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After Market: Voda Idea, SpiceJet tank; banks lift Sensex; IOC battered

Vedanta lost some ground after its Q2 numbers and pulled Nifty Metal index nearly 2% lower.

Updated: Nov 14, 2019, 06.20 PM IST
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SpiceJet plunged 6 per cent to Rs 106.95 on BSE after the company’s loss widened in September quarter.
Vodafone Idea shares plummeted over 20 per cent after the Aditya Birla Group refused to infuse fresh capital in the company, adding that it would rather prefer insolvency if the government chooses not to help. The Vodafone Group had a day earlier refused to infuse any fresh money in the venture.

Troubles surfaced for SpiceJet investors as the stock tanked after the company posted another quarterly loss. Vedanta also lost some ground after its Q2 numbers and pulled Nifty Metal index nearly 2 per cent lower.

Banks salvaged situation for the benchmark indices, as ICICI Bank and HDFC Bank emerged the biggest Sensex contributors. The 30-share pack jumped 170 points to 40,286, while its NSE counterpart Nifty rose 30 points to 11,870.

“We expect Nifty to consolidate further in the near future, which suggests continuing with a stock-specific trading approach. In the absence of any major event, global markets will continue to dictate market trend,” said Ajit Mishra, Vice-President for Research, Religare Broking.

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

Vedanta loses sheen
Mining giant Vedanta lost 2.66 per cent despite the company having reported a 44 per cent year-on-year rise in consolidated profit at Rs 2,730 crore for the September quarter compared with Rs 1,900 crore reported for the same period last year. The company saw a one-time deferred tax benefit of Rs 1,891 crore for the quarter.

Turbulence in sky for SpiceJet
SpiceJet plunged 6 per cent to Rs 106.95 on BSE after the company’s loss widened in September quarter. The aviation player on Wednesday posted a net loss of Rs 462.58 crore on account of higher expenses related to grounding of Boeing 737 MAX planes.

Voda Idea cracks 20%
Shares of Vodafone Idea nosedived 20.27 per cent to Rs 2.95 after senior executives told ET that the Aditya Birla Group might not infuse any fresh equity into Vodafone Idea and let it go into insolvency, if the government does not provide substantial relief.

Divestment in IOC?
IndianOil pared losses and ended 2.32 per cent higher to Rs 136.95 on BSE after media reports suggested that the government might bring its shareholding in the company below 51 per cent.

Broader market mixed
Midcap and smallcap indices ended mixed, as Nifty Midcap edged 0.33 per cent higher to 16,754 higher while Nifty Smallcap ebbed 0.02 per cent to 5,687. Nifty500 was up 0.16 per cent to 9,649.

India VIX tanks
The measure of volatility in the market, India VIX dived 5.84 per cent to 15.5 level.

Metals biggest loser
Metal stocks were the biggest loser on the Street as 12 of the 15 constituent of the Nifty Metal index ended with losses. The biggest loser among them was National Aluminium, down 3.33 per cent to Rs 42.10, followed by NMDC that closed with a cut of 2.68 per cent to Rs 98.10. The Nifty Metal index shed 1.89 per cent to 2,508.

Banks lift Sensex
Gains in banks drove Sensex higher. ICICI Bank and HDFC Bank were the biggest contributors to Sensex together adding 145 points. Reliance and IndusInd Bank were the biggest drags, bleeding 50 points together.

Most active stocks
ICICI Bank was the most active stock in terms if transacted value on NSE. YES Bank, SBI, Indiabulls Housing Finance and Reliance Industries completed the top five list. In terms of volume, Vodafone Idea topped the charts followed by YES Bank, Dish TV, Indiabulls Housing Finance and SBI.

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