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After Market: 63 Moons, YES Bank, Infosys rally; Future Retail tanks 5%

Before closing 0.75 per cent up at Rs 801.90, shares of IT major Infosys scaled fresh record high of Rs 809.95 during the day.

Aug 23, 2019, 06.02 PM IST
Benchmark equity indices Sensex and Nifty snapped their three-day losing streak on Friday amid hopes of the FPI tax rollback and likely measures from the government to boost growth later in the day.

Sensex closed 228 points, or 0.63 per cent, higher at 36,701, while Nifty settled 88 points, or 0.82 per cent, higher at 10,829.

“Media reports that the government might roll back the surcharge on FPIs and some other reforms to boost the economy triggered a rebound across the board. Needless to say hopes are high. So any disappointment could result in a sharp reaction on the downside,” said Ajit Mishra Vice-President for Research at Religare Broking.

We walk you through the key highlights of Friday’s session:

63 Moons rallies
Shares of 63 Moons Technologies hit upper circuit limit after the Bombay High Court on Thursday ruled that the National Spot Exchange (NSEL) was not a financial establishment and, hence, the attachment of assets of its promoter (63 Moons Technologies), under the Maharashtra Protection of Interests of Depositors in Financial Establishments Act (MPID) Act was not valid. The scrip rallied 10 per cent to Rs 115.50 on BSE.

YES Bank rebounds 5%
Shares of YES Bank climbed over 5 per cent on reports that the private sector lender was planning to raise additional $1.2 billion. In a clarification to BSE, YES Bank said the bank in its ordinary course of business continues to explore various means of raising capital/ funds through issuance of securities and this has been stated numerous times in recent weeks. The scrip settled the day at Rs 59.25 against the previous close of Rs 56.30.

Future Retail sheds 5%

Shares of Future Retail declined after the company informed the bourses that Amazon would acquire 49 per cent stake in a Future Retail promoter firm, Future Coupons, for an undisclosed amount. The promoter group of Future Group led by Kishore Biyani has entered into a share subscription agreement and a shareholders' agreement with Amazon.Com NV Investment Holdings (Amazon), the statement said.

Infosys hits fresh high
Before closing 0.75 per cent up at Rs 801.90, shares of IT major Infosys scaled fresh record high of Rs 809.95 during the day. Market experts said weakness in the rupee, which breached the 72-mark against dollar for the first time on Friday, aided the IT counters. The BSE IT index closed 0.94 per cent higher at 15,969. TCS, Mindtree and Mastek all rallied up to 3.57 per cent on Friday.

Most active stocks
With 30.94 crore shares changing hands, YES Bank emerged the most traded stock on NSE, followed by Vodafone Idea (number of shares traded: 13.80 crore), Reliance Capital (4.27 crore), DLF (4.26 crore) and Tata Motors (4.11 crore). On the other hand, YES Bank (Rs 1,821 crore) finished as the most active stock in terms of value. Indiabulls Housing Finance (Rs 1,238 crore), Reliance Industries (Rs 1,225 crore), HDFC Bank (Rs 1,083 crore) and ICICI Bank (Rs 1,056 crore) also featured on the table of most active stocks in value terms.

Spurt in open Interest
With a change of 34.01 per cent, Cholamandalam Investment led the pack of stocks that witnessed the biggest spurt in open interest on NSE. It was followed by JSW Steel (27.04 per cent), L&T Finance Holdings (21.67 per cent), IndusInd Bank (18.73 per cent) and ICICI Bank (17.19 per cent).

Over 500 stocks hit 52-week low
As many as 525 stocks, including Aban Offshore, 8K Miles, Bajaj Hindusthan, Balkrishna Industries, Cipla, Confidence Petroleum, Cox & Kings and DB Realty, hit 52-week lows on NSE. On the other hand, Den Networks, Grand Foundry, GSK Consumer Healthcare, Infosys, Kennametal, Madhya Bharat Agro and Vikas WSP were among 7 stocks that hit 52-week highs.

Sectoral update: Metals on a high
The BSE Metal index gained 3.50 per cent with Vedanta gaining the most 6.55 per cent. It was followed by JSPL (up 5.21 per cent), Nalco (up 4.74 per cent) and SAIL (up 4.33 per cent). Other sectoral indices including Oil & Gas, Auto, Telecom and TECK gained between 1 per cent and 3.35 per cent.

Alphalogic IPO postponed
Alphalogic Techsys, India’s first startup IPO, could not open for subscription on Friday due to some ‘unavoidable’ reasons. The issue will now open on Monday.

Chart reading
Nifty index formed a bullish Piercing Pattern on the daily chart, but a bearish candle on the weekly scale. A Piercing Pattern has bullish connotations, provided the index attracts follow through buying, said analysts. So far, the momentum oscillators have not shown any buying signal.
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