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After Market: RIL m-cap tops $125b; Anil Ambani stocks surge; Mindtree, L&T slide

The overall market capitalisation of BSE listed firms went up by Rs 83,000 crore on Tuesday.

, ETMarkets.com|
Mar 19, 2019, 05.37 PM IST
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MACD showed bearish crossovers on 104 counters on BSE.
NEW DELHI: Strong buying in the second half of Tuesday's session helped domestic equity benchmarks finish w ith solid gains for the seventh consecutive session. Expectation of a dovish policy from US Fed tomorrow and healthy buying in heavyweights like RIL, ITC, Infosys and SBI helped lift the market.

Sensex settled 268 points higher at 38,363, while Nifty gained 70 points, or 0.61 per cent, to scale 11,532. BSE Midcap and Smallcap indices followed in the footsteps to close higher by 0.52 per cent and 0.37 per cent, respectively.

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

Rupee reverses gains
After gaining for six consecutive sessions, the rupee slipped against the US dollar on Tuesday, as the greenback saw buying by banks and exporters. The domestic unit was down 47 paise at 69 against the dollar around 4:30 pm. The currency, however, has been the best performer among its emerging market peers in last one month.

Mindtree shares fall 2% post L&T deal
Shares of Mindtree closed 2.03 per cent down at Rs 943 after L&T bought a 20.32 per cent stake in the IT exporter for Rs 3,269 crore from early investor V G Siddhartha. The Mindtree management rejected L&T's move to buy more stake in the company by spending about $1.6 billion. Shares of L&T closed 1.60 per cent down at Rs 1,356, while those of L&T Infotech rose 3.99 per cent to Rs 1,636.

RIL's m-cap touches $125 billion mark
Reliance Industries (RIL) achieved a new milestone in Tuesday's trading session as the overall market capitalisation of the company touched $125 billion mark. The m-cap of the company jumped by Rs 17,526 crore as the overall m-cap of the Mukesh Ambani-led firm stood at Rs 8,71,728.87 crore on BSE, against Rs 8,54,202.38 crore a day earlier. Shares of the company closed 2.05 per cent up at Rs 1,375.

Total m-cap rises by Rs 83,000 crore
The overall market capitalisation (m-cap) of BSE listed firms went up by Rs 83,000 crore on Tuesday as cumulative wealth of BSE-listed firms jumped to Rs 1,49,64,180 crore from Rs 1,48,81,140 crore a day earlier. In the last seven sessions, the overall m-cap has surged by Rs 4.97 lakh crore, while Sensex has gained 1,692 points or 4.61 per cent and Nifty 497 points or 4.50 per cent.

Hotel Leela jumps 5%
Shares of Hotel Leelaventure closed 4.96 per cent up at Rs 11.63 a day after the company said Canadian alternative asset management company Brookfield has bought its assets for Rs 3,950 crore. Brookfield has bought assets comprising key hotel properties in Delhi, Bangalore, Udaipur and Chennai.

Etihad plans to exit Jet Airways
Etihad Airways intends to exit Jet Airways and has asked Jet's top lender State Bank of India (SBI) to buy its 24 per cent stake in the cash-strapped airline. The Abu Dhabi airline has also offered to sell its 50.1 per cent stake in Jet Privilege to SBI and other lenders. Shares of Jet closed 3.35 per cent down at Rs 229.

Anil Ambani stocks log gains
Shares of Reliance Communications surged 10 per cent to Rs 4.40 after the company paid Swedish telecom gear maker Ericsson nearly Rs 580 crore. Other ADAG stocks, including Reliance Naval and Engineering (up 4.99 per cent), Reliance Capital (up 4.80 per cent), Reliance Infrastructure (up 2.12 per cent) and Reliance Power (up 1.63 per cent) also logged healthy gains.

Goldman Sachs upgrades Nifty view
Global financial firm Goldman Sachs (GS) upgraded its view on India to ‘overweight’ in the light of a pre-election rally in the market amid expectations that the Narendra Modi-led NDA will form a majority government after 2019 general elections. The overseas brokerage expects Nifty50 earnings to grow 16 per cent this year and projects the index to hit the 12,500 mark in 12 months. Overseas investors poured in more than Rs 20,400 crore in domestic stocks in the first half of March. In February, FPI ) invested Rs 11,182 crore in both equity as well as debt.

104 stocks give bearish signals
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 104 counters on BSE. Among them were HDFC Life Insurance, Lupin, Bandhan Bank, Maruti Suzuki India, Burnpur Cement and DCM Shriram. On the other hand, 23 stocks, including Power Finance Corporation, Manappuram Finance, Max India, Optiemus Infracom, Shilchar Technologies and KG Petrochem, showed bullish crossovers.

71 stocks enter oversold zone
Momentum oscillator Relative Strength Index, or RSI, showed 71 stocks, including Benara Bearings, Thirani Projects, Standard Surfactants, JJ Finance and Pro Fin Capital Services, have entered the oversold zone on BSE. On the other hand, NMDC, Dilip Buildcon, HPCL, Sunteck Realty, UPL and Adhunik Metaliks, were among the 57 stocks that slipped into the overbought zone.
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