After Market: YES Bank, DLF fall up to 16%; 500 stocks hit 52-week lows
With 31.46 crore shares changing hands, YES Bank emerged as the most traded stock on NSE.
The BSE Sensex tanked 587.44 points, or 1.59 per cent, to 36,473, while the NSE Nifty index dipped 180.95 points, or 1.67 per cent, to 10,738.
Vivek Ranjan Misra, Head of Fundamental Research, Karvy Stock Broking said, “The market is getting impatient with regards to the prospects of a stimulus package from the government and the comments made by some government officials have dimmed hopes. We continue to expect some weakness in the near term, but expect the economy to stabilise in Q2FY20 and recover in the second half.”
We walk you through the key highlights of Thursday’s session:
EPFO to invest 50% each in Sensex, Nifty
The Central Board of Trustees allowed EPFO to invest its funds in Sensex and Nifty ETFs in the proportion of 50 per cent each.
“In the 225th Meeting of Central Board of Trustees held on August 21, the board approved the proposal of equal allocation of funds in Sensex and Nifty by EPFO. The board has agreed to evenly divide the fund allocation between Nifty 50 and Sensex ETFs, in the ratio of 50 per cent to 50 per cent," the BSE said in its release.
Originally, the board had approved 100 per cent investments in Nifty which was later changed to 25 per cent in Sensex and 75 per cent in Nifty.
YES Bank cracks 14%
Shares of YES Bank tumbled 13.91 per cent amid ongoing concerns over its exposure to CG Power and Industrial Solutions, which has been hit by alleged financial irregularities and unauthorised transactions. The scrip settled the day at Rs 56.30 on BSE against its previous close of Rs 65.40. On the other hand, CG Power continued to hit lower circuit for third straight session, settled around 10 per cent down at Rs 10.65.
LIC Housing Finance cracks
Shares of LIC Housing Finance dipped nearly 11 per cent, possibly on a block deal that saw 6.7 per cent of the NBFC’s shares exchanging hands at a discount.
ET reported that some marquee investors were to sell the stake in Rs 425.15-449.50 price range, which implied a discount of 3-8 per cent to Wednesday’s closing price. The scrip closed 10.97 per cent down at Rs 412.85.
DLF slips 16%
Shares of real estate major DLF tanked amid reports that Supreme Court has issued a notice to DLF and market regulator Sebi on non-disclosure of key information in QIP. According to a report, a petition was filed in SC highlighting how DLF suppressed key information regarding judicial proceedings against its largest chunk of land-bank in Haryana. SC has now issued a notice to the developer and Sebi, which too is party to the case. The scrip closed 15.91 per cent down at Rs 144.30.
Shares of NDTV dropped 3.58 per cent on BSE after CBI booked promoters Prannoy Roy and Radhika Roy, among others, for allegedly violating foreign direct investment (FDI) rules in a 2007-09 investment, a charge denied by the company. “NDTV strongly denies these allegations and is seeking legal advice in this regard,” the company told BSE.
The scrip settled the day at Rs 35, down 3.58 per cent against its previous close of Rs 36.30.
Most active stocks
With 31.46 crore shares changing hands, YES Bank emerged as the most traded stock on NSE, followed by Vodafone Idea (number of shares traded: 13.25 crore), DLF (8.67 crore), Tata Motors (5.86 crore) and Reliance Capital (4.45 crore).
YES Bank (Rs 1,882.75 crore) also finished as the most active stock in terms of value. LIC Housing Finance (Rs 1,377.76 crore), Indiabulls Housing Finance (Rs 1313.39 crore), DLF (Rs 1,287.70 crore) and Maruti Suzuki (Rs 966.20 crore) also featured on the table of most active stocks in value terms.
Spurt in open Interest
With a change of 61.83 per cent, LIC Housing Finance led the pack of stocks that witnessed the biggest spurt in open interest on NSE. It was followed by DLF (33.95 per cent), Grasim (23.03 per cent), Bajaj Finserv (20.45 per cent) and UPL (16.11 per cent).
Nearly 500 @ 52-week low
As many as 492 stocks, including Allahabad Bank, Avanti Feeds, Bajaj Consumer Care, Bank of Baroda, Bliss GVS Pharma, Borosil Glass, Eicher Motors, Hindustan Zinc and Quick Heal Technologies, hit 52-week lows on NSE.
On the other hand, Den Networks, GSK Consumer Healthcare, Dr Lal Path Labs and Nestle India were among 11 stocks that hit 52-week highs.
The BSE Realty index tanked 6 per cent with DLF falling the most at 16 per cent. It was followed by Indiabulls Real Estate (down 7 pe rcent) and Suntech (down 6.27 per cent) and Oberoi Realty (down 5.57 per cent). Other sectoral indices including Metal, Oil & Gas and Bankex also declined between 2-3.50 per cent.