Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
Stock Analysis, IPO, Mutual Funds, Bonds & More

After Market: Sensex movers; booster for cement & realty stocks; BEL tanks

Broader BSE Midcap and Smallcap indices trailed Sensex by a slight margin.

Updated: Sep 06, 2018, 06.28 PM IST
ThinkStock Photos
Broader BSE Midcap and Smallcap indices trailed Sensex by a slight margin.
NEW DELHI: After six sessions of downslide, equity barometer Sensex advanced on Thursday on gains led by bank, financial, energy, pharma and power stocks.

In volatile trade, the Sensex opened in the green but soon erased all gains amid weak global cues. During the afternoon session, the equity benchmark rebounded and jumped about 303 points to touch an intraday high of 38,320, but eventually settled 224 points, or 0.59 per cent, higher at 38,242. As many as 20 stocks ended in the green.

NSE’s Nifty50 edged higher by 59.95 points, or 0.52 per cent, to 11,536, with 30 stocks advancing and 20 declining.

Broader BSE Midcap and Smallcap indices trailed Sensex by a slight margin, rising 0.31 per cent and 0.46 per cent, respectively.

Let’s walk you through the key highlights of the session:

Sensex movers & shakers
After Wednesday's loss, RIL made a comeback and settled 2.80 per cent higher at Rs 1,260. The scrip led the pack of Sensex gainers, which included PowerGrid (up 2.21 per cent), Coal India (up 2.05 per cent), Sun Pharma (up 2 per cent) and Adani Ports (up 1.70 per cent). YES Bank fell 1.42 per cent at Rs 339 after Wednesday’s gains and led the pack of Sensex losers, which included Maruti Suzuki (down 1.33 per cent), Bharti Airtel (down 0.83 per cent), ICICI Bank (down 0.45 per cent) and Asian Paints (down 0.28 per cent).

Chaos in currency market
Sliding for the seventh day in a row, the rupee slipped below the 72 mark for the first time ever as the US dollar eased a bit. The local currency is down over 12 per cent on a year-to date basis, making it one of the worst-performing currencies among emerging markets and giving jitters to the financial markets. A Reuters report said the Reserve Bank of India was not seen intervening after the rupee fell below 72. Finance Minister Arun Jaitley on Wednesday attributed the fall in the rupee to global factors and said there was no need for panic or knee-jerk reactions. He said RBI was doing whatever was necessary to deal with the situation.

Trade war aggravates
Escalating the ongoing trade tussle, China on Thursday warned that it would go for tit-for-tat action if fresh tariffs are imposed on Chinese imports to the US. China will be forced to retaliate if the US implements any new tariff measures, China’s commerce ministry warned, as the world’s two biggest economies remained locked in an intensifying trade war. Earlier, the US President had threatened to raise tariff on $200 billion worth of Chinese goods. Stocks fell in Asia and Europe for the fifth day on Thursday.

Cement & realty stocks rise
The Supreme Court on Wednesday lifted the ban on construction activities in Maharashtra and Uttarakhand after the two states submitted their respective solid waste management policies to the court. Following this, cement and realty stocks witnessed decent traction in Mumbai trading. Shri Keshav Cements And Infra (up 5.75 per cent), Ramco Cements (2.73 per cent), Prism Johnson (2 per cent), Indiabulls Real Estate (1.46 per cent), Ambuja Cements (up 1.16 per cent), DLF (0.99 per cent) and Oberoi Realty (0.70 per cent) were among the top gainers from the cement and realty segments.

BEL extends losses to 9th session
Shares of BEL (down 3.39 per cent) plunged for the ninth consecutive session. A report that the Ministry of Defence may reduce margins (at PBT level) for defence orders has hit the stock hard. Shares of the state-run defence company is likely to remain subdued in the near term as margins for ministry of defence-led projects have been reduced to 7.5per cent from 12.5per cent although some market participants believe that Wednesday’s slump in the stock was overdone, ET reported.


52-week highs & lows
As many as 51 stocks, including Idea Cellular, InterGlobe Aviation (IndiGo), Bharti Infratel, Symphony and Zee Entertainment Enterprises, hit 52-week lows on NSE. On the other hand, 19 stocks, including Sun Pharmaceutical Industries, Tech Mahindra, Mindtree, Alembic Pharmaceuticals, Century Extrusions and Glenmark Pharmaceuticals, hit 52-week highs on NSE on Thursday.

Bullish signals on 38 counters
Balrampur Chini, Divi’s Lab, Ansal Properties, Nirvikara Paper Mill and Hi-Tech Pipes were among 38 stocks that showed bullish crossovers on the MACD charts on Thursday, signalling a possible rise in these stocks. On the other hand, 50 stocks, including GMR Infrastructure, ONGC, Bank of India, Reliance Capital, Bharti Airtel and Radico Khaitan, showed bearish crossovers on NSE.
MACD bullish (1)
MACD Bearish (1)

Also Read

YES Bank shares fall 2% on Sensex rejig

Sensex, Nifty trade lower; Infosys slips 3%

Why is Sensex rallying despite poor health of the economy?

Sensex, Nifty open with gains; Infosys plunges

Sensex plunges 334 pts as fiscal deficit concerns spook investors

Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links

Follow us on

Download et app

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service