After Market: Rs 1.78 lakh crore added in a day; Hero Moto, YES Bank rally
Crude's weakness bolstered the rupee against the US dollar, which also influenced market mood.
The Monetary Policy Committee headed by Governor Shaktikanta Das today started deliberations on the second bi-monthly policy review of the current fiscal and is slated to announce policy on Thursday and experts are of view that it may go for another round of rate cut, third in a row, in the light of weak GDP print, poor auto sales and other macroeconomic data.
Crude oil's weakness bolstered the rupee against the US dollar, which also influenced the mood of the market.
Global cues remained negative, pressured by the escalation of trade war and concerns of the global economic slowdown. However, the domestic market shrugged off weak global sentiment to scale fresh record highs.
Sensex closed with a massive gain of 553 points, or 1.39 per cent, at 40,267.62, while Nifty finished the day 166 points, or 1.39 per cent, higher at 12,088.55.
Let’s take a look at the highlights of Monday's session:
Investors get richer by Rs 1.78 lakh crore
Monday's rally boosted overall market capitalisation of the BSE-listed firms to Rs 1,56,16,035.73 crore from Rs 1,54,38,014.55 crore, making investors richer by Rs 1.78 lakh crore.
242 stocks hit lower circuits
Even though equity benchmarks scaled record highs, the market breadth remained negative. On the BSE, 1,416 stocks declined against 1,194 stocks that advanced, while 159 stocks remained unchanged.
As many as 242 stocks hit their lower circuits on BSE. Among them were Manpasand Beverages, Electrotherm (India), Mercator, Williamson Magor & Company and Atlas Jewellery India. On the other hand, Megasoft, Websol Energy System and Jaiprakash Power Ventures were among 159 stocks that hit upper circuits.
Spurt in open interest
With a change of 100.45 per cent Apollo Hospitals Enterprise led the pack of stocks that witnessed biggest spurt in open interest (OI). It was followed by Repco Home Finance (39.07 per cent), Just Dial (34.58 per cent), Indraprastha Gas (32.06 per cent) and Bajaj Auto (22.14 per cent).
94 stocks give bearish signal
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 94 counters on BSE, signalling that these counters may come under pressure in the coming sessions. Among those stocks were, NCC, Aurobindo Pharma, SRF, UltraTech Cement and Repco Home Finance. On the other hand, Havells India, Ajanta Pharma, NTC Industries, Jindal Hotels and Majesco were among the 32 stocks that showed bullish crossovers on BSE.
Apollo Hospitals Enterprise jumps 10%
Extending gains into fourth consecutive session, shares of Apollo Hospitals Enterprises settled 9.71 per cent higher at Rs 1,360. In the last four sessions, the stock has climbed 14 per cent. The company last Thursday reported a 28.57 per cent rise in its standalone net profit to Rs 76.68 crore for the quarter ended March 31, 2019.
Hero MotoCorp breaks 5-day losing run
Snapping five-day consecutive losing streak shares of Hero MotoCorp closed with a gain of 6.01 per cent at Rs 2,842.50. The stock got traction after the company on Sunday reported a 13.5 per cent rise in sales to over 6.5 lakh units in May over the previous month.
YES Bank shares rise on fundraising plan
Facing investor wrath over actual amount of its stressed assets, YES Bank is in talks with two private equity investors – Advent International and Apax Partners – to raise equity funds to build investor confidence after attempts for a share sale to a broader set of institutional investors did not materialise, ET reported, quoting two people familiar with the matter. Shares of YES Bank settled 0.95 per cent higher at Rs 149.35.
Bajaj Auto jumps 4%
Shares of Bajaj Auto settled at Rs 3,039.90, up 3.92 per cent after the company reported 3 per cent increase in total sales in May at 4,19, 235 units as against 4,07,044 units in the same month previous year.
42 stocks enter oversold zone
Momentum oscillator Relative Strength Index, or RSI, showed 42 stocks in the oversold zone on BSE. Among them were, IIFL Holdings, Manpasand Beverages, Fiberweb (India), Sadhana Nitro Chem and White Organic Agro. However, Tata Teleservices, Esaar (India), PNC Infratech and Maithan Alloys were among the 25 stocks that entered the overbought zone.