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After Market: Telecom stocks party, banks gain on IBC ruling; sell signal in 89 stocks

Nifty Smallcap ebbed 0.19% to 5674 while Nifty Midcap climbed 0.32% to 16804.

Nov 15, 2019, 05.06 PM IST
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Vodafone Idea and Bharti Airtel towered over others on Friday, as traders shrugged off massive September quarter losses.
Vodafone Idea and Bharti Airtel towered over others on Friday, as traders shrugged off massive September quarter losses. Voda Idea ended 26 per cent higher while Bharti Airtel climbed 8 per cent. Bharti Infratel also joined the party, rising 9 per cent.

India’s largest lender by asset size, SBI gained 5 per cent following a favourable Supreme Court ruling in Essar Steel insolvency proceedings. Other PSU banks followed and gained 1-9 per cent. The PSU Bank index ended up as the biggest sectoral gainer on NSE, rising 3.5 per cent.

Sensex ended the day 70.21 points higher at 40,356, down 300 points from the day’s high. NSE barometer Nifty was up 23.20 points at 11,895.

“The Supreme Court judgment would smoothen the process of recovery and such type of clarity from lawmakers would help banks do their business (lending and borrowing) more aggressively in the long run. It seems long-term investors and contra investors have taken strong ‘buy’ call on all telecom companies after they made heavy provisions in Q2 for spectrum usage charges and towards licence fees. Technically, the market is consolidating and as long as it does not cross the 12,050 level, it would exhibit mixed trend,” said Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities.

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

Vodafone Idea towers
Shares of telecom major Vodafone Idea soared 26.1 per cent to Rs 3.72 even after the company reported a record loss at Rs 50,921 crore for September quarter, the highest ever for any Indian company in India.

Bharti twins zoom
Investors also shrugged Bharti Airtel’s loss of Rs 23,044 crore for Q2 as its stock climbed 8.42 per cent to Rs 393.20 on BSE. During the day, the stock also hit 52-week high on the exchange. Bharti Infratel climbed 3.10 per cent to Rs 227.70 on BSE.

IndianOil tanks
Shares of Indian Oil took a dive a day after reports that the government was looking to bring its shareholding below 51 per cent. It currently hold 51.5 per cent in the oil major. The stock was the biggest loser on Nifty and shrank 3.87 per cent to Rs 131.20 on NSE.

SBI up on Essar Steel verdict
SBI shares rallied 5.19 per cent to Rs 322 after the Supreme Court in its judgment on Essar Steel insolvency proceedings gave the upper hand to banks. It said the ultimate discretion on distribution of funds was with the committee of creditors that mainly comprises banks. SBI has Rs 13,131 crore exposure to Essar Steel.

PSU bank index surges
Public sector banks surged after the SC ruling on Essar Steel. The Nifty PSU Bank index climbed 3.5 per cent led by SBI, Central Bank of India (up 9 per cent), Bank of India (4.91 per cent) and Syndicate Bank (up 3.88 percent). All but one constituent of the index ended in the green.

VIX falls below 15 mark

India VIX, the measure of the volatility in the market, slid further on Friday diving 4.36 percent to 14.96.

Most active stocks
SBI was the most active stock on NSE in terms of transacted value. The lender was followed by Bharti Airtel, ICICI Bank, Reliance Industries and YES Bank. In terms of volume of transactions, Vodafone Idea topped the charts followed by YES Bank, SBI, Bharti Airtel and Ashok Leyland.

Broader market mixed
Broader market indices ended mixed. Nifty Smallcap ebbed 0.19 per cent to 5674 while Nifty Midcap climbed 0.32 per cent to 16804. Nifty 500 was up 0.17 per cent to 9,666.

89 stocks give ‘sell’ signals
Nearly 90 stocks sank below the signal line on MACD indicator. They include Steel Authority of India, Bank of Baroda, Tata Motors, Indian Bank, BHEL, Tech Mahindra and REC among others. When the MACD falls below the signal line, it is a bearish signal that indicates that it may be time to sell. Conversely, when the MACD rises above the signal line, the indicator gives a bullish signal, suggesting that the price may experience upward momentum

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