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Market movers: RIL, HUL, Infy rally; IndusInd Bank continues to fall; 66 stocks ‘oversold’

Infosys was the biggest contributor to the Sensex rally followed by RIL.

, ETMarkets.com|
Last Updated: Mar 24, 2020, 06.42 PM IST
India VIX, also known as the fear index of the market, continued to soar, jumping the most in over a week.
Buoyed by hopes of a large fiscal stimulus package in the US and the Fed’s decision to do everything to support the lockdown-hit US economy, the bulls returned to Dalal Street on Tuesday.

Infosys saw the best day in seven years after the SEC concluded its investigation into whistleblower complaints. Reliance Industries and HUL shone as investors flocked to buy them at cheaper valuations.

NSE flagship Nifty ended 2.5 per cent, or 191 points, higher at 7,801, while BSE Sensex gained 2.67 per cent, or 693 points, to end at 26,674. The broader market underperformed with BSE Midcap index rising 1.6 per cent and the BSE Smallcap index ending flat.

“Markets would be keenly awaiting a stimulus package from the government. We believe the update on the spread of coronavirus cases would be the single biggest factor dictating market trend going forward,” said Ajit Mishra, VP - Research, Religare Broking.

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

HUL jumps on VWash buy
Shares of Hindustan Unilever jumped 8.34 per cent to Rs 2,028 after the FMCG major announced acquisition of female intimate hygiene wash brand VWash from Glenmark Pharmaceuticals for an undisclosed sum.

IndusInd tanks 7 per cent
Shares of IndusInd Bank tumbled 7.19 per cent to Rs 312.35 after Romesh Sobti retired as MD & CEO of the private lender. Sumant Kathpalia, who has been designated as managing director and chief executive, will take over the reins from the veteran banker.

Adani Transmission slips
Adani Transmission said it has bought back non-convertible debentures (NCDs) worth Rs 125 crore. Following the news, the stock fell 0.24 per cent to Rs 185.30.

Infosys jumps as SEC ends probe
Infosys said the US Securities and Exchange Commission (SEC) has concluded the investigation into the whistleblower allegations made last year, and it does not anticipate any further action by the regulator. Following the news, the stock leaped 12.69 per cent, the biggest jump in seven years, to Rs 593.55.

Market breadth favours decline
Despite the headline indices closing the day in the green, the overall market trend was negative with more shares closing the day in the red. The market breadth was 3:2 in favour of declines.

VIX jumps 14 per cent
India VIX, also known as the fear index of the market, continued to soar, jumping the most in over a week. It was at 81.94, the highest level since 2008.

469 stocks hit lower circuit
Nearly 470 stocks hit their lower circuit limits in Tuesday’s trade. They included AU Small Finance Bank, PNB Housing, Edelweiss, Quess Corps, General Insurance Corporation of India and Future Retail.

Realty index sole loser
Hit by a halt in construction in many parts of India due to the coronavirus epidemic, Nifty Realty Index fell 1.98 per cent to 170. Mahindra Lifespace, Sobha and Phoenix were the biggest losers dropping over 5 per cent each. It was the only loser among NSE sectoral indices.

Who moved my Sensex?
Infosys was the biggest contributor to the Sensex rally. The scrip added 237 points followed by Reliance Industries which chipped in with 178 points and HUL 106 points. Other major contributors were ICICI Bank, Kotak Mahindra Bank and Bajaj Finance.

66 stocks ‘oversold’
As many as 66 stocks crossed below the 30-mark on RSI indicator, suggesting they were ‘oversold’. They include Sintex Plastics, Gati, Jindal Poly Films, DHFL, Ircon International, Eveready Industries, Cantabil Retail and Saboo Sodium, among others.

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