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Stock Analysis, IPO, Mutual Funds, Bonds & More

After Market: PNB, Idea jump; 70 stocks enter oversold zone

Midcaps and smallcaps reflected bearish sentiment, as their sectoral indices fell up to 0.36%.

Mar 20, 2019, 06.03 PM IST
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As many as 157 stocks, including Suzlon Energy, SAIL, Jet Airways, Adani Power and Tata Steel showed bearish crossovers.
NEW DELHI: Caution crept into Dalal Street on Wednesday ahead of the outcome of US Fed’s rate-setting meeting, and domestic equity benchmarks took a breather, tracking lacklustre global cues.

Crude oil prices firmed up due to supply cut by the Opec club, giving investors another reason to turn cagey. Sensex ended the day with a nominal gain of 23 points, or 0.06 per cent, at 38,386, but Nifty slipped 11 points, or 0.10 per cent, to close at 11,521.

Midcaps and smallcaps reflected bearish sentiment, as their sectoral indices on BSE fell up to 0.36 per cent.

Here’s a lowdown on the key highlights of the session:

Embassy REIT IPO oversubscribed
Embassy Office Parks REIT’s initial public offering to raise around Rs 4,750 crore was oversubscribed on the last day. As of 4 pm, the issue, India’s first such listing, had 2.47 times subscription, NSE data showed. The issue had opened on Monday.

Nirav Modi's arrest lifts PNB stock
Shares of Punjab National Bank closed 3.37 per cent higher at Rs 93.55 after reports that London Metropolitan Police had arrested scam accused Nirav Modi two days after Westminster Magistrate’s Court had issued an arrest warrant against him. Modi is the main accused in the $2 billion PNB scam.

Voda Idea goes rights issue way
Vodafone Idea, the board of India’s largest telecom operator by subscriber base, approved raising of up to Rs 25,000 crore through a rights issue. The issue price is set at Rs 12.50 per share, a Rs 2.50 premium over the face value of Rs 10. The stock closed 3.13 per cent higher at Rs 33.

Jet shares fall for second day
Shares of Jet Airways extended losses into the second straight session, finishing with a loss of 4.82 per cent at Rs 218. The stock came under pressure after its partner Etihad expressed its desire to exit the airline. The Abu Dhabi carrier has asked SBI to purchase its stake in the airline.

157 stocks look bearish
As many as 157 stocks, including Suzlon Energy, SAIL, Jet Airways, Adani Power, Tata Steel, JSW Steel, SREI Infrastructure and Bharat Forge, showed bearish crossovers on momentum indicator moving average convergence divergence, or MACD charts on BSE. On the other hand, 44 stocks, including Infosys, Spicejet, Reliance Naval, Apollo Hospitals and Oberoi Realty, witnessed bullish crossovers.

70 stocks enter oversold zone
Momentum oscillator Relative Strength Index, or RSI, showed 70 stocks including Palm Jewels, India Finsec, Cura Technologies, Anupam Finserv and JJ Finance Corp entered the oversold zone on BSE. On the other hand, Sunteck Realty, Alok Industries, UPL, Orient Tradelink and Esaar (India) were among 44 stocks that entered the overbought zone.

222 stocks hit lower circuits
Tata Steel, Adlabs Entertainment, Tinna Trade, Nitin Fire Protection Industries and Darshan Orna were among 222 stocks that hit lower circuits on BSE, while 200 stocks, including Reliance Communications, Nelco, Hotel Leela, Kwality and Mahamaya Steel Industries hit upper circuits.
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