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After Market: Bullish signals in 58 stocks, Yes Bank’s downslide

Dalal Street remained in the green zone for most part of the day, proceeding cautiously.

Sep 07, 2018, 05.38 PM IST
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Dalal Street remained in the green zone for most part of the day, proceeding cautiously.
NEW DELHI: Domestic equity indices rose on Friday, extending the rally to the second consecutive session on gains in auto, metals and technology stocks.

The 30-pack Sensex opened lower and exhibited choppiness through the day, tracking weakness in Asian stocks that suffered the biggest loss in 14 months on concerns over global trade issues and emerging market contagion.

However, Dalal Street remained in the green zone for most part of the day, proceeding cautiously.

The 30-share Sensex settled 147 points, or 0.38 per cent, higher at 38,389, with 20 stocks ending in the green while the Nifty50 closed the day 52 points, or 0.45 per cent, higher at 11,589, with 32 stocks advancing and 18 declining.

On a weekly basis, the benchmarks snapped the winning streak of last six consecutive weeks. For the week, Sensex declined 0.66 per cent and Nifty 0.78 per cent.

Let’s walk you through the highlights of the day’s trade:

Who moved my Sensex
Reliance Industries (up 1.32 per cent), contributing 54.23 points, emerged the top contributor to Sensex gains. Hero MotoCorp (up 5.27 per cent), Bajaj Auto (up 5.06 per cent), Bharti Airtel (up 4.98 per cent), Mahindra & Mahindra (up 4.12 per cent) and Tata Steel (up 3.09 per cent) also posted strong gains, leading the pack of Sensex gainers. Bajaj Auto jumped on reports that the company was aiming to expand its three-wheeler and quadric-cycle capacity to one million units a year. YES Bank (down 4.59 per cent) finished as the top loser on the index, followed by Adani Ports (down 1.89 per cent) and Sun Pharma (down 1.84 per cent).

Telecom, auto, metals hogged limelight
The BSE Telecom, Auto and Metal indices jumped 3.35 per cent, 2.07 per cent and 1.96 per cent, respectively today. Bharti Airtel, Bharti Infratel, Tejas Networks, Sterlite Technologies and Idea ended among the top gainers in the telecom pack. From the auto space, Hero MotoCorp, Bajaj Auto, Mahindra & Mahindra and Tata Motors remained on the upward trajectory. In the BSE Metal pack, barring Hindustan Zinc (down 0.57 per cent), all closed the day with gains.

YES Bank extends fall
Shares of the public sector lender have been under pressure due to ambiguity on its MD and CEO Rana Kapoor’s tenure. Investors are still trying to decipher RBI's “till further notice’’ statement. The RBI announcement came just a day before Kapoor’s last three-year term was about to end and investors are not sure whether the bank should begin looking for Kapoor’s successor or not.

52-week highs & lows
As many as 34 stocks, including Aurobindo Pharma, Mindtree and Divi’s Laboratories, Alembic Pharmaceuticals, GlaxoSmithKline Pharmaceuticals, Glenmark Pharmaceuticals, Lincoln Pharmaceuticals, Polyplex Corporation, Seshasayee Paper and Boards, Suven Life Sciences, Torrent Pharmaceuticals, Vimta Labs and Zensar Technologies hit 52-week highs on NSE. But 57 stocks, including Sun TV Network, Jaypee Infratech, Unitech and Century Plyboards (India) hit 52-week lows on NSE in Friday's rangebound trade.

China shares inched up
Chinese stocks climbed on Friday as the deadline for public comments on fresh US tariffs expired. But a remedy to the trade dispute between the US and China still looks remote as on Friday, US ambassador to the European Union (EU) appealed them to stand together to China's economic aggression. The United States and the European Union must overcome their trade disputes and stand up to China’s “economic aggression” together, US President Donald Trump’s new ambassador to the European Union said on Friday, Reuters reported.

Bullish signals on 58 counters
Jet Airways, NHPC, Bharti Airtel, Cipla and Godfrey Philips were among the 58 stocks that showed bullish crossovers MACD charts on NSE, while 34 counters, including HDIL, TCS, Adani Transmission, Cummins India, ICICI Securities and Shah Alloys, showed bearish crossovers on NSE.
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