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After Market: YES Bank and DHFL stage comeback; 74 stocks poised for a rally

Sensex ended 234 points, or 0.60 per cent, higher at 39,131 with 21 stocks in the green.

, ETMarkets.com|
Updated: Jul 16, 2019, 06.08 PM IST
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Other than the support from the heavyweight stocks, market observers attributed the gains to lower domestic yield in the hope of further rate cuts.
NEW DELHI: Healthy gains in shares of heavyweights such as Reliance Industries, L&T, Axis Bank and Infosys helped equity barometer Sensex close in the positive territory for the second consecutive day on Tuesday.

Other than the support from the heavyweight stocks, market observers attributed the gains to lower domestic yield in the hope of further rate cuts.

"A slew of positive vibes from heavyweights ahead of June quarter earnings and lower domestic yield supported the market. A sharp drop in India’s 10-year yield to 6.34 per cent and expectation of RBI’s accommodative stance offered hope of further monetary easing," said Vinod Nair, Head of Research, Geojit Financial Services.

The 30-share Sensex ended 234 points, or 0.60 per cent, higher at 39,131 with 21 stocks ending in the green. Nifty closed 73 points, or 0.63 per cent, up at 11,661 with 38 stocks advancing and 12 declining.

Here is a lowdown on Tuesday's session. Take a look:

Spurt in open interest

Federal Bank, with a change of 48.23 per cent, led the pack of stocks that witnessed the biggest spurt in open interest on NSE. It was followed by Just Dial (23.30 per cent), Torrent Pharmaceuticals (22.20 per cent), Cummins India (18.38 per cent) and Dabur (17.82 per cent).

Investors richer by Rs 92,454 crore

Tuesday's gains in equities pushed the overall market capitalisation of BSE-listed firms to Rs 1,49,02,212.85 crore on BSE against Rs 1,48,09,758.70 crore on Monday, making investors richer by Rs 92,454 crore in one day.

YES Bank surges 11%

YES Bank shares surged 11.48 per cent to end the day at Rs 103.90, even as the bank denied reports suggesting that four PE players were looking to infuse money in the private lender. On Monday, ETNOW reported that the bank had received a term sheet for a funding deal from a consortium of four PE firms. The lender is scheduled to announce financial results on Wednesday.

DHFL logs gains

Breaking the losing spree of the last two sessions, shares of Dewan Housing Finance Corporation (DHFL) closed 4.33 per cent higher at Rs 50.60 after it rejected reports that raised concerns on the company's viability as non-factual. The company said the reports were based on selective quotes from a regulatory filing and the statement should be read in entirety so that the news is factual and not sensationalised.

Network18 Media logs gains

Network18 Media and Investments reported its consolidated net loss widened to Rs 127.66 crore in the June quarter of FY20, against the net loss of Rs 112.29 crore in the corresponding quarter of last financial year. However, revenue from operations rose 10.75 per cent to Rs 1,245.12 crore against Rs 1,124.24 crore in the same period last year. Shares of the company closed 1.79 per cent higher at Rs 25.65.

Tata Steel jumps 2%

Shares of Tata Steel ended 1.77 per cent higher at Rs 476.50 as foreign brokerage Citi warned of a negative surprise in June quarter earnings. The brokerage is expecting Tata Steel to report weak numbers for the quarter on weak volumes. Citi has maintained a ‘sell’ rating on the stock with a price target of Rs 435, owing to weak steel price and China worries.

Federal Bank settles in the green

Private lender Federal Bank reported a 46.25 per cent year-on-year (YoY) rise in standalone profit at Rs 384.21 crore compared with Rs 262.71 crore in the same quarter last year. Shares of the private lender closed 0.70 per cent up at Rs 107.35.

Tata Metaliks hits 52-week low

Shares of Tata Metaliks hit their 52-week low level of Rs 541 before settling 3.72 per cent down at Rs 559.50, a day after it reported a nearly 35 per cent fall in consolidated profit for the June quarter.

74 stocks ready to rise

Momentum indicator moving average convergence divergence, or MACD, showed bullish crossovers on 74 counters on BSE, indicating at the possibility of gains for them in coming sessions. Among those stocks were DLF, Filatex India, Nagarjuna Fertilizer, Petronet LNG, Avenue Supermarts and Jubilant Foodworks. On the other hand, IDFC First Bank, Godrej Industries, EID Parry, Zenith Healthcare, Britannia Industries and Panama Petrochem were among the 65 stocks that showed bearish crossovers.

74 stocks in oversold zone

Momentum oscillator Relative Strength Index, or RSI, showed 74 stocks, including CG Power, Mindtree, Ballarpur Industries, Tata Sponge Iron, Shalby and Capital Trust in the oversold zone on BSE. Meanwhile, Raghuvansh Agrofarms, SVC Industries and Evans Electric were among the 28 stocks that entered the overbought zone.
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