After Market: Lupin, Jet, Yes Bank take big hit; metal stocks worst hit
Momentum oscillator Relative Strength Index, or RSI, showed 97 stocks in the oversold zone on BSE.
Sentiments remained fragile as the rupee edged up against the dollar, following a drop in crude oil prices, and investors booked profit during the fag end of the session. Sensex declined 204 points, or 0.55 per cent, to 37,114 while Nifty ended 65 points, or 0.58 per cent, lower at 11,157.
We walk you through the highlights of Wednesday's session:
235 stocks hit lower circuits
As many as 235 stocks, including Reliance Communications, Jaiprakash Power Ventures, Mercator, Eveready Industries, GPT Infraprojects and Atlas Jewellery India, hit their lower circuits on BSE today. On the other hand, Vipul, Zenith Exports, Khandwala Securities, Tanla Solutions and Kellton Tech Solutions were among the 134 stocks that hit their upper circuits.
238 stocks hit 52-week lows
YES Bank, M&M, Vodafone Idea, Jet Airways, Lakshmi Machine Works, Monsanto India, Motherson Sumi Systems, Graphite India, Arvind, Apollo Tyres and Amara Raja Batteries were among the 238 stocks that hit 52-week lows on BSE.
Metal pack worst hit
The BSE Metal index fell 2.08 per cent to 10,341.31, leading the pack of losers among the sectoral indices. All 10 components of the index closed in the red, with JSW Steel (down 4.23 per cent), Jindal Steel & Power (3.72 per cent) and SAIL (3.04 per cent) as the top losers.
YES Bank shares crack 8%
Shares of YES Bank suffered a strong loss of 8.01 per cent to end the day at Rs 143.65 after former Reserve Bank Deputy Governor R Gandhi was appointed as additional director on the board. “Probably the market has taken the development negatively, thinking that the regulator wants to have a close watch on the books of the bank,” said Siddharth Purohit, an analyst at SMC Global Securities.
Jet shares extend fall
Shares of Jet Airways fell for the third consecutive day, ending the day 4.18 per cent down at Rs 123.70, in the wake of a series resignations by the company’s top brass. CEO Vinay Dube, CFO Amit Agarwal and head of human resources Rahul Taneja quit within a span of 24 hours, raising serious doubts over the revival of the debt-laden airline. In the last three days, shares of the company have come off nearly 19 per cent.
SpiceJet, IndiGo gain on Jet's misery
Shares of SpiceJet jumped 7.59 per cent to Rs 131.15 while those of InterGlobe Aviation (IndiGo) climbed 2.93 per cent to Rs 1,608.55, gaining from the misery of the rival airline Jet Airways. Jet's troubles have offered opportunities to SpiceJet and IndiGo to fill supply gaps. A Care Ratings data showed Jet's market share fell from 19 per cent in 2016 to 10.3 per cent in 2019 before it ceased operations.
DHFL declines 8%
Shares of Dewan Housing Finance Corporation (DHFL) plunged 7.74 per cent to end at Rs 107.95 after the rating agency Icra downgraded the company's payouts or pass through certificates (PTCs). Icra has downgraded the PTCs issued under six mortgage loan securitisation transactions by DHFL from BBB (SO) to AA -(SO), a PTI report said. The rating agency revised the rating on the commercial paper worth Rs 850 crore of DHFL from A3+ Watch with Negative Implications to A4 Watch with Negative Implications on Monday.
Lupin shares fall after Q4 nos
Shares of Lupin closed 3.22 per cent down at Rs 783.10 even as it reported a strong set of March quarter numbers. The company said its standalone net profit for the quarter ended March 31 stood at Rs 542.78 crore, up 85.6 per cent, against Rs 292.46 crore in the corresponding quarter a year ago. Meanwhile, the company said it is reviewing the details of a lawsuit filed in a US court accusing 21 generic medicine producers of hatching a conspiracy to fix prices.
52 stocks show potential for rise
Momentum indicator moving average convergence divergence, or MACD, showed bullish crossovers on 52 counters on BSE, indicating that they may see upward movement in the coming sessions. Among those stocks were, Bharti Airtel, SRF, PTC India, Godrej Consumer Products and Aegis Logistics. On the other hand, DCB Bank, Welspun Corp, Max India, Cyient and Trent were among the 43 stocks that showed bearish crossovers.
97 stocks enter oversold zone
Momentum oscillator Relative Strength Index, or RSI, showed 97 stocks in the oversold zone on BSE. Among those stocks were NMDC, Mercator, HCC, Graphite India, Escorts, Cadila Healthcare, Phillips Carbon and Aksh Optifibre. On the other hand, Ashari Agencies, Esaar (India) and Source Natural Foods were among the 21 stocks that appeared in the overbought zone.