After Market: Vodafone Idea, Glenmark zoom; YES Bank slumps; 31 stocks flash ‘buy’ signals
Nifty Metal was the biggest sectoral gainer, rising 1.79%, led by Tata Steel that jumped 4%.
Nifty Metal was the biggest sectoral gainer, rising 1.79 per cent, led by Tata Steel that jumped 4 per cent. Banks, IT and financial services indices ended flat.
BSE benchmark Sensex was down 72.50 points at 40,284 while its NSE counterpart Nifty was down 1.2 points at 11,894. Broader markets bucked the trend and ended in the green.
“Post Q2 results, market seems to have entered an indecisive period of trade having rallied well in the last two months and lack of major data releases this week. Globally, investors are awaiting triggers on resolution of the US-China trade tension and future interest rate trajectory of US central bank. In the short-term volatility may stay, but banks are expected to do well given a new life to distressed asset,” said Vinod Nair, Head of Research, Geojit Financial Services.
Here is a lowdown on the movers and shakers of Monday’s session on Dalal Street:
Glenmark flexes muscle
Shares of Glenmark Pharma soared 21.51 per cent to Rs 366 on BSE after global brokerage CLSA upgraded the stock and raised its target price to Rs 410 from Rs 350 per share.
YES Bank slumps
YES Bank continued to slide and ended 4 per cent lower at Rs 65.90 on BSE. The fall is despite the lender denying the news of fresh audit in a whistleblower complaint.
Telecom’s contra stance
Telecom stocks continued to rally shrugging of the massive losses reported by companies in the sector. Vodafone Idea was up 21.47 per cent to Rs 4.47 while Bharti Airtel gained 4.06 per cent to Rs 409.15. The stock was also the biggest gainer on the 30-pack Sensex. The BSE Telecom index gained 3.42 per cent to 997.61.
Defying the headline trend, Nifty Smallcap rose 0.26 per cent to 5,689, while Nifty Midcap advanced 0.77 per cent to 16,933. Nifty 500 was up 0.07 per cent to 9,673.
HDFC Bank, RIL biggest drags
Reliance Industries and HDFC Bank together bled 100 points, pulling Sensex lower. The index heavyweights ended by 0.74 per cent to Rs 1458 and 1.28 per cent to Rs 1,262.
58 stocks at 52-week highs
As many as 58 stocks hit their 12-month highs on BSE. They include Abbott India, Bharti Airtel, Cholamandalam Investment and Finance Company, DLF, Credit Access Gramin, Muthoot Finance, Polycab India, RITES and Info Edge, among others.
Most active stocks
Bharti Airtel was the most traded stock on the NSE in terms of transacted value followed by Glenmark, SBI, YES Bank and ICICI Bank. In terms of volume, Vodafone Idea was the most traded stock followed by YES Bank, Reliance Communication, Dish Tv and Bharti Airtel.
Over 30 stocks flash ‘buy’
As many as 31 stocks crossed MACD signal line on NSE giving ‘buy’ signal. They included Vodafone Idea, Bank of India, Wockhardt, Muthoot Finance, Ujjivan FInancial, Voltas and Mahanagar Gas, among others. When the MACD falls below the signal line, it is a bearish signal that indicates it may be time to sell. Conversely, when the MACD rises above the signal line, the indicator gives a bullish signal, which suggests that the price of the asset is likely to experience upward momentum.