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After Market: SPARC rallies 5%; PCJ, YES Bank sink; 57 stocks turn oversold

Nifty Midcap index shed 1.28% to 16,512 while Nifty Smallcap index dipped 1.13% to 5,590.

, ETMarkets.com|
Dec 10, 2019, 05.17 PM IST
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As many as 57 stocks crossed below the 30-mark on Relative Strength Index (RSI) to enter the ‘oversold’ territory.
Shares of Sun Pharma Advanced Research continued to gain for a second day, gaining 5 per cent on Tuesday, after the dismissal of a patent infringement case filed against the company.

VA Tech Wabag saw profit booking after Monday’s sharp rally while PC Jeweller joined the losers’ club after CRISIL declared it a defaulter.

BSE barometer Sensex had a flat start but soon drifted lower as the session progressed and ended the day 247 points lower at 40,239. Its NSE counterpart shed 80 points to close at 11,856.

“The market was down mainly because of weak domestic news flow. The market is trying to digest the uneasiness ahead of the GST Council meeting, scheduled for December 18,” said Shrikant Chouhan, Senior Vice-President for Equity Technical Research, Kotak Securities.

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

PC Jeweller plummets

Shares of PC Jeweller plunged after ratings agency CRISIL downgraded the stock to ‘default’. It ended 8.08 per cent lower at an all-time low of Rs 22.75 on BSE.

YES Bank sinks

YES Bank shares tumbled ahead of a crucial board meet. Later in the day, the bank said its board of directors favourably considered Citax’s offer to infuse $500 million but a final decision will be taken only at the next board meeting. The shares closed 10.05 per cent lower at Rs 50.55.

Profit booking in VA Tech Wabag
After a stellar 15 per cent gain on Monday, the stock was among the biggest losers on Tuesday, as traders preferred to book profit. The stock closed 6.74 per cent lower at Rs 178.60 on BSE.

SPARC’s sparkling rise
Shares of Sun Pharma Advanced Research Co (SPARC) continued to gain and jumped further 4.71 per cent to Rs 170.15 after Abraxis Bioscience dismissed the patent infringement complaint filed against the company. The scrip had gained 5.73 per cent on Monday.

Broader market bleeds

Broader market took a plunge and underperformed its headline indices. Nifty Midcap index shed 1.28 per cent to 16,512 while Nifty Smallcap index dipped 1.13 per cent to 5,590. Nifty500 fell 0.79 per cent to 9,595.

All sectoral indices in the red

In a market-wide slump, all sectoral indices on NSE closed in the red. Nifty Media index was the biggest sectoral loser, dragged down 1.94 per cent by losses in Zee Entertainment, which crashed 5.10 per cent to Rs 269.65. Among other sectoral losers, Nifty Metal index fell 1.4 per cent, Nifty PSU Bank index 1.60 per cent and Nifty IT index 1.39 per cent.

ITC, TCS drag Sensex
FMCG giant ITC and IT major Tata Consultancy Services bled 98 points, proving the biggest drags on Sensex. Other major losers included Axis Bank, Reliance Industries, HDFC, IndusInd Bank and SBI.

Most active stocks
YES Bank was the most traded stock on NSE in terms of turnover, followed by SBI, Indiabulls Housing Finance, HDFC AMC and TCS. In terms of volume of transactions, the list of top five comprised Vodafone Idea, YES Bank, Dish TV, Indiabulls Housing Finance and SBI.

57 stocks ‘oversold’

As many as 57 stocks crossed below the 30-mark on Relative Strength Index (RSI) to enter the ‘oversold’ territory. They included NTPC, Tata Power, V-Guard, Jyothi Lab, Orient Cement, BHEL, Star Cement and Caplin Point Lab, among others. An RSI reading below 30 is considered ‘oversold’ condition.

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