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After Market: TaMo falls for 7th day; YES Bank looks up; 97 stocks look all set to fall

Mixed Q4 earnings weighed on investor sentiment, but a drop in oil prices capped the losses.

May 02, 2019, 05.24 PM IST
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Sensex ended the session 50 points down at 38,981, while Nifty slipped 23 points to 11,724.
NEW DELHI: The domestic equity market had a rather lacklustre session on Thursday, as losses in the shares of select banking, auto and IT heavyweights dragged market.

Mixed quarterly earnings and subdued global cues weighed on investor sentiment. However, a drop in crude oil prices and a stronger rupee helped cap the losses.

Sensex ended the session 50 points down at 38,981, while Nifty slipped 23 points to 11,724.

Let's take a look at the top highlights of Thursday's session:

TaMo shares fall for 7th successive day
Shares of automaker Tata Motors remained in the negative territory for the seventh consecutive day, falling 3.29 per cent to Rs 207.15. The stock finished as top loser in the Sensex pack. In the last seven sessions, the scrip has come off 12 per cent.

YES Bank looks up, climbs 3%
Breaking a losing streak of three consecutive sessions, shares of YES Bank settled 3.45 per cent higher at Rs 173.80 as value buying emerged on the counter. However, brokerages said it is too early for the stock to gain the faith of the market. It is behaving more like an ADAG stock, said Sanjiv Bhasin of IIFL Securities. ICICIdirect said it would be cautious on the bank for next 3-6 months as upside risk to its stressed book is a strong probability.

Jet's misery continues
Shares of Jet Airways plunged 12.04 per cent to Rs 134.85, extending their losing streak into the fourth successive session, as bidders for the debt-ridden airline showed no interest in following up on their expressions of interest, dashing hopes of an early revival of the airline. The stock has fallen over 21 per cent in last four sessions.

Dabur falls on poor Q4 numbers
Dabur India reported a 6.46 per cent drop in consolidated March quarter profit at Rs 371.49 crore against Rs 397.18 crore reported for the January-March quarter a year ago. Shares of the company closed 3.91 per cent down at Rs 382.45.

PNB Housing extends fall
PNB Housing Finance said it would raise up to $1 billion (around Rs 6,954 crore) from overseas markets, and an additional Rs 10,000 crore by issuing bonds. The board meeting scheduled for May 9 will consider the proposal. The announcement failed to provide any respite to the stock as it remained on a downward trajectory for the fourth straight session. The stock closed 3.84 per cent down at Rs 684.40, losing 14 per cent in the last four sessions.

MRF shares extend losses
Tyre major MRF posted 14.91 per cent drop in standalone profit at Rs 293.83 crore for March quarter against Rs 345.32 crore reported for the year-ago period. Shares settled 0.61 per cent lower at Rs 52,599.95, falling for the fifth day in a row, in which the stock has slipped 7 per cent.

DCM Shriram jumps 7%
Shares of DCM Shriram jumped 7.22 per cent to Rs 465 after the company reported strong earnings for the March quarter. The company on Wednesday reported nearly six-fold jump in profit at Rs 293 crore.

Bandhan Bank jumps on Q4 nos
Shares of Bandhan Bank closed 4.11 per cent higher at Rs 622.60 after it posted a 67.81 per cent year-on-year (YoY) rise in profit at Rs 650.87 crore for the quarter ended March 31, 2019 on a rise in exceptional gains.

TVS Motor shares slip 2%
Following the company’s poor March quarter earnings, shares of TVS Motor closed 2.39 per cent down at Rs 479.40. The two-wheeler maker reported 19.18 per cent YoY fall in March quarter profit at Rs 133.83 crore. Revenue from operations for this Chennai-based company rose 9.4 per cent to Rs 4,384.04 crore.

97 stocks ready to fall
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 97 counters on BSE, indicating that these stocks may suffer losses in the coming sessions. Among the stocks with bearish crossovers were ICICI Bank, Dabur India, TVS Motor, United Breweries, Minda Industries and Astral Poly Technik. On the other hand, Tata Steel, HDFC Bank, Dhampur Sugar, Bhatia Communication and Steel Strips Wheels were among the 48 stocks that showed bullish crossovers.

Stocks below their 200 DMAs
Escorts, Corporation Bank, Syndicate Bank, Glenmark Pharma, BHEL, Dalmia Bharat, Colgate Palmolive (India) and Maharashtra Seamless were among the stocks that witnessed negative breakouts and traded below their 200 DMAs – a sign of bearishness. On the other hand, HFCL, Power Grid, Laurus Labs, Den Networks and Phoenix Mills were among the stocks that traded above their 200 DMAs.

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