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Stock Analysis, IPO, Mutual Funds, Bonds & More

After Market: Jet flight turns bumpy, 32 stocks showing promise

As many as 26 stocks of the Nifty index closed the day in the red, with TCS falling the most by 3.62 per cent.

, ETMarkets.com|
Feb 28, 2019, 05.35 PM IST
0Comments
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai
Axis Bank, TCS, RIL, L&T and ITC stood out in the most active stock bloc on the NSE in terms of value.
Key stock indices extended their losses for the third straight session on Thursday as market participants squared off their positions on February derivatives expiry amid simmering tensions between India and Pakistan.

NSE's Nifty closed lower 14 points, or 0.13 per cent, at 10,792.50. The BSE Sensex too settled marginally down by 38 points, or 0.11 per cent, at 35,867.

“Market continued to see a range bound movement due to F&O expiry while mid and smallcaps outperformed as investors believe that border tensions won’t continue for long. Additionally, focus is likely to shift to economic data and possibility of pre-election rally while FII inflow is picking up and the rupee is gaining strength," said Vinod Nair, Head of Research, Geojit Financial Services.

We run you through the highlights of Thursday's session.

A volatile day for Jet Airways
Shares of Jet Airways declined over 6 per cent intraday after the company said seven more aircraft have been grounded due to non-payment of lease rentals. However, the scrip recovered smartly and closed 0.91 per cent higher at Rs 222.80 on the BSE.

Future Retail gets foreign hand
Stock of Future Retail gained over 3.50 per cent after the company said its unit SHME Food Brands signed a master franchise agreement with US-based 7-Eleven Inc to operate its stores in India, marking the convenience retailer's entry into the country.

Vascon Engineers gains on order win
EPC player Vascon Engineers gained as much as 14.35 per cent, their biggest intraday percentage gain since December 21, 2017. The scrip gained momentum after it informed bourses that the company has received order worth Rs 83.52 crore from the Airports Authority of India. However, the scrip closed 9.41 per cent higher at Rs 15.70.

Top Nifty losers and gainers
As many as 26 stocks of the Nifty index closed the day in the red, with TCS falling the most by 3.62 per cent, followed by Eicher Motors (down 2.87 per cent), UltraTech Cement (down 2.03 per cent and Maruti Suzuki (down 1.96 per cent). On the other hand, share price of ONGC, Vedanta, Coal India and BPCL gained up to 5.43 per cent.

32 stocks ready to rise
Momentum indicator, moving average convergence divergence, or MACD, showed bullish crossovers on 32 counters on the BSE, signalling that these stocks may rise in coming sessions. Among the stocks that saw bullish crossovers were Nalco, Oriental Bank, Future Retail, Equitas Holdings and Rashtriya Chemicals. On the flip side, 14 issues, including Hero MotoCorp, MCX, ABB India, Motilal Oswal Financial Services, Sonata Software and Teamlease, showed bearish crossover.

Buyers pile into these 175 stocks
As many as 175 stocks hit their upper circuit on the BSE even as 193 counters hit the lower circuit. Those that hit upper circuits included PG Electroplast, Zodiac Clothing, Sankshya Infotech, Max Altert Systems and Rama Steel Tubes. Darjeeling Ropeway Company, Himachal Fibres, Capital Trust and Intellivate Capital Ventures were among the ones that plumbed lower circuits.

Stocks that saw spurt in OI
With a change of 50.24 per cent, Nestle India led the pack of stocks that witnessed the biggest spurt in open interest (OI) on the NSE. It was followed by Can Fin Homes (50.12 per cent), HDFC (55.07 per cent), MGL (42.56 per cent), Kajaria Ceramics (40.71 per cent), IOC (39.63 per cent) and Hero Moto (39.10 per cent).

Mid and smallcaps outperform
BSE Midcap and Smallcap indices, however, managed to buck the trend and closed 0.49 per cent and 0.86 per cent higher, respectively.

Most active securities
Axis Bank, TCS, RIL, L&T and ITC stood out in the most active stock bloc on the NSE in terms of value while Reliance Communications, Suzlon, Nalco and IOC turned most active in terms of volume on the exchange.

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