After Market: 188 stocks hit 52-week lows; RInfra, DHFL, MFL big losers
Global cues were mostly positive on hopes of rate cut, which influenced market mood back home.
Global cues were mostly positive on hopes of rate cut, which influenced market mood back home, but an uptick in crude oil prices and rupee's rise against the dollar weighed on sentiment.
Even though the benchmarks ended in the green, market breadth remained negative with 1,452 stocks declining against 1,038 gainers. As many as 131 stocks remained unchanged. On a weekly basis, Sensex slipped 0.25 per cent and Nifty 0.44 per cent.
Let's take a look at the key highlights of Friday's session:
188 stocks hit 52-week lows
As many as 188 stocks, including DHFL, Lupin, Bayer Cropscience, Cadila Healthcare, Manpasand Beverages, Radico Khaitan, Reliance Capital, Reliance Infrastructure and Fortis Healthcare hit 52-week lows on BSE. On the other hand, Apollo Hospitals Enterprise, Chambal Fertilisers & Chemicals, Gujarat Fluorochemicals and Havells India were among 38 stocks that touched 52-week highs.
Reliance Infra crashes 13%
Shares of Reliance Infrastructure plunged 13 per cent to finish at Rs 74, extending their losing streak into the fourth consecutive session ahead of March quarter numbers scheduled for release later in the day. The stock has lost 29 per cent in last four sessions.
DHFL shares plunge 11%
Extending their losing streak into the third consecutive session, shares of DHFL closed 11.08 per cent down at Rs 83.50. In last three sessions, the stock has come off 26 per cent. Rating agencies Crisil, CARE and ICRA have downgraded the commercial papers (CP) issued by DHFL to default or ‘D’ category after the company missed an interest payment on its non-convertible debentures (NCDs).
Indiabulls Real Estate falls 3%
Shares of Indiabulls Real Estate settled 2.58 per cent lower at Rs 128.20 after reports that the company promoters have sold about 12 per cent stake to Bengaluru-based realty firm Embassy Group through a block deal, as part of its strategy to exit realty business to focus on financial services.
Manappuram shares fall
Shares of Manappuram Finance declined 4.18 per cent to Rs 131.90 after media reports suggested Sebi has served a show-cause notice on the company’s top management for breach of insider trading regulations.
197 stocks hit lower circuits
As many as 197 stocks, including Manpasand Beverages, Shah Alloys, 63 Moons Technologies, Williamson Magor & Company, Lasa Supergenerics, Jaiprakash Power Ventures and Jaypee Infratech, hit their lower circuits on BSE. On the other hand, IG Petrochemicals, NK Industries, Kesar Enterprises, Uniply Industries, GPT Infraprojects, STL Global and Shirpur Gold Refinery were among the 134 stocks that hit upper circuit limits.
182 stocks ready to fall
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 182 counters on BSE, signalling that these stocks may incur losses in coming sessions. Among those stocks were, DHFL, SBI, GMR Infrastructure, India Cements, Allahabad Bank and IRB Infrastructure. On the other hand, Persistent Systems, NEL Holdings, Aryaman Financial, Deccan Bearings and Betex India were among the 21 stocks that showed bullish crossovers.