineering and Atlas Jewellery India were among the 198 stocks that hit 52-week lows on BSE, but as many as 152 stocks, including Reliance Communications, Avadh Sugar & Energy, Jaypee Infratech, GNA Axles and Magadh Sugar & Energy hit upper circuits.

84 stocks show potential for rise
Momentum indicator moving average convergence divergence, or MACD, showed bullish crossovers on 84 counters on BSE, signalling a potential rise for them in the coming sessions. Among those stocks were Indiabulls Real Estate, Phillips Carbon, Cox & Kings, Dwarikesh Sugar and Cipla. On the other hand, Syndicate Bank, Ceat, Parag Milk Foods, Monnet Ispat and Eris Lifesciences were among the 70 stocks that showed bearish crossovers.
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
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