After Market: Pharma gets adrenaline rush; Voda Idea on a high, RIL climbs
Vodafone Idea continued its rally and soared further 17.44 per cent during the day to Rs 7.07 on BSE.
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Pharma stocks were on a high, led by Sun Pharma (up 5 per cent) and Lupin (4 per cent). The Nifty Pharma index jumped 3 per cent.
BSE benchmark Sensex gained 181 points to 40,651, ending just 2 points shy off its all-time closing high. However, it did hit a new intraday all-time high of 40,816. NSE barometer Nifty advanced 59 points to end at 11,999.
“The market traded higher ahead of the Cabinet meeting due later today to discuss divestment and continued strong buying in index heavyweights led by pharma and banking stocks. Fresh worries surfaced over US-China trade tensions, but the domestic market maintained a positive momentum. The government plan to disinvest PSU stakes will help keep fiscal deficit with target,” said Vinod Nair, Head of Research, Geojit Financial Services.
Here is a lowdown of the movers and shakers of Wednesday’s session on Dalal Street:
Voda Idea continues to surge
Vodafone Idea continued its rally and soared further 17.44 per cent during the day to Rs 7.07 on BSE. The stock has jumped 140 per cent so far in just four sessions.
RIL joins telecom bandwagon
Reliance Industries gained after its telecom arm Jio announced that it would raise tariffs in the next few weeks. The stock climbed 2.53 per cent to Rs 1,548 on BSE. Earlier, Vodafone Idea and Bharti Airtel announced tariff hikes.
YES Bank shrugs updated NPA data
Investors of YES Bank shrugged reports of under-reporting of bad loans as the stock climbed 2.65 per cent to Rs 65.85. The bank admitted that it had under-reported as much as Rs 2,299 crore of bad loans for last financial year, shaving nearly 40 per cent off its net income for the year.
Pharma stocks jump
Pharma stocks were on a joyride as all the constituents of Nifty Pharma index ended with gains. Sun Pharma was the biggest gainer, up 2.31 per cent at Rs 448. Lupin added 1.04 per cent to Rs 777 while Aurobindo Pharma gained 3.41 per cent to Rs 445. The Nifty Pharma index jumped 3.26 per cent in the day.
Broader market lags
Broader market indices lagged benchmark as Nifty Smallcap edged 0.11 per cent higher to 5,716 while Nifty Midcap advanced 0.16 per cent to 16,994. Nifty500 index gained 0.44 per cent to 9,744.
Kotak Bank, HDFC cap gains
Kotak Mahindra Bank was the biggest Sensex loser, down 1.49 per cent to Rs 1,599. HDFC eased 0.61 per cent to Rs 2,199. Both the stocks together cut Sensex gains by 50 points.
Most active stocks
RIL was the most active stock in terms of transacted value, followed by Bharti Airtel, YES Bank, Vodafone Idea and ICICI Bank. In terms of transacted volume, Vodafone Idea topped the charts. Others among the top five included YES Bank, Dish TV, Reliance Communication and Bharti Airtel.
40 stocks flash ‘sell’ signal
As many as 40 stocks crossed bellow the MACD signal line to flash ‘sell’ signals. They included YES Bank, HDFC Bank, Wockhardt, Indian Hotel Company, Avanti Feeds, Minda Corporation and eClerx, among others. When the MACD falls below the signal line, it is a bearish signal and indicates that it may be time to sell. Conversely, when the MACD crosses above the signal line, the indicator gives a bullish signal.