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After Market: Mindtree soars on takeover buzz; Bandhan, Maruti skid

Midcaps and smallcaps underperformed Sensex as their sectoral indices on BSE fell up to 0.20%.

Mar 18, 2019, 06.13 PM IST
The six-day rally in domestic equities made investors richer by Rs 4.14 lakh crore
NEW DELHI: Gains in shares of banking, financials, oil & gas and metal heavyweights helped the equity benchmarks log solid gains for the sixth consecutive session on Mo nday.

The market opened with strong gains, but turned volatile amid profit booking in certain sectors, including auto, IT and technology. Volatility index India VIX jumped 7.26 per cent.

However, the session ended on a positive note and sentiment remained upbeat on hopes of a dovish policy from the US Fed later this week. Softer crude oil prices, a stronger rupee and sustained FPI flows also helped.

Sensex ended 71 points, or 0.19 per cent, higher at 38,095, while Nifty settled 35 points, or 0.31 per cent, up at 11,462.

Midcaps and smallcaps underperformed Sensex as their sectoral indices on BSE fell up to 0.20 per cent.

Here is a lowdown on the key highlights of the session:

Investors richer by Rs 4.14 lakh cr in 6 days
The six-day rally in domestic equities made investors richer by Rs 4.14 lakh crore as overall market capitalisation of BSE-listed firms shot up to Rs 1,48,81,140.87 crore from Rs 1,44,67,087.91 crore on Friday, March 8.

DHFL shares gain 3%
Shares of Dewan Housing Finance Corporation (DHFL) closed 2.69 per cent higher at Rs 135 after the company in a BSE filing said it would be selling its entire 30.63 per cent stake in Avanse Financial Services.

Maruti falls on reports of production cut
Shares of Maruti Suzuki India closed 2.56 per cent down at Rs 6,910 after reports of a production cut. A Business Standard report suggested that Maruti is estimated to have cut production to around 126,000 units compared with more than 172,000 units a year ago, which is a 26.8 per cent drop.

L&T Infotech drops on buzz of Mindtree stake buy
Shares of L&T Infotech closed 3.33 per cent down at Rs 1,573, while those of Mindtree climbed 1.74 per cent to Rs 962 amid reports that Larsen & Toubro (L&T) is eyeing a stake in the midcap IT firm. L&T Infotech and Mindtree’s largest shareholder VG Siddhartha of the Cafe Coffee Day Group are said to be closing in on a deal where the latter could sell his 21 per cent stake in the IT firm. L&T Infotech may then launch an open offer for an additional 31 per cent stake in Mindtree.

Lupin shares crack 4%
Shares of the company settled 3.92 per cent down at Rs 754.50 on regulatory concerns. The company on Saturday said it has been cautioned by the US health regulator that its Somerset (New Jersey) facility may be subject to regulatory or administrative action and it may withhold approval of any pending applications or supplements in which this facility is listed.

Bandhan Bank falls 4%
Shares of Bandhan Bank settled 3.92 per cent down at Rs 491 after the lender on Friday said it had received a no-objection from the Reserve Bank of India (RBI) for the proposed acquisition of Gruh Finance. Gruh Finance, the affordable housing finance arm of HDFC, was taken over by the Kolkata-based bank in January in a share-swap deal.

91 stocks signal fall
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 91 counters on BSE, indicating that these stocks may suffer losses in the coming sessions. Among them were Tata Motors, Praj Industries, Sterlite Technologies, Jindal Stainless, Bata India, Apollo Hospitals and Birla Cable. On the other hand, REC, Darjeeling Ropeway, Everest Organics, Crisil and ACE Software Exports were among 30 stocks that showed bullish crossovers.

73 stocks enter oversold zone
Momentum oscillator Relative Strength Index, or RSI, showed 73 stocks in the oversold zone on BSE. In Monday’s trading, shares of Svaraj Trading & Agencies, Monnet Ispat & Energy, Bang Overseas, Fedders Electric and Palm Jewels entered oversold territory. Meanwhile, Iris Mediaworks, HPCL, Alok Industries, Prestige Estates Projects, Dilip Buildcon, NMDC and UPL were among 58 stocks that slipped into the overbought zone.

Nestle, BoB above 200 DMAs
Nestle, Biocon, Bank of Baroda (BoB), JSW Energy, Prestige Estates Projects, Bombay Super Hybrid Seeds, Hindustan Zinc, Hathway Cable and L&T Finance Holdings were among the stocks that witnessed positive breakouts and traded above their 200 DMAs. On the other hand, Tata Power, Caplin Labs, Sadbhav Engineering, Bharti Airtel, FCS Software and Bajaj Electricals featured among those that traded below their 200-DMAs.
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