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After Market: 132 stocks hit 52-week lows; metal pack rallies

Indian rupee recovered on Wednesday by rising 58 paise to 72.38 against the US dollar.

Sep 19, 2018, 05.57 PM IST
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Indian rupee recovered on Wednesday by rising 58 paise to 72.38 against the US dollar.
NEW DELHI: Indian equities ended in the negative territory for a third consecutive session on Wednesday on losses in bank, FMCG and tech stocks, even as global stocks advanced for a second day in a row and rupee recovered against the US dollar.

Market opened in the green and traded with mild gains for the most part of the day, but lost steam in late afternoon session, eventually closing in the red.

The 30-share Sensex finished 169 points, or 0.45 per cent, lower at 37,121, with 14 stocks in the green. The NSE Nifty suffered a loss of 45 points, or 0.39 per cent, settling at 11,234, with 27 stocks advancing and 23 declining.

Broader BSE Midcap and Smallcap indices trailed benchmark Sensex, falling by 0.72 per cent and 0.98 per cent.

Let's take a look at the highlights of Wednesday's session:

Rupee gained some ground
Indian rupee recovered on Wednesday by rising 58 paise to 72.38 against the US dollar on fresh selling of the US currency by exporters and banks. Weakness in the dollar against other currencies and easing crude prices in the global market helped the domestic currency rebound.

Sensex movers and shakers
HDFC twins contributed over 100 points to the fall in Sensex. IndusInd Bank, Maruti, ITC and Reliance Industries also featured among top drag. In terms of percentage loss, IndusInd Bank (3.03 per cent), Maruti (2.30 per cent), HDFC Bank (1.58 per cent), YES Bank (1.44 per cent) and HDFC (1.35 per cent) were the top five losers.

On the flip side, Coal India (up 2.60 per cent), ONGC (1.90 per cent), Tata Steel (1.31 per cent), Hero Moto (0.99 per cent) and Sun Pharma (0.78 per cent) emerged as the top five gainers.

Metal pack bucked the trend
Even as market ended the day on a dull note, metal pack dazzled on reports that the government was to raise import duty on some steel products to 15 per cent. Another media report suggested that the US may exempt Indian steel and alumimium from the higher tariff regime announced by President Donald Trump's administration this March. But the exemption is likely to come with riders. The BSE Metal pack climbed 1.25 per cent, with JSW Steel, SAIL, Tata Steel, Nalco and Hindalco among top gainers.

Sugar stocks rallied
After approving a hike in ethanol purchase price by up to 25 per cent, the government is likely to raise minimum selling price for sugar to Rs 32,000 per tonne for the 2018/19 season from Rs 29,000 in the current season, Reuters reported. Stocks such as Magadh Sugar & Energy (up 10 per cent), Rajshree Sugars & Chemicals (up 8.37 per cent), Dhampur Sugar Mills (up 7.32 per cent), Kesar Enterprise (up 6.14 per cent), Avadh Sugar & Energy (up 5.78 per cent) and Dalmia Bharat Sugar and Industries (up 5.57 per cent) surged over 5 per cent.

World stocks extended winning streak
Global stocks climbed for a second consecutive day and US bond slipped as investors shrugged off fears of US-China trade war. China's Shanghai SE Composite Index and Japan's Nikkei 225 climbed over 1 per cent. French, German and UK stocks too were in the green at the time of writing this report.

52-week high and low stocks
As many as 132 stocks, including InterGlobe Aviation, Adlabs Entertainment, AGC Networks, Agri-Tech (India), Akzo Nobel India and Aptech, hit 52-week lows on NSE. On the other hand, Cipla, Delta Magnets, Gangotri Textiles, JSW Steel and Uniphos Enterprises featured among 15 stocks that hit 52-week highs on NSE.

MACD bearish on 65 counters
Momentum indicator moving average convergence divergence, or MACD showed Tata Power, Lupin, Cipla, UPL, Cadila and Max Financial Services among the 65 stocks with bearish crossovers on NSE. However, 19 counters, including Apollo Tyres, MCX, Oil India, Pokarna and Asian Hotels showed bullish crossovers on NSE.
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